Portfolio sets: Complete and allowed for pension savings investment, 2004–2021 (%). Note: Square dots represent single-asset portfolios, plus dots represent portfolios with the highest Sharpe ratio for each portfolio set. Source: Authors’ calculations based on data from Bloomberg, Cbonds, Moscow Stock Exchange, NPF Constructor project (https://ipei.ranepa.ru/ru/npf-ru), Bank of Russia, and Pension Fund of the Russian Federation.