Types of mutual funds. Experts about mutual funds

Since their appearance in Russia in 1996, joint stock and mutual funds have confidently taken a large share of the investment market. The reason for the popularity of this investment method lies on the surface. Not everyone can afford to independently enter the stock market through a broker (knowledge, time, money), and the profitability of bank deposits in our time will satisfy only the most unassuming depositors. Mutual funds offer wide access to financial markets for everyone, as well as a reasonable compromise between risk and return. So what are mutual funds and how do they work? Let's try to figure it out.

Economic essence

What is a mutual fund in simple words? This is a variant of combining funds of individual investors "in a single pot" and trust management (DM) of them by professional managers of the management company (MC). Ideal goal: to ensure permanent growth in the value of assets.

As it follows from the definition, the fund is filled with the money of individual investors, each of whom becomes a shareholder - the owner of a certain number of shares.

An investment share is a registered paper indicating the depositor's ownership of a share in the property, and gives the depositor guaranteed rights:

• the right to competently manage their savings;
• for any mutual funds: the right to return their share in cash upon closing the fund (termination of the trust agreement with all depositors);
• for open-ended mutual funds: the right to redeem their securities at any time;
• for closed-end mutual funds (only if it is expressly stated in the rules): the right to redeem their securities at a certain moment, the right to receive regular income from the fund (analogue of