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Fixed Income Strategy

What does the strategy invest in?

Bonds and bond ETFs in the US market

Who is it for?

For conservative investors with an average investment horizon


Target parameters

Target return: 7-10% per annum in US dollars*
Risk: Corresponds to the risk of bond markets
Investment horizon: One year or more
Withdrawals: Anytime

* see below for details about how the expected return is calculated


Investment strategy

What makes the strategy special

It is not just during periods of declining rates that a portfolio of debt instruments can generate returns. For example, back in 2018, when prices across various asset classes fell due to Fed tightening, our EM bond portfolio returned 2.3%. For comparison, the iShares JP Morgan USD Emerging Markets Bond ETF was down 5.5% that year.

Strategy objective

The strategy seeks to capture absolute income, aiming for comparable (the same or higher) returns when the debt markets are favorable and significant outperformance during periods of falling markets.

How we do it

We use short-dated bonds to generate stable income (the passive part of the portfolio), while also investing in long-term bonds or ETFs (the active part). The active part is built based on our knowledge and expectations of the economy, fiscal and monetary policy, and other factors, and is meant to boost overall portfolio returns.

Strategy facts

Investment terms

Implementation Omnibus account
Broker Freedom Finance Global PLC (Kazakhstan)
Bank Bank Freedom Finance Kazakhstan JSC
Prime-broker and custodian Lazarus Capital Partners; Freedom Finance Global PLC (Казахстан)
Management company Movchan Management Ltd. (Kazakhstan), AFSA-A-LA-2021-0009
Basis Investment management agreement
Management fee 1%
Performance fee 10%
Dividends no
Minimum subscription USD 100,000 or equivalent
Subscription / withdrawals Daily / with notice of 5 working days
Account currency USD

Why it's profitable

Structure advantages

Omnibus account model arrow
Segregated account model arrow
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An omnibus account is an account opened by a management company at a bank where funds of one or more individuals or legal entities are accumulated for the purpose of further investment as a single pool.
Another option is implementing the strategy in a separate account with IBKR or in the client's account with his/her broker or bank.


Risk Management

Currency risks arrow
Interest rate risks arrow
Liquidity risks arrow
Credit risks arrow
Counterparty risks arrow
Risks of concentration arrow
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Description A sharp move in the exchange rate of currencies in which investments are made.

Risk management method The portfolio is denominated in US dollars and all investments are made in dollar assets in the US market.

Description A sharp change in interest rates because of central bank actions, accelerating inflation and/or depreciation of the national currency.

Risk management method We control not only the duration of the portfolio, but also the weight of each individual asset and its maturity. Possible risks are monitored every day and weighed against our knowledge and expectations of the economy, fiscal and monetary policy, and other factors.

Description An asset is unable to be sold quickly and at a price close to the market price.

Risk management method The portfolio includes only highly liquid assets that are traded in the most capital-rich and liquid market – the US debt market.

Description A borrower fails to fulfill its obligations to creditors in full (default risk).

Risk management method The portfolio is formed exclusively from high-quality assets (government debt or bonds of corporate issuers with a high credit rating of above BBB). Moving forward, investments in bonds of issuers from other DMs or EMs are possible, but they will be made only after the issuers have proven their robustness and creditworthiness during a period of a strong dollar and high rates. To ensure this, a comprehensive credit analysis will be carried out.

Description A company that has entered into an agreement with you (bank, broker) cannot fulfill its obligations on time and in the due amount.

Risk management method We are constantly working to improve the agility of our infrastructure to reduce counterparty risk, increase the efficiency of our operations and reduce fee expenses. We monitor the news flow regarding our counterparties, periodically audit their credit reports and investigate other risks associated with them (reputational, licensing, political, etc.).

Description High concentration of risk in a single asset; dependence on one counterparty, economic sector or country.

Risk management method The procedures developed over the years involve restrictions on the position limit for each issuer depending on its credit rating and liquidity in the secondary market. Decisions on adding an asset to the portfolio are made by the Investment Committee, and can be accompanied by additional conditions, such as an investment implementation period and stop-loss and take-profit levels. Even when approved by the Committee, a position is not opened for the full limit at once: the high volatility of the markets means the position will be built up gradually, giving time to confirm a hypothesis.

