Russians were named the most profitable mutual funds of 2025 and were given a forecast for 2026.

In 2025, ruble-denominated mutual funds (mutual funds) focused on precious metals, bonds and money market instruments became the most profitable for investors. Analysts at the Euler investment company, having studied 273 funds with total assets of 3.2 trillion rubles, concluded that foreign exchange funds on average showed negative returns of -7.6% against the background of the strengthening of the ruble. The results of the study were reviewed by RBC.

Ruble-denominated funds for precious metals remained the leaders in terms of profitability, which brought in an average of 25.8% per annum, despite a decrease of 15.8 percentage points compared to 2024. Experts attribute this to the strengthening of the ruble against the dollar. The top 3 includes OPIF "Affordable gold" (Management company "First") with a result of 27.6%, OPIF "Gold" (TKB Investment Partners Management Company) — 26.9% and BPIF "Gold. Birzhevoy (VIM Investments) — 26.7%.

In second place are bond funds, whose average yield rose sharply by 17.4 percentage points to 21.6% due to lower key interest rates and rising bond prices. Exchange—traded funds (BIFs) showed dynamics from 3.8% to 22.9%, open-ended funds (OPIFs) - from 4.2% to 20.9%. The best results were demonstrated by OPIF Ruble Prospects (Heroes Management Company) — 44.4%, OPIF Scanner (MKB Investments Management Company) — 36.8% and OPIF High-yield Bonds (Alfa Capital Management Company) — 34.6%.

They are going to decline: bond yields will fall to 10% in 2026%

How will the price of bonds change and why will they still be more profitable than bank deposits?

Money market funds took the third position with an average return of 20.2% (+6.0 percentage points), while having the lowest fees on the market (0.8%). The leaders of the category are OPIF "Savings" (Management Company "First") — 20.9%, BPIF "Money Market" (Management Company "Promsvyaz") — 20.8% and BPIF "Liquidity" ("VIM Investments") — 20.8%.

Analysts' forecasts for 2026 are moderately optimistic. Euler experts expect that the yield of ruble-denominated bond funds may exceed 20% due to an increase in the share of OFZs in portfolios, and money market funds will bring about 15.2%. According to Evgeny Tsybulsky, Director of Product Development at Finam Management, classic bond funds will remain attractive with yields of 13-16%, and the potential for individual corporate issues may reach 18-20%.

"Classic exchange-traded and open—ended bond funds will continue to be attractive under the conditions of the Central Bank's soft policy - according to our estimates, the yield on such strategies may be in the range of 13-16% per annum for the general market (with a reduction in the key rate to 12%). On individual issues of corporate bonds, the yield potential to maturity can remain up to 18-20% per annum, especially with the proper selection of the instrument and the timing of the investment," says the expert.

Gold funds will remain popular, but their returns will be less predictable due to volatility, as with foreign exchange funds. According to Vasily Karpunin, head of Alfa-Investments, equity funds can show growth of 21-27%, taking into account dividends, and real estate funds can become an interesting tool with a total rental yield and asset value growth of more than 30%.

Ruslan Spinka, Director of Sales and Customer Service at Fontvielle IC, announced on January 7 that Russians could consider a savings account as a replacement for bank deposits, which allows them to withdraw funds at any time. They are available with almost any amount, whereas deposits often have an entry threshold.

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