Retail investors increased their assets in brokerage accounts to ₽11 trillion in the second quarter of 2025, according to new data. This growth was driven by an inflow of new funds and higher bond prices. The number of clients with more than ₽10,000 in their accounts reached 5.1 million.
Net contributions from retail investors totaled ₽574 billion, nearly double the amount seen a year earlier. This surge is attributed to lower deposit rates and market expectations that monetary policy will become more accommodating.
Investment patterns shifted during this period. Bonds made up 35% of portfolios, the highest share since late 2020. Investors, expecting further interest rate cuts, sought to lock in high yields on long-term OFZs and medium-term corporate bonds. Meanwhile, Russian shares dropped to 28% of holdings—the lowest proportion since the end of 2022. Investment units accounted for 16%, with money market exchange-traded funds representing more than half that figure at 9%.
Further information can be found in the Review of Key Indicators of Brokers for Q2 2025.
“Net contributions from retail investors amounted to ₽574 billion, which is almost twice as much as in the previous year. This was due to decreased deposit rates and the market’s expectations of further monetary policy easing.”
“The structure of investments has changed slightly. The share of bonds rose to 35%, which was the maximum value since the end of 2020. Anticipating further rate cuts, investors tried to fix high yields on long-term OFZs and medium-term corporate bonds. The proportion of Russian shares in the portfolio declined to 28%, which was the minimum since the end of 2022. Investment units account for 16%, of which 9% are units of money market exchange-traded funds.”
