Bond prices are falling. A new introduction to the bond market is a sharp drop in rates. It started with the most profitable segment, but not limited to it. The public portfolio of PRObonds VDO, despite the name, has a composite credit rating of the bonds included in it - between BBB+ and A-. We assess the credit rating of the entire portfolio as A/A+. But he is also shocking. Which is clearly seen on the graph. After growing +0.8% in October, the portfolio already lost -1.2% in early November. In the VDO indices from Cbonds and the Moscow Stock Exchange, the aggregate results for October-November are noticeably worse - from 1.6 to 4.3%. The top tier of the bond did not experience such pressure. I won't say it's temporary. However, the shock funnel is still widening. my actions I stay in the market. Since the beginning of the year, the public portfolio has only +9.4% (11.2% for the year). This is a loss on the deposit, but it is far from a loss. And it is better to put up with withdrawals during the investment in advance. At the same time, the portfolio's yield to maturity is 26.7%. Any stabilization in the market should return it to significant growth. I continue to avoid official risk. Downgrading, losses, loss of capital, etc. are reasons for selling the relevant bonds. Due to rapid withdrawals and decreased liquidity, sales are gradually increasing. But they are required. I stop buying. I don't know if we are at the bottom or if we are just getting there. I can understand this only after the trend reverses, which of course has not happened yet. It's hard to beat purchases at these yields. Chat Oriola in Telegram Our channel in Max Chat Oriola in MAX Not an investment recommendation. Link to disclaimer.

Bond prices are falling. A new introduction to the bond market is a sharp drop in rates. It started with the most profitable segment, but not limited to it. The public portfolio of PRObonds VDO, despite the name, has a composite credit rating of the bonds included in it - between BBB+ and A-. We assess the credit rating of the entire portfolio as A/A+. But he is also shocking. Which is clearly seen on the graph. After growing +0.8% in October, the portfolio already lost -1.2% in early November. In the VDO indices from Cbonds and the Moscow Stock Exchange, the aggregate results for October-November are noticeably worse - from 1.6 to 4.3%. The top tier of the bond did not experience such pressure. I won't say it's temporary. However, the shock funnel is still widening. my actions I stay in the market. Since the beginning of the year, the public portfolio has only +9.4% (11.2% for the year). This is a loss on the deposit, but it is far from a loss. And it is better to put up with withdrawals during the investment in advance. At the same time, the portfolio's yield to maturity is 26.7%. Any stabilization in the market should return it to significant growth. I continue to avoid official risk. Downgrading, losses, loss of capital, etc. are reasons for selling the relevant bonds. Due to rapid withdrawals and decreased liquidity, sales are gradually increasing. But they are required. I stop buying. I don't know if we are at the bottom or if we are just getting there. I can understand this only after the trend reverses, which of course has not happened yet. It's hard to beat purchases at these yields. Chat Oriola in Telegram Our channel in Max Chat Oriola in MAX Not an investment recommendation. Link to disclaimer.