Alexander Ovchinnikov Senior Partner
  • One of the recognized Russian experts with more than 30 years of experience in the financial markets.
  • Since 1993, within the Central Bank of Russia Alexander participated in the creation and development of the Russian sovereign debt market. Then he headed the debt market analysis team of Troika Dialog.
  • Since 2000, he headed the analytical, and trade divisions, was engaged in asset management in the largest Russian and international banks.
  • In 2008 he rejoined Troika Dialog (after 2012 known as Sberbank-CIB). As a Vice-President, he led a project to modernize the Russian debt market.
  • He has a degree of the Financial Academy in international economic relations, a diploma from the Moscow Aviation Institute, diplomas from FRB NY and Carnegie Mellon University.
Pavel Shirochkin Financial analyst
  • Contributes to building the ARGO investment portfolio. Specialises in credit analysis of companies, researching third party products and developing investment decisions.
  • Worked in financial compliance for companies in the FMCG industry and as a business valuation consultant in the corporate finance department of Deloitte.
  • Graduated from the Higher School of Economics, Department of Economic Sciences.
Zhansulu Mukhamejanova, ACCA Manager
  • Specialist in financial consulting and audit with 10 years of experience.
  • In the past, she worked as an external auditor at Ernst & Young, worked with the largest state-owned companies, small and medium-sized businesses and government agencies in the field of audit and professional ACCA training; areas of specialisations: oil and gas industries, energy, and mining. As a financial advisor to medium-sized companies, provided regular reporting to management and shareholders.
  • Is a member of ACCA, a CFA II candidate and a certified specialist in AML.
  • Graduated from the University of Sydney with a bachelor's degree in economics and finance.
Dear friends!

This website page is operated by Movchan Management Ltd. registered in Kazakhstan under the company registration number 210140900043.

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The registered address of company: Z05T3D8, Astana, Esil district, 55/17, Mangilik El, office 150

Only Eligible Investors who are Non-U.S. Persons could invest in FISTR.

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The views expressed herein do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of Movchan Management Ltd. and no assurances are made as to their completeness or accuracy. An investment in Movchan Management Ltd. should be viewed as a means of diversification within the context of an overall investment portfolio, and an investment should be made only after consulting with independent and qualified sources of investment and tax advice. No information on this site constitutes investment, tax, legal or any other advice.

If you are unsure about the meaning of any information provided, you must consult an appropriate regulated financial or other professional adviser. An investment in Movchan Management Ltd. is speculative and involves a high degree of risk. An investment in the products referred to in this website is suitable only for investors who can afford to lose all or a portion of their investment. No one should commit to invest a large percentage of their readily marketable assets in Movchan Management Ltd. 

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Privacy Policy

Last updated: 13.05.2022

1. Background

Movchan’s Group (“Movchan’s Group”, “we” or “us”) welcome you to our website and appreciate your interest in our products and services.

We understand that your privacy is important to you and that you care about how your information is used and shared online. This page explains how we treat your personal data (“Privacy Policy”).

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This Policy applies to use of any and all data collected by us in relation to your use of this website. Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Privacy Policy is deemed to occur upon your first use of our website. If you do not accept and agree with this Privacy Policy, you must stop using this website immediately.

As of 25 May 2018, the EU General Data Protection Regulation 2016/679 (GDPR) have taken effect for the protection of natural persons against the processing of personal data and the free circulation of such data. The New General Regulation shall replace the Directive 95/46/EU which was applied via law 138(I)/2001. As of 25 May, 2018 the said law shall be considered as abolished.

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2. Information about us

This website, is owned and operated by Movchan Management Ltd., a private company of the Astana International Financial Center under the identification number 210140900043 in accordance with the Constitutional Law of the Republic of Kazakhstan “on the Astana International Financial Center”, whose registered address is AIFC 55/16 Mangilik El Ave., block C3.1, office 323, Z05T3F2, Nur-Sultan.

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This Privacy Policy applies only to your use of this website. It does not extend to any websites that are linked to from this website (whether we provide those links or whether they are shared by other users). We have no control over how your data is collected, stored or used by other websites and we advise you to check the privacy policies of any such websites before providing any data to them.

