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Investment strategy
Launched in early 2003, Sadko is designed to guard against fluctuations in the ruble-dollar exchange rate and invests mainly in corporate ruble bonds. In 2004, the fund yielded a return of 6.1% in dollar terms.
| Sadko |
29.07.10 |
| NAV per share, R |
18 599.07 |
| Change |
0.05% |
| Year-to-date performance |
11.72% |
| 1-year performance |
25.23% |
| 2-year performance |
16.66% |
| 3-year performance |
27.22% |
| NAV, R |
221 816 689 |
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Troika Dialog - Sadko |
CBonds Index |
TDBI Index |
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|
|
| Return |
8.51% |
8.21% |
6.98% |
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| Risc Metrics |
|
|
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|
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Standard Deviation |
0.8% |
0.8% |
1.7% |
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Sharpe Ratio |
5.28 |
5.24 |
1.71 |
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|
Sortino Ratio |
7.43 |
6.24 |
2.29 |
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|
U P Ratio |
1.07 |
0.56 |
1.38 |
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Correlation |
|
0.55 |
0.98 |
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Alpha |
|
0.07% |
0.14% |
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Beta |
|
0.58 |
0.12 |
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R-squared |
|
0.30 |
0.06 |
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| Figures for the year to December 29, 2006 (rub) |
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TDBI - Troika Dialog Bond Index
RUX-CBonds Index - Russian Corporate Bond Index, compiled by CBonds, Russia-based news agency
Results
From the moment it was founded in 2003, Troika Dialog - Sadko aimed to provide a maximum yield on hard-currency investments by investing in corporate and state Eurobonds. For two years, the fund fulfilled its initial goal, offering higher dollar yields than alternative financial instruments, such as hard-currency bank deposits.
However, following a ruling from the Federal Financial Markets Service that limits mutual funds’ exposure to Eurobonds, Troika Dialog - Sadko is no longer able to invest in these securities in the required volumes. So in July 2005, the fund changed its strategy to invest in ruble bonds, in particular, the rapidly developing high-yield bond market. In our view, significant diversification of our portfolio may reduce the credit risk and provide the optimum risk/return ratios for this strategy. Moreover, after carefully analyzing the market and investors’ requirements, and considering the current favorable economic situation and the strengthening ruble, we consider that ruble-denominated bonds are currently more promising than hard-currency instruments.
In 2005, Troika Dialog - Sadko yielded more than 15%, while its net assets expanded fourfold.
Minimum investment
The minimum initial investment is 30,000 rubles. Thereafter, unlimited installments of 2,500 rubles upwards may be made.
Management and redemption fees
Investing in the fund or making subsequent installments is commission-free. For redemptions or withdrawals, a fee of 0.5% is charged.
In 2004, the annual management expenses (including the depository, registration and auditing fees) totaled 1.8%. We continually strive to minimize charges for our clients.
For more information, call us today:
+7 (495) 540 5400
+7 (495) 258 0534
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