Retail investors directed a record 142.9 billion rubles to the Moscow Exchange in July: a bet on bonds and defensive assets
July 2026 became a landmark month for the stock market: retail investors poured 142.9 billion rubles into securities on the Moscow Exchange. This is an impressive figure that confirms the sustained interest of retail investors in equity instruments, despite volatility and external shocks.
The key trend of the month is a shift in preferences toward the debt market. 100.9 billion rubles were directed into bonds, accounting for more than 70% of the total inflow. Stocks attracted 25.1 billion rubles — 1.9 times more than a year earlier, while retail investors put 16.8 billion rubles into mutual funds (PIFs), exceeding the July 2025 result by 9.8%. This structure indicates that investors are deliberately choosing instruments with predictable returns, prioritizing capital protection over aggressive growth.
Market Activity and Structure: Retail Strengthens Its Influence
The number of retail investors with brokerage accounts reached 42.2 million, increasing by 343.5 thousand over the month. Moreover, more than 80.8 million accounts have been opened, signaling a continued influx of new participants. Over 3.1 million people executed trades, of whom 353.5 thousand were qualified investors with access to complex instruments.
The share of individuals in stock trading volume reached 63.3%, in the derivatives market — 50.9%, and in bonds — 14.5%. These figures show that retail is becoming a dominant force in the stock market, effectively shaping price dynamics. The influence of institutional players in certain segments is declining, increasing the market's dependence on the sentiment of the mass of retail traders.
IIS and Regional Dynamics
Of particular interest is the growth in the number of individual investment accounts (IIS) — their count reached 6.4 million, with monthly turnover of 340.4 billion rubles. In the structure of IIS turnover, stocks lead (59%), followed by mutual funds (24%) and bonds (17%). This indicates that retail investors are actively using tax benefits while diversifying their portfolios through funds.
Geographically, the capitals maintain their lead: Moscow (648.1 thousand accounts), the Moscow Region (378.5 thousand), and St. Petersburg (318.5 thousand). The top 10 also includes the Krasnodar Territory (215.7 thousand), Sverdlovsk Region (211.3 thousand), Bashkortostan (192.7 thousand), Tatarstan (173.9 thousand), Rostov (170.2 thousand), Chelyabinsk (153.7 thousand), and Samara (144.3 thousand) regions. This distribution reflects the country's economic map, where regions with developed industry and entrepreneurial culture demonstrate higher financial literacy.
Against the backdrop of growing retail activity, the exchange continues to modernize its infrastructure: AI-based systems are being implemented to detect manipulation, fixings for foreign securities are being developed, and the prospects for cryptocurrency trading are being discussed. This enhances the platform's appeal to new generations of investors.
My view: The record inflow into bonds amid modest interest in stocks is not just a conservative stance but a clear signal that retail investors expect further rate cuts and seek to lock in high yields over a long horizon. However, the rise in the share of individuals in stocks to 63% creates a risk of increased volatility: the market becomes more sensitive to panic sentiment and the news flow. Investors should remember that in such conditions, diversification through mutual funds and bonds is not a luxury but a necessity.