The expert explained the growth of investments of individuals in securities
The growth of individuals' investments in securities on the Moscow Stock Exchange in January 2026 was a reflection of several macro- and behavioral factors at once. This point of view was expressed in a conversation with Izvestia by Yaroslav Kabakov, Director of Strategy at Finam IC, a lecturer at the Higher School of Business of the National Research University Higher School of Economics. The key driver, in his opinion, was a combination of high interest rates and expectations of their subsequent reduction.
"Yields on government and corporate bonds remained at double-digit levels, which made them comparable to deposits, but at the same time gave investors a chance to lock in income for several years ahead and make extra money on rising paper prices with a reversal of monetary policy," the expert explained.
Seasonal factors also played a role, as January traditionally concentrates the inflow of free liquidity, he said.
"After the December bonuses and the closing of the year, part of the funds is redistributed from short—term savings into investment instruments," Kabakov said.
The effect of the beginning of the year was reinforced by the growth of the base of private investors — the number of individuals with brokerage accounts exceeded 40.4 million, he said, adding that new and passive investors often start with bonds as a more understandable tool.
Shares accounted for only 0.7 billion rubles, while fund shares accounted for 44.8 billion rubles. At the same time, the volume of investments in bonds amounted to 93.5 billion rubles.
"This structure speaks not so much about short—term speculative interest as about a shift in preferences towards fixed income and reduced market risk," the expert concluded.
For more information about why individuals chose to invest their funds in bonds, see the Izvestia article.
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