Mutual investment funds focusing on high-tech foreign and Russian securities delivered the strongest results in May, with share prices climbing between 5% and 13% during the month, according to data from InvestFunds cited by Kommersant. The performance snapshot shows a favorable tilt for investors who held diversified portfolios, as only 16 of 124 mutual funds saw a decrease in unit values in May. Overall, the month stood out as a win for shareholders, with 24 funds delivering more than 5% returns and the top two funds reaching gains of 12.6% and 13.2% respectively. A month earlier, half of the funds were above the 5% threshold, and the leading 20 funds exceeded a 10% rise in share price, underscoring a broadening market improvement.
Growth leaders were largely tied to securities issued by foreign entities with significant Russian operations, such as Yandex, TCS Holding, and Ozone, whose core activities are rooted in Russia. Vitaly Gromadin, asset manager at BCS Mir Investments, observed a shift in sentiment as investors shifted away from these securities last year and now capitalized on expectations of normalization, restructuring, and potential jurisdictional changes. The Moscow Stock Exchange saw evolving risk dynamics as investors recalibrated exposure to these assets amid ongoing global and regional changes.
Funds with substantial stakes in Rosneft and Lukoil outperformed the broader market, delivering about 14% and 19% gains in May respectively. In contrast, many other funds produced more modest results, contributing up to 5% income for investors. The month framed a pattern where energy sector weightings and strategic international exposure coexisted with selective gains across technology- and commodity-related shares, illustrating the complex interplay of sector leadership in a volatile environment.
Experts extended the analysis into spring, noting that despite economic headwinds, the dividend yields of several Russian companies appeared poised to approach double digits in 2023. This prognosis emphasized the potential for income-oriented strategies even amid macroeconomic uncertainty, while investors continued to reassess risk, diversification, and the balance between domestic and international holdings.