ArmInfo. In the near future, harsh fluctuations are not expected, but if the recovery of the economy will require a longer time, then a small increase in the exchange rate and profitability of securities is possible. Such a forecast in an interview with Arminfo gave the General Director of the company "Capital Asset Management" Alik Arakelian, noting that, nevertheless, this growth will be manageable.
Regarding the opinion that the 2021 will be the year of risk assets and there will be a tendency to diversify a portfolio on medium-term instruments, he explained: "In total, investing always contains risks, based on what I can not say that the 2021th will be the year of risk assets. But I agree that in the 2021th risk level somewhat increased. At the same time, a high level of risk implies a higher yield, and therefore each investor himself must evaluate the risk and profitability for it. " In this context, A. Arakelyan said that the company "Capital Asset Management" at the moment prefers assets of funds managed by it in short and medium-term bonds, which will provide a yield of 1-1.5% lower than the market level. "The choice of such a strategy is due to the exclusively structure of our customers," he explained. Speaking about yield, he noted that in Armenia there is a high level of long-term government bonds (LtGB), followed by the downlink corporate drum bonds, medium-term and short-term government bonds (MtGB and StGB), and closed this list of profitability corporate dollar bonds.
As an example, he led to the dynamics of profitability of investment funds managed by the company "Capital Asset Management", notifying that the assets of managed pension funds are relatively small. This dynamics demonstrates a decrease in the yield of AMD assets in 2020 compared with 2019 from 17.7-27.5% to 5.3-5.4% (according to Armenian government bonds and corporate AMD bonds) and increasing the profitability of dollar assets with 3 , 6% to 12.7% (in Armenian corporate dollar bonds). The company who has not been changed to this day to invest in the assets of all funds managed by it in securities, A. Arakelyan explained to ensuring a higher profitability than the deposits. "Moreover, over the past few years, banks have intensified in the securities market, offering bonds with a higher yield, which you will not say about deposit rates. If adding to this, the higher liquidity of securities, then the advantage of investing in them becomes obvious," - he concluded.
"In the short-term context, in particular, considering the increase in the dollar exchange rate observed in the past few months, currency assets provide a higher yield (in dram expression). But in the long-term cut, even taking into account the volatility of the exchange rate, dram securities historically always ensured a higher yield. "," says A. Arakelyan. It should be noted that CJSC "Capital Asset Management" is the first in Armenian investment management and pension funds in Armenia, the State Registration was held and a license of the RA Central Bank was received on October 18, 2012. According to the specialization of its activities, the company invests assets in the funds managed by it, which are 5, from which 2 are voluntary pension funds and 3 - investment funds (2 - on drama assets, 1 - on dollars).
Specifically, investment funds are as follows: CAM GBF (Investment Fund of Public Bonds) - Public Fund, whose assets are fully invested in Armenian state bonds; Kam Bridge Foundation I is not a public foundation, with additional risk, the assets of which are invested in Armenian government bonds and corporate drama securities; Kam Bridge Fund II is not a public foundation, dollar, whose assets are invested in Armenian corporate dollar bonds. Abbreviation Kam imply "two in one" - the brief name of the company and the meaning of the word “voluntary, volunteer” in Armenian (“Kamavor”).
