Investors on the Moscow Exchange are again interested in money market funds

Investors on the Moscow Exchange sharply increased investments in money market funds. The total net inflow of funds into such funds on the trading platform reached 128.7 billion since the beginning of 2026. This is stated in the message of the Moscow stock exchange.

According to the results of the third quarter of this year, the volume of net inflows increased by 17 times compared to the same period last year and amounted to ом70.7 billion, the site calculated.

The volume of net investments in money market funds at the Moscow Exchange in the third quarter was three times more than the volume recorded in the second quarter and twice the result of the first quarter of 2026, the release notes.

Also, the trading platform reported that in the third quarter, money market funds brought investors the maximum quarterly income of ,75.4 billion this year. This is 3% higher than the result for the second quarter of 2026 and 28% for the first.

According to the results of nine months of 2026, Russian investors earned more than 207.9 billion on such funds - 19% higher than the same period last year.

The current market environment contributed to high incomes: the main money market benchmark, the RUSFAR index, which reflects the fair value of secured money, showed a significant change in the usual trajectory. During the two months of the third quarter, RUSFAR on average exceeded the key rate of the Bank of Russia by 0.06-0.13%, said Dmitry Danilenko, Director for the Development of the Money Market of Moscow.

The number of investors in exchange-traded mutual funds (BPIF) of the money market on the Moscow Exchange has also increased since the beginning of the year, increasing by 27% to 3.05 million. Most of the newcomers are individuals, the site specified.

In total, 21 exchange-traded mutual investment fund (BPIF) of the money market from 14 management companies are traded on the Moscow Exchange.

What is the reason for this increase in money market funds: the opinion of analysts

Freedom Global analyst Vladimir Chernov believes that investors are attracted by a combination of interest income and the ability to sell shares on the exchange when money is needed.

“For temporary placement of funds, this is convenient, especially if a person is not yet ready to buy shares or permanently fix money in the deposit. The profitability of such funds follows the rates of the money market, which in two months of the third quarter, according to the Moscow Exchange, even slightly exceeded the key, the expert explained.

Commercial Director of the UK “East-West” Alexander Lavrov attributes the multiple growth with several factors:

the usual trajectory of the key rate movement was disrupted, forming a “plateau” – this may be a signal for investors for a longer period of high rates, which money market funds play back to the fullest: tax initiatives on personal incomes could help to start looking for alternative conservative options for increasing capital.

What will happen next in money market funds: experts’ expectations

According to the head of the group of macroeconomics and stock market "Alfa-Investments" Alexander Dzhioev, in the future the inflow of funds into money market funds is likely to continue. But as the key rate decreases, its growth rate will gradually slow down, the expert believes.

At the same time, demand is unlikely to disappear sharply: even in the context of easing monetary policy, they will remain a convenient tool for short-term allocation of funds and liquidity management.

Dmitry Lesnov, Deputy General Director for Brokerage Business of FG Finam, believes that by the end of the year the regulator will leave the rate unchanged or reduce it by 25 basis points.

“In such circumstances, we expect the flow of cash from deposits into stock market instruments, primarily money market funds, as well as into bonds of reliable issuers with an investment rating. We predict that this trend will continue, and, most likely, in the next six months or a year, we will see confirmation of this.

In the Criminal Code "East-West" predicts that tax initiatives regarding the income of individuals to a greater extent in the future may affect the choice of investors in favor of money market funds as an alternative to deposits.

Read "RBC Investments" in "Max".