4. Collection of data

Some data will be collected automatically by this website (for further details, please see section 7 on use of Cookies), other data will only be collected if you voluntarily submit it, for example, when signing up for our mailing list or filling up the contact form. Depending upon your use of this website, we may collect some or all of the following data:

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With your permission and where permitted by law, we may use your data for marketing purposes which may include contacting you by email and telephone and text message and post with information, news on our products and services. We will not, however, send you any unsolicited marketing or spam and will take all reasonable steps to ensure that we fully protect your rights and comply with Our obligations under the EU General Data Protection Regulation 2016/679 (GDPR).

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We make every effort to take appropriate technical and organizational security measures to ensure that your personal data protected against unauthorized access, misuse, loss and/or destruction.

Our employees and the service providers commissioned by us are bound by professional secrecy and must comply with all data protection provisions.

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Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by us and are used only by us. We use Cookies to facilitate and improve your experience of this website and to improve our products and services. By using this website, you may also receive certain third-party Cookies on your computer or device. Third party Cookies are those placed by websites, services, and/or parties other than us. We use third party Cookies on this website for online marketing and advertising services. In addition, this website uses analytics services provided by Google Analytics, Yandex Metrics etc. which also use Cookies. Website analytics refers to a set of tools used to collect and analyze usage statistics, enabling us to better understand how people use this website.

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According to applicable data protection laws and regulations, you may have the following rights:

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You also have a right of appeal (as far as this affects you) to the respective Data Protection Supervisory Authority.

As a data subject you may address any concern of yours on a matter relating to your data protection rights to the company’s Data Protection Officer below.

Data Protection Officer (DPO): Zhadra Abdullina (

10. Do we share your data?

We may share your data within companies in our group.

We may sometimes contract with third parties to supply services to you on our behalf. These may include payment processing, search engine facilities, advertising and marketing. In some cases, the third parties may require access to some or all of your data. Where any of your data is required for such a purpose, we will take all reasonable steps to ensure that your data will be handled safely, securely, and in accordance with your rights, our obligations, and the obligations of the third party under the law.

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By using the website and any of its pages (hereafter the “website”), you confirm that you have reviewed, understand and agree to the following important legal information and terms of use (the “Terms”). If you do not agree to the terms, please exit the website immediately.

The Terms are subject to change at any time without notice and access to, and use of the website may be restricted or terminated at any time. You are therefore advised to review these Terms each time you access this website.

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The information, products, data, services, tools and documents contained or described on this website are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation to buy or sell investment instruments, to affect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. Prior to making investment decisions investors should conduct a thorough investigation and obtain all necessary professional advice for all issues, including your eligibility to make such investment in terms of the applicable law.

Nothing on this site constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate for individual circumstances, or otherwise constitutes a personal recommendation for any specific in­vestor. We recommend that investors independently assess, with a professional advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences.

3. Local legal restrictions

The Content is not intended for use by or distribution to any individual or legal entity in any jurisdiction or country where such distribution, publication or use would be contrary to the law or regulatory provisions or in which Movchan’s Group companies does not hold the necessary registration or license. Individuals or legal entities in respect of whom such prohibitions apply, whether on grounds of their nationality, their place of residence or on other grounds, must not access or use the site.

Some entities, services and products of Movchan’s Group may not be registered or licensed under legal and regulatory provisions governing financial services or products and their providers in certain countries.

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Movchan’s Group provides no warranty and makes no representations of any kind whatsoever regarding: (1) the currency, accuracy or completeness of the content; (2) the results to be obtained by any user of the website; or (3) any third-party content accessible on or through the website.

Except to the extent required by current laws and/or regulations, Movchan’s Group, including its directors, agents, employees or subcontractors: (1) disclaims any and all express or implied warranties and conditions including without limitation warranties and conditions as to quality and fitness for a particular purpose; and (2) does not warrant that the website, any content (including any third party content), goods and services referred to therein will be uninterrupted or error free, that defects will be corrected or that the website, the servers from which it is available or any connected website is free of viruses, trojan horses, worms, software bombs or similar items or processes or other harmful components. In order to safeguard against viruses, it is advisable to use up-to-date versions of browsers and to install and continuously update antivirus software. Users should strictly avoid opening e-mails of unknown origin or unexpected e-mail attachments.

