Where to invest money to an investor: ideas with different levels of risk and return

The material is purely informative and does not contain individual investment recommendations.

Autumn is volatile on the Russian stock market. Analysts said the market is under pressure from geopolitical expectations, a still high key rate and fluctuating oil prices.

According to the Central Bank, from January to September 2026, deposits denominated in foreign currency became the most profitable asset among financial market instruments. They brought investors from 6.1 to 16.7% in rubles, and the maximum result showed deposits in yuan. Corporate bonds brought from 4.2 to 13.1% depending on the instrument, money market BPIF and ruble deposits - 11.2 and 11.4%, respectively.

However, profitability in the past does not guarantee profitability in the future, so RBC Investments learned from analysts what investment ideas are currently on the market.

Where to invest in an investor

Money market funds / bank deposits / savings accounts with an increased rate

These tools are used as a financial cushion. Some of the money can be used for more risky investments in the future, when monetary policy begins to soften, and geopolitical uncertainty – to subside, says analyst of the Criminal Code “Ingosstrakh-Investments” Artem Autlev. According to him, the share of such instruments in the investment portfolio can be up to 30%,

The advantage of money market funds remains the ability to quickly sell shares, and the disadvantage is a decrease in profitability following the Central Bank rate, said Freedom Global analyst Vladimir Chernov. In addition, the commissions reduce the final yield, he recalls.

Corporate bonds

In the Criminal Code "Ingosstrakh-Investments" believe that the investor should pay attention to floaters - bonds with a variable coupon. It is more profitable to look at papers with a coupon tied to the key rate, Artem Autlev believes.

Currently, the average imputed spread of AAA-rated issuers to the key rate is 144 bp. According to Autlev, attention should be paid to issues of financially stable issuers with a premium to the average market spread.

The portfolio of floaters can be diluted with corporate bonds with a fixed coupon - here the investor can fix an increased yield for a couple of years (17-18% per annum in securities with a rating not lower than AA-). But here it is also worth paying attention to the securities of exclusively financially stable issuers, since the number of problem companies, defaults and technical defaults has increased significantly over the past year, Ingosstrakh-Investments warned.

Technical default is the inability to fulfill obligations on bonds within 10 working days (from the date when obligations must be fulfilled). Full default is a situation where the issuer has defaulted after 10 business days.

Among the large companies, a full-fledged default was at the fuel operator EuroTrans, a technical default was at the developer “Airplane”, a public operator in the resale market of MGCL. But the plane fulfilled its obligations the next day.

The PSB also mentioned securitized bonds. Dmitry Gritskevich cited as examples of such papers AlfFB PC3, AlfFB PC4, SBSekr3A1, TB-8 A1.

Securitization is the issue of securities (usually bonds) backed by a pool of homogeneous loans (such as consumer loans or mortgages). The original bank, that is, the original lender, transfers the rights of claim for loans to a special company (SFD), and that issues securities secured by payments from borrowers. Investors receive coupons from these payments.

In general, Gritskevich recommends avoiding bonds of issuers with a low credit rating (BBB segment and below) - problems with debt refinancing in the current macro conditions will persist, the expert believes.

OFZ

Yields from the issue of federal loan bonds (OFZ) are now close to 15-16% per annum, drew attention to Freedom Global. If the Bank of Russia continues to reduce the rate, the investor will be able to additionally earn on the growth of the market value of such securities. However, with high inflation and interest rates, bonds may become cheaper, Vladimir Chernov warned. Therefore, this idea is more suitable for investors with a horizon from year to year, ready to wait out fluctuations in quotes, the expert believes.

Dmitry Gritskevich believes that it is advisable to add a bit of interest rate risk to bond portfolios, increasing the share of long OFZs and corporate issues with a fixed rate to 20-30%. As an example, Gritskevich cites OFZ 26252, OFZ 26247, Russian Railways 1P-53R, Atomenpr17, PCT 2P2, AFBANK1P19.

Stocks

The stock market is priced quite cheaply, believes Artem Autlev.

In the next 6-12 months, shares of large banks, grocery retail and technology companies remain the most interesting, says Vladimir Chernov. It allocates the following papers:

Sberbank (SBER, SBERP) is the most attractive investment idea, according to the analyst. Lower interest rates can further support quotes, and dividends increase the attractiveness of paper. On the year horizon, stocks could rise to е340–350 excluding dividends (around +16–19% of current levels). The main risk is associated with a possible increase in arrears and reserves. X5 (X5) is an interesting combination of sustainable business and high dividend prospects. The benchmark for shares is м3000 (+28% from current values). Dividends can provide additional returns, but the growth of staff and logistics costs can limit the size of profits. Purchases of shares at current price levels are justified, Chernov believes. Ozon (OZON) is a riskier, but potentially lucrative idea. Quotes can rise to ов4700 (about +25%) while maintaining high growth rates. But the company is not yet a dividend history, and additional risks are associated with competition, investment in logistics and damage to warehouse infrastructure. Therefore, it is better to buy such papers gradually, after corrections. Dom.RF is interesting for its relatively low market valuation and dividend potential. On the year horizon, quotations can rise to е2500 (about 18%) without taking into account possible dividends. The main risks are associated with a slowdown in mortgage lending and changes in state programs to support housing construction.

Timur Khairullin, Director for Wealthy Clients at BCS World of Investments, highlighted several more shares:

The Moscow Stock Exchange (MOEX) is of interest to investors due to the virtually monopoly position, according to Khairullin, in the field of exchange trading in financial instruments: the scale of trading on the St. Petersburg Exchange is much smaller. Preferred shares of Surgutneftegaz (SNGSP) are interesting as a bet on a possible devaluation. The company has more than е5 trillion on its balance sheet, which significantly exceeds its capitalization (less than е960 billion, according to the Moscow Exchange as of November 5). Money is not a dead weight, but brings interest income and currency revaluation in the event of a weakening of the ruble. This, combined with high oil prices due to tensions in the Middle East, makes paper attractive to buy. The dividend yield on a company’s shares can be about 15%.

At the same time, Chernov treats Gazprom (GAZP) shares with caution. “Despite the popularity of the paper among private investors, the company did not pay dividends for 2025, and high debt burden and large-scale investment costs limit the possibility of resuming payments,” the analyst explained.

Gazprom’s quotations may grow significantly on positive geopolitical news, but it would not be recommended to buy shares solely in the hope of a quick settlement of the conflict in Freedom Global.

In “Ricom Trust” separately mentioned the beneficiaries of the rate reduction – IT companies and developers. Oleg Abelev, head of the analytical department of the Rikom-Trust investment company, notes that if the rate goes down, then these companies will receive a double benefit - a decrease in the cost of financing and an increase in the estimate of future profit. IT companies also enjoy structural support for import substitution policies.

At the same time, Abelev draws attention to the fact that the market as a whole has already laid in the waiting prices for a rate cut. That is, if the regulator cuts the rate extremely slowly or if inflation does not decrease, these stocks can quickly fall in price. In addition, developers such as "Airplane" are now in the spotlight because of expectations of rehabilitation and debt restructuring.

Sanitation (financial recovery) is a set of measures aimed at preventing the bankruptcy of a company and restoring its solvency.

As a result, it is not recommended to actively buy shares of federal developers for a large share of the portfolio in Ricom Trust, especially if we are talking about companies with high debt. If you choose this sector, then you should pay attention to the shares of Glorax (GLRX) and APRI (APRI), Abelev believes.

In general, the Ricom Trust believes that the safest strategy is not to single out any one idea as a must-purchase.

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