August 2026 became a landmark month for the Russian stock market. According to my data, the inflow of retail investor funds into equities on the Moscow Exchange reached 30.5 billion rubles, which is 3.6 times higher than the figures for the same period last year. This is not just a statistical anomaly, but a clear signal of a shift in sentiment among retail market participants.
The total volume of individual investments in securities on the exchange's stock market for the month amounted to an impressive 212.5 billion rubles. At the same time, retail investors continue to demonstrate a conservative approach: the bulk of funds—151.6 billion rubles—was directed into bonds, and 30.4 billion rubles into mutual funds. Nevertheless, it was equities that showed a multiple-fold increase in interest, indicating a gradual rise in risk appetite.
Demand structure and record activity
The number of retail investors with brokerage accounts at the end of the month reached 42.5 million people, increasing by 278.1 thousand in August. In total, more than 81.4 million accounts have been opened, and over 3 million people executed trades during the month, of whom 349.7 thousand were qualified investors. The share of individuals in equity trading turnover was 64.2%, in bonds—15.2%, and on the derivatives market—48.9%. Retail remains a key source of liquidity in the equity segment.
The exchange's "people's portfolio" is dominated by the usual heavyweights: Sberbank's common and preferred shares account for 31.7% and 7.2%, respectively. Next come LUKOIL shares (13.3%), Gazprom (11.6%), VTB, and T-Technologies (7.2% and 7.1%, respectively). Rounding out the top ten are Yandex, Norilsk Nickel, Novatek, and Rosneft. Notably, in exchange-traded fund portfolios, 86.7% is occupied by money market instruments (LQDT, AKMM, SBMM), reflecting the caution of unit holders.
Autumn turnaround and new favorites
The first week of September only confirmed the emerging trend. Buying activity continues to intensify, and this is no coincidence. Strong corporate reports for the second quarter of 2026, combined with the seasonal factor, form a favorable foundation for further growth. Clients of the largest brokers actively increased positions in Gazprom and Ozon shares. Interest in Gazprom is likely fueled by positive negotiations with China's CNPC over the Power of Siberia 2 project, while demand for Ozon arises without obvious corporate catalysts, indicating sustained interest in the e-commerce sector.
By sector, the technology sector leads with a weekly increase in purchases of 57.9%, followed by energy (+30.2%). The largest volume of sales was in the financial sector, which lost 12% over the week. The week's favorites included Gazprom, Ozon, Sberbank, and Magnit, whereas previously Rusal, T-Technologies, and VTB had led.
In my assessment, the beginning of autumn is indeed becoming a turning point. Expectations for future exporter earnings amid moderate ruble weakening add optimism. The combination of these factors—strong corporate results, seasonality, and the macroeconomic backdrop—creates a solid foundation for further recovery of retail interest in equities. The market appears to be entering a phase of sustained bullish sentiment, and August's figures are merely the beginning of this movement.