Video summary

Реальна дохідність Inzhur Reit. Мій досвід за 2 роки. Порівняння з облігаціями

Main summary

Key takeaways

Finance

Finance-specific summary (Inzhur REIT insurance fund vs bonds)

Presenter

Anastasia Snigorenko (personal finance & stock market investing)

Instruments / tickers / assets mentioned

  • Inzhur “Supermarket” fund (insurance fund structure; later merged into “Inzhur RED” / a new single fund)
  • Government bonds (Ukrainian bond issue used for comparison)
    • Period 1: maturity Sept 10, 2025
    • Period 2: maturity Aug 19, 2026
  • Cashflows measured in:
    • UAH (hryvnia) and conversion to USD using NBU exchange rates
  • Certificates / units of the Inzhur funds

Step-by-step framework / methodology used

  • The analysis is split into two stages because the fund structure changed:
    • Period 1: Jul 2024 → Sep 25, 2025
    • Period 2: Sep 25, 2025 → Aug 26, 2026

For each period, she computes:

  • Total return in UAH, made of:
    • dividends/coupons (net of taxes)
    • change in fund certificate value (capital gains)
  • Annualized return in UAH using XIRR, accounting for payment dates

USD results conversion method

  • For USD results:
    • Convert each cashflow (dividends/coupons and redemption/principal) to USD using the NBU FX rate on the corresponding date
    • Then derive the annualized USD return

Bond comparison method

  • Choose a bond issue with a near-identical investment horizon
  • Model:
    • coupon income
    • face value redemption at maturity
  • Convert bond cashflows to USD using their payment dates

Key numbers & results

Period 1 (Jul 2024–Sep 25, 2025): Inzhur “Supermarket” fund

Starting investment & purchases

  • Minimum lots mentioned: 122 certificates
  • Purchase made for 142,130 UAH (certificates from the Inzhur Supermarket fund)

Dividends & taxes (to bank account)

  • Gross dividends: 1,622 UAH
  • Taxes: 2,076 UAH (subtitle text is internally inconsistent; net figure is still provided)
  • Net dividends retained/received: 14,145 UAH

Fund value change (capital gain)

  • Certificates value: 142,000 UAH → 147,000 UAH
  • Capital gain: 5,242 UAH

Total profit and UAH performance

  • Total earned: 1,938 UAH (subtitles) and stated return 13.64% over the period
  • Annualized return in UAH (XIRR): 12.49% p.a.

USD annualized return

  • Using NBU FX conversion of cashflows:
    • Invested: 3,462 USD
    • Final balance: 3,562 USD
    • Dividends: 341 USD
  • Actual annualized return in USD: 11.65% p.a.

Period 1 bond comparison (near-same horizon)

Chosen bond issue

  • Maturity: Sep 10, 2025 (8 days after end of the first analysis period)

Assumed purchase

  • Bonds purchasable amount: 135 bonds
  • Cost: 141,890 UAH
  • Remaining cash: ~240 UAH
  • Coupons:
    • 3 coupon payments
    • Each coupon: ~9,936 UAH
  • Redemption:
    • face value: 135,000 UAH at maturity

Modeled total outcome

  • Initial 142,130 UAH would become 16,548 UAH (subtitle math statement; the derived yield is the key output)
  • Stated annualized yields:
    • Government bond yield in UAH: 15.21% p.a.
    • Government bond yield in USD (converted cashflows): ~15.52% p.a.

Conclusion for Period 1

  • Bonds outperformed Inzhur in USD during this first stage:
    • Inzhur: 11.65% p.a. (USD)
    • Bonds: ~15.52% p.a. (USD)

Period 2 (Sep 25, 2025–Aug 26, 2026): fund merger + reinvestment

Fund event & reinvestment choice

  • Sep 25, 2025: “Inzhur” merged funds
    • previous certificates sold
    • new ones bought in the unified fund
  • Starting balance for Period 2: ~147,380 UAH
  • She enabled automatic reinvestment of dividends after the merge

Inzhur performance (with reinvestment)

Dividends

  • Dividends earned: 14,330 UAH
  • Taxes: 2,006 UAH
  • Net dividends: 12,324 UAH
  • Most net dividends were reinvested automatically into new certificates (not fully withdrawn)

Ending portfolio value

  • As of Aug 20, 2026:
    • Position value (incl. small account balance): 176,760 UAH
    • Profit: 29,380 UAH
    • Return in UAH: 19.93% over the period
    • Annualized (UAH): ~20.74% p.a.

USD performance

  • FX used (subtitles): dollar rate moved from 41 to 44 UAH/USD
  • USD annualized return:
    • Starting in USD: ~3,562 USD
    • Ending in USD: ~3,954 USD
  • Actual annualized return in USD: 11.43% p.a.

Comparison vs Period 1

  • Period 2:
    • Inzhur: 20.74% (UAH) but only 11.43% (USD)
  • Indicates UAH returns did not translate proportionally into USD returns due to FX changes

Inzhur sensitivity check (no reinvestment scenario)

  • Initial certificates at merge: 14,738
  • With reinvestment: additional buys to 15,903 certificates
  • Counterfactual value if she kept only the initial certificates:
    • Value: ~163,808 UAH
      • net dividends withdrawable: ~11,895 UAH
    • Total: ~175,704 UAH vs actual 176,760 UAH
  • Reinvestment impact: ~+1,056 UAH
    • she notes psychological/operational benefit and compounding importance long-term

Period 2 bond comparison

Bond chosen

  • Maturity: Aug 19, 2026 (very close to measurement date)

Assumed price & purchase

  • Could not find exact price on the desired date; used closest: ~105 UAH per bond
  • Bought: 145 bonds
  • Projected cashflows:
    • coupon during holding period
    • coupon + return of nominal at maturity

Modeled outcome

  • 147,000 UAH → 168,000 UAH
  • Profit: ~21,504 UAH
  • Annualized yields:
    • In UAH: 15.85% p.a.
    • In USD (converted cashflows): ~6.66% p.a.

Comparison in this period (USD)

  • Inzhur (USD): 11.43% p.a.
  • Bonds (USD): ~6.66% p.a.
  • => Insurance fund outperformed bonds in USD during Period 2

Overall conclusion (2-year results)

  • Inzhur targeted: 9.5% annual in USD (as referenced in the video title/claim)
  • Realized USD performance over two years:
    • > 11% annual interest in USD
    • i.e., exceeded the 9.5% forecast
  • She emphasizes there’s no universal winner:
    • results depend on bond interest rates, FX/currency movements, and fund performance

Explicit recommendations / cautions (risk management, diversification)

  • Does not recommend allocating all capital (or last savings) to Inzhur/insurance
  • Suggests treating insurance/fund certificates as a portfolio component, not a sole long-term instrument
  • She prefers stocks/stock market for long-term (retirement) due to:
    • longer history,
    • broader diversification,
    • exposure as “investments in currency” with less direct reliance on a single FX peg (acknowledges FX uncertainty)
  • Insurance fund viewed as relatively young for 20–30 year primary capital (higher perceived risk), though a small portion may be acceptable

Disclosures / disclaimers

  • The subtitles provided do not include a clear “not financial advice” disclaimer.

Presenter(s) / source(s) mentioned

  • Anastasia Snigorenko (channel host; personal experience)
  • NBU (National Bank of Ukraine exchange rates used for USD conversion)

Original video