Any data, including but not limited to financial market data, quotes, notices, research or other financial information accessible through this website, have been obtained from carefully selected sources believed to be reliable. All such information is provided “as is” to the user without express or implied warranties of any kind, including warranties of quality, originality, non-infringement of intellectual property or fitness for any particular purpose.

The information and opinions in the website are descriptive of Movchan’s Group as a whole and the products and services described may not be available to or suitable for all investors. The fact that a user accesses the Site does not make him a client of Movchan’s Group.

Any expressions of opinion, estimates and projections on the website are those of the authors at the date of writing. They do not necessarily reflect the view of Movchan’s Group and are subject to change at any time without prior warning. Movchan’s Group and its contractual partners may discontinue, or make changes in, the information, data and documents, and the products or services described herein, at any time without prior notice. Any information marked with a date is published as of this date only and no obligation or responsibility is undertaken to update or amend any such information.

5. No liability



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Statements on this website may contain information obtained from third parties, including ratings from rating agencies and research from research providers etc. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings or research, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third-party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third-party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with any use of their content, including ratings or research. Credit and/or research ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the market value of securities or the suitability of securities for investment purposes and should not be relied on as investment advice.

7. Performance

The past is not an indication of the future performance of an investment. The value of investments may be subject to fluctuations and investors may not get back the amount invested. Changes in rates of foreign exchange may also cause the value of investments to go up or down.

8. Links to third-party websites

Links to third-party websites on this website are provided solely for your convenience as pointers to information on topics that may be useful to users of this website. Movchan’s Group has no control over the content on such third-party websites. Activating some links to third-party websites on this website may cause you to leave this website. No warranties or liability concerning the content of such websites are made, including assurances that it is correct, accurate, complete, true, up-to-date or fit for any particular purpose. Nor does Movchan’s Group warrant that such website or content is free from any claims of copyright or trademark or other infringement of the rights of third parties or that such site or content is free of viruses or other harmful components. No guarantee as to the authenticity of documents on the Internet is given.

Using links to third-party websites provided on this Site is at your sole discretion and at your own risk.

Please note that third-party websites are not subject to Movchan’s Group data protection policy and Movchan’s Group is not responsible for the policies they apply with regard to collection and treatment of your personal data. We recommend that you carefully read the terms of use and data protection policies governing the third-party website before using it in order to check how it protects your personal data and privacy.

9. Data processing

For information on the kind of data collected, the purpose for which it is collected, how it is processed, to whom it may be disclosed and the security measures that have been put in place to protect it, please consult the Movchan’s Group Data Privacy Policy.

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Managers’ experience The managers have 30 years of successful experience in local and global markets in periods of both declining and rising interest rates, as well as during crises.
Consistent record of growth In 2005, the strategy for a portfolio of short-dated EM Eurobonds was implemented in a separate account. In 2016, having been fine-tuned, it became publicly available through the ARGO fund, launched on the platform of the global administrator Apex with the participation of UBS Group AG Zurich. In 2017, the strategy generated a highly competitive return of 8.8%, according to the audited results. In 2018, when Fed tightening weighed on prices across various asset classes, as well as the indexes that reflect them, and global funds reported losses at the year-end, our portfolio returned 2.3%.
Instrument that always performs In 2023, demand from investors led us to revive our debt-only portfolio: we know that it can work across all cycles, not only when rates are being lowered.
Highly liquid portfolio Investors can subscribe, invest more funds and withdraw at any time.
Omnibus account model An omnibus account is an account opened by a management company at a bank where funds of one or more individuals or legal entities are accumulated for the purpose of further investment as a single pool.
Segregated account model Another option is implementing the strategy in a separate account with IBKR or in the client's account with his/her broker or bank.
Currency risks A sharp move in the exchange rate of currencies in which investments are made.
Interest rate risks A sharp change in interest rates because of central bank actions, accelerating inflation and/or depreciation of the national currency.
Liquidity risks An asset is unable to be sold quickly and at a price close to the market price.
Credit risks A borrower fails to fulfill its obligations to creditors in full (default risk).
Counterparty risks A company that has entered into an agreement with you (bank, broker) cannot fulfill its obligations on time and in the due amount.
Risks of concentration High concentration of risk in a single asset; dependence on one counterparty, economic sector or country.
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