Troyka Dialog shows record-high profitability in pension savings management in Q1 2009 - 88.74%
20.04.2009,
19:26
Troyka Dialog asset management company provided a record-high profitability in management of pension savings in the first quarter of this year – 88.74%, the press service of Armenian Ameriabank reported.
YEREVAN, April 20. /ARKA/. Troyka Dialog asset management company provided a record-high profitability in management of pension savings in the first quarter of this year – 88.74%, the press service of Armenian Ameriabank reported.
In all respects it is a phenomenal result taking into account the company’s loss of 52.64% by the end of 2008 and if compared with results of other management companies who have already reported for the first quarter, said Pavel Teplukhin, Chairman of Board of Directors of Troyka Dialog companies’ group.
In particular, Vnesheconombank recorded minus7% p.a. with its average market profitability at 17-20%, he said.
As early as three months ago the company reported their intention to maintain its strategy announced in 2005 – long-terms plans to invest pension savings funds – unchanged.
“At that time, it was much more difficult to face the challenge on the pension savings market than on the securities market, but we did it. We believed and we still believe that pension money investments are long-term investments and the best result will be provided in case of investments with maximum share of the stock in portfolio,” he said.
At the end of December 2008, the portfolio included municipal and corporate bonds (Leningrad and Moscow regions, “Grajdanskiye samoleti Sukhogo” and others), as well as most liquid shares of major issuers in various fields of the Russian economy such as oil and gas, telecommunication, energy, banking and transport sectors (LUKOYL, “Rostelecom”, RusHydro, Sberbank Rosiyi and others).
No “second” or “third” echelon or less liquid securities are included in the portfolio; all the securities have been valued at their real market value, he said.
Teplukhin also reported permanent rotations in the investment portfolio of the company and said that only proportion of asset classes remains unchanged (bonds, shares, funds).
“Our proportion is not aggressive – 37% of shares, and the portfolio structure may start being adjusted along with start of pension payments and if there is a need to correlate profitability with payments,” he said.
Teplukhin expects that Troyka Dialog will manage to also complete the second quarter with a record-high result – the profitability exceeds 40% for some securities in April.
In commenting the expectations that the government will allow placing up to 80% of the pension funds in banks, Teplukhin pointed out that it is naive to have such a hope as even now the pension funds correlate with the banking system and may even surpass it in the near future.
“Our banking system is too small for pension money. Pension funds should undertake the risk of the Russian assets – shares or bonds. There is nothing dreadful in this risk – one should analyze carefully and work with them professionally and gain from it,” Teplukhin said. –0--
In all respects it is a phenomenal result taking into account the company’s loss of 52.64% by the end of 2008 and if compared with results of other management companies who have already reported for the first quarter, said Pavel Teplukhin, Chairman of Board of Directors of Troyka Dialog companies’ group.
In particular, Vnesheconombank recorded minus7% p.a. with its average market profitability at 17-20%, he said.
As early as three months ago the company reported their intention to maintain its strategy announced in 2005 – long-terms plans to invest pension savings funds – unchanged.
“At that time, it was much more difficult to face the challenge on the pension savings market than on the securities market, but we did it. We believed and we still believe that pension money investments are long-term investments and the best result will be provided in case of investments with maximum share of the stock in portfolio,” he said.
At the end of December 2008, the portfolio included municipal and corporate bonds (Leningrad and Moscow regions, “Grajdanskiye samoleti Sukhogo” and others), as well as most liquid shares of major issuers in various fields of the Russian economy such as oil and gas, telecommunication, energy, banking and transport sectors (LUKOYL, “Rostelecom”, RusHydro, Sberbank Rosiyi and others).
No “second” or “third” echelon or less liquid securities are included in the portfolio; all the securities have been valued at their real market value, he said.
Teplukhin also reported permanent rotations in the investment portfolio of the company and said that only proportion of asset classes remains unchanged (bonds, shares, funds).
“Our proportion is not aggressive – 37% of shares, and the portfolio structure may start being adjusted along with start of pension payments and if there is a need to correlate profitability with payments,” he said.
Teplukhin expects that Troyka Dialog will manage to also complete the second quarter with a record-high result – the profitability exceeds 40% for some securities in April.
In commenting the expectations that the government will allow placing up to 80% of the pension funds in banks, Teplukhin pointed out that it is naive to have such a hope as even now the pension funds correlate with the banking system and may even surpass it in the near future.
“Our banking system is too small for pension money. Pension funds should undertake the risk of the Russian assets – shares or bonds. There is nothing dreadful in this risk – one should analyze carefully and work with them professionally and gain from it,” Teplukhin said. –0--
