Money market funds became the main investment direction in November

In November, net inflows amounted to 42.6 billion rubles, up 18% from a month earlier and up 5% from the previous record in 2020. Almost all cash flow is in market exchange-traded funds monetary, which generate stable income from short-term repos.

At the same time, in November the funds showed positive results in terms of attraction for the ninth consecutive month. Since the beginning of the year they have been replenished with 150 billion rubles.

In recent years, the structure of investments has undergone changes. If three years ago inflows were recorded in almost all funds except the money market, now this category of funds has become the most preferred for investments.

However, a small influx still went to mixed type funds (less than 200 million rubles), as well as funds focused on investments in precious metals (820 million rubles).

At the same time, the net outflow from equity funds reached 2.5 billion rubles, from bond funds – 1.6 billion rubles.

According to experts, the attractiveness of money market funds increases against a backdrop of lack of growth in the stock market. The expectation of a new interest rate increase by the Central Bank also influences.

In early October, the Bank of Russia raised the key rate by 200 basis points, from 13% per year to 15% per year. The most notable jump in the key rate for 2023 came in August during an unscheduled meeting of the Central Bank. Then, against the background of the instability of the ruble exchange rate, the regulator immediately raised the rate from 8.5% per year to 12% per year.

The next meeting of the Central Bank will be held on December 15, experts predict a new increase in the interest rate.