Retail investors increased their investments in the stock market to 142.9 billion rubles in July.
The volume of private investments in securities on the Moscow Exchange reached 142.9 billion rubles in July 2026. This is a significant signal indicating sustained interest from retail investors in the stock market, despite volatility and external challenges. Notably, investments in equities surged 1.9 times compared to the same period last year, reaching 25.1 billion rubles.
An analysis of the flow structure reveals a clear shift in preferences toward conservative instruments. The bulk of funds—100.9 billion rubles—was directed into bonds, confirming the trend of seeking predictable returns amid uncertainty. Retail investors poured 16.8 billion rubles into mutual funds (PIFs), up 9.8% from July 2025.
Investment Structure and Investor Activity
The capital allocation is telling: retail investors are clearly prioritizing debt instruments that provide fixed coupon income, while equity securities are viewed more as an option for targeted growth. The number of private investors with brokerage accounts on the exchange reached 42.2 million people, increasing by 343.5 thousand over the month. At the same time, the total number of opened accounts exceeded 80.8 million.
Activity also remains high: more than 3.1 million people executed trades on the market, of whom over 353.5 thousand were qualified investors with access to complex financial instruments. The share of individuals in equity trading volume stood at 63.3%, in the derivatives market at 50.9%, and in the debt market at 14.5%.
Individual Accounts and Regional Leaders
The number of individual investment accounts (IIAs) reached 6.4 million by the end of the month. Their turnover in July amounted to 340.4 billion rubles, with 59% attributed to equity trades, 24% to mutual fund units, and 17% to bonds. Among regions, Moscow leads with 648.1 thousand accounts, followed by the Moscow Region (378.5 thousand) and St. Petersburg (318.5 thousand). The top ten also included Krasnodar Krai, Sverdlovsk Region, Bashkortostan, and Tatarstan.
The growing role of retail investors is reshaping market dynamics: quotes are increasingly dependent on the sentiment of the broad mass of participants rather than just institutional players. This heightens the importance of analyzing behavioral factors in my practice.
My view: The 1.9-fold increase in equity investments amid the dominance of bonds suggests that investors are beginning to gradually embrace risk, but are doing so cautiously. However, the continued high share of individuals in equity trading (63.3%) amplifies the market's vulnerability to emotional swings, requiring participants to adopt a more balanced approach to position management.