Bond share in Russian investment portfolios hits record 48 percent
Russian retail investors added 73 billion rubles to individual investment accounts in the second quarter of 2026, doubling year-on-year. Increased buying of government and corporate bonds pushed the share of debt securities in these portfolios to a record high of 48 percent.
Fixed income dominates retail portfolios
Inflows into individual investment accounts expanded in the second quarter of 2026, with investors depositing 73 billion rubles into their portfolios.
This represents a 13 percent increase compared to the previous quarter and a twofold expansion relative to the same period in 2025.
Total assets held within these accounts climbed to 993 billion rubles by the end of June.
Portfolio allocations moved toward fixed-income instruments, driven by buying of OFZ sovereign bonds and debt issued by top-rated domestic corporations.
Consequently, the proportion of bonds across account holdings expanded from 45 percent to 48 percent, marking the highest share recorded since tracking began in 2016.
Account expansion and reporting shifts
Participation in the investment account framework expanded further during the second quarter, with market participants opening 163,000 new accounts between April and June.
This addition brought the total number of registered accounts to 6.6 million.
Alongside the market growth, the Bank of Russia announced adjustments to its reporting schedule.
While detailed quarterly statistics will remain accessible on the central bank website, the comprehensive annual report on individual investment accounts will now transition from a quarterly schedule to a yearly release, with the next edition scheduled following the conclusion of 2026.
Safety over growth
The shift to bonds shows retail investors seeking shelter in high yields rather than equity markets.
Doubling inflows demonstrates strong domestic liquidity, but persistent risk aversion limits broader market depth.
Meanwhile, reducing publication frequency unnecessarily weakens market transparency as retail participation hits record levels.