In 2016, the Vnesheconombank (VEB) has earned for the “silent ones” to 191.6 billion rubles, which is 20% lower than a year earlier (237,3 billion rubles), according to the materials of the Corporation. The main income for the expanded portfolio of pension savings of the state managers traditionally received due to the revaluation of assets (over 108.7 billion rubles), as well as through Bank deposits (34.2 billion rubles), received dividends and interest income on securities (46.9 billion RUB). A year earlier, due to the revaluation of assets of VEB received 153,7 billion rubles In 2016, a 12% reduction in the profit that the Corporation has received due to interest income on securities.
Income VEB’s portfolio of government securities amounted to RUB 3.1 billion (2.4 billion rubles. in 2015).
“The results of investing pension savings in this year is lower because decreased not only the profitability of Bank deposits, but falling rates in the debt market,” says portfolio Manager UK “Kapital” Dmitry Postolenko. With the beginning of the year the maximum interest rate on ruble deposits with the largest banks, according to the Bank, dropped from 9.99 to 8.4% per annum. The return on the benchmark government bonds of the Moscow exchange starting in 2016, down nearly 1.5 percentage points, to 8.36% per annum. “In 2015 after a disastrous 2014 for the debt market there has been rapid growth, so the income of pension funds and VEB was higher,” explained the Manager.
Also, according to Postolenko, the reduction of income VEB could affect short maturity bonds with high interest rates and a decrease in the yield of Federal loan bonds and corporate bonds with the so-called floating rates. The key rate of the Central Bank, interbank rates and inflation during the year was reduced, therefore decreased and interest income of bond holders, he said.
The portfolio of Vnesheconombank, the share of debt instruments amounts to almost 75%, more than half of them are corporate bonds. Earlier, the Director of the Department of asset management VEB Alexander Popov told that the yield of 20% of the bonds in the pension portfolio of VEB is tied to the rate of inflation. It comes as the Treasury bond and bonds of corporate borrowers, among which, Russian Railways, FGC, “Mail of Russia”. In 2015, a basic income VEB received it at the expense of bonds with a floating rate.
By the end of 2016, the volume of pension funds managed by VEB in the enlarged portfolio decreased from 1.98 to 1.93 trillion trillion portfolio of government securities increased from 22 billion to 28.7 billion rubles.
Investment of the money of “undecideds” in 2016, was less effective than in 2015, if 2015 revenues VEB made up of 12.47% of the average annual net assets under management in 2016, this percentage was 10.1%. Despite the decline in result, the level of remuneration of managers grew by 6% to 553,4 million rubles.
VEB explained that the performance fee is calculated based on the average net asset value, the value of which differs from the actual amount of pension savings under management. At the end of 2016 this figure amounted to 1.86 trillion rubles, an increase compared to 2015 9.4%.
But the control of EBV saved on payments to the specialized Depository and brokers: the total amount of management costs enhanced pension portfolio decreased in the year 2016 more than 30%, to 193,35 RUB million cost Reduction in the Corporation explained that there are fewer transactions and, therefore, less commissions of the Moscow exchange. “Services of the specialized Depository accounts to be paid from the pension Fund”, — said the representative of the Bank.
Despite a more modest income, which in 2016 could make state control, their result is clearly higher than inflation, experts say. According to estimates analyst Association of pension funds (ANPF) Eugene Basbanes, the yield on 2016 is estimated at 10-11% for the advanced portfolio. “I think the close results show and the portfolio of government securities”, — he said. In the first nine months of 2016 VEB has reported on the yield of 11.18% per annum on the expanded portfolio and 11.29% per annum on the portfolio of government securities.
In 2015, the investment yield of pension savings VEB was at the level of 13.15% and was a record for the last 11 years. In 2014, the yield of the extended portfolio of pension savings VEB made up just 2.68% per annum, which is considerably less than inflation of 11.4%. At the end of 2013, VEB earned for future retirees of 6.71% with inflation of 6.5% and in 2012 — of 9.21% with an inflation rate of 6.6%.
Private pension funds have not yet reported on the results of the work in 2016. In the first nine months of 2016 on average funds showed a yield of 10.46%. “The average yield on the market will be in the range of 10-12%, while inflation will be able to bypass more than 95% of the NPF who work with pension savings”, — said the head of the Association of non-state pension funds Konstantin Ugryumov. According to the head NPF “the Future” Nikolay Sidorov, the average yield on NPF will be at the level of 9-10%.
According to Basbanes, at year-end yield of NPF in average will also be at the level of 10-11%. “There will be those who will work more, because in the first nine months of the year 2016 some funds have shown profitableness above 14% per annum”, — says the analyst. In his opinion, the result of investment of NPF particularly clearly shows the advantages of the private pension system, because the insurance portion of pensions by the state in 2016, indexed for inflation, which last year amounted to 5.38%.