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⚡Finex unblocked! Showing frozen portfolio in KIT-Finance
I decided to show my frozen assets set to the broker KIT-Finance. Plus there is a reason. (At least for me) part of my money was unexpectedly unblocked during the second stage of the exchange freeze!
My traditional picture of investment chamber news
Along with the bad news about the 20%+ base interest rate, there was also good news. The second blocked foreign asset exchange took place. Last spring, investors applied for a refund of at least 100 thousand rubles, but so far they have received much less. But it is still much better than ZERO!
🧊On August 13, the Investment Chamber reported that the first stage of the settlement was completed. At the same time, they promised that there would be another stage, but did not name the exact date. So, some time ago, news came from our stock exchange madhouse. We sold even more illiquid assets to our enemies!
💰During the second stage, foreigners acquired additional assets from Russians for 2.54 billion rubles. The total buyout for these two stages amounted to 10.64 billion rubles, which is less than a third of the buyout offered by Russia.
👉Market participants note that the number of applications was significantly lower than on the first exchange in August. The risk for non-residents is that some transactions may not be approved. Further prospects for the exchange have not yet been determined.
You don't need that much 😁
I have quite a lot of assets blocked through different brokers. As a result, I received a frozen "sanction" for the amount of more than 160,000 rubles only from the broker "KIT-Finance", which sent the request for exchange.
🔥Since non-residents did not have the opportunity to choose assets at their own discretion, it was decided to liquidate the most illiquid securities. Figuratively speaking, if one day “peace-friendship-chewing gum” suddenly appears and the chain between the NSD and foreign depository institutions is miraculously restored, it will be much easier to sell some Apple or Tesla than the same Phoenix fund. In fact, I “cunningly” decided to throw them away.
👇As can be seen in the screenshot below, it was planned to offer non-residents 9 types of Finex funds for a total of 99,998.85 rubles.
Screenshot of documents provided by the broker KIT Finance when applying for an exchange
💰In the first round, my application was fulfilled by 24%. In August, the “freed” funds in the amount of 24,202 rubles materialized in my KIT-Finance account and were successfully transferred to my card.
Screenshot of the personal account of the broker KIT Finance from August 13, 2024
💰The situation was worse in the second round. I was given another 14,474 ₽. It turns out that now we have managed to return only 38,677 ₽, or 38.7% of applications. Plus, judging by the comments in Pulse and Telegram, I was very lucky with the distribution. Many people received only 5 to 20 percent of the requested amount at both stages.
Screenshot of the personal account of the broker KIT Finance from October 13, 2024
In fact, even if it was done 100%. If exactly 100 thousand rubles were returned, it would be only a small part of my assets frozen after the sanctions.
🤷♂️Well, as the lousy Phoenix funds say, at least a tuft of wool.
I am well known as an expert in narrow diversification, and my portfolio is also broadly diversified. I seek diversity.
🧊In particular, 18 items are attached to KIT-Finance. Intel shares; Discovery Inc. Shares: Tyson Foods shares; Merck & Co. Inc. Promotion of Gilead Sciences; and 13 different Finex funds.
👇The table below shows the prices according to Resolution 844 (based on the Investment Chamber). The cost of the remaining set of frozen securities is now 125,242 rubles. Naturally, I acquired these assets at much higher prices.
These two commodities clearly cannot be sold. They have basically been devalued to zero. These are the FXRU and FXRL funds, which contain Russian Eurobonds and Russian stocks respectively. They are not part of an exchange-traded fund, and even if Finex were to start trading (which I personally highly doubt), the crowd that would flock to them would surely drive the residual price of these shares to zero in a second.
The rest seems likely, especially once the ice has been broken. At a minimum, specific costs will be listed. This means that, theoretically, you can expect to get those funds back at some point.
🥶The total amount frozen at the moment across all brokers is about 800,000 ₽ at the current rate. This means that at the moment we have returned only about 5% of the stuck money. And given that the prices of most speculative securities have fallen significantly by now (some - up to 95%, like Virgin Galactic), in reality I invested (and therefore lost) much more. In other words, the result of a wild valuable youth8
The stock exchange situation became more complicated after the US blocked sanctions against Moscow Exchange and NSD in June 2024, after which the European Commission banned its citizens from participating in the exchange of assets with Russians. Foreign depositories involved in the asset accounting chain, Euroclear and Clearstream, also spoke out against the deal.
🤔Correct. It's a shame I didn't deposit and invest my frozen RAM into cryptocurrency after that. But there will be more! This is far from the first big investor success, and certainly not the last. Instead of regretting the past, we are moving forward with briskness towards financial freedom or new exciting stories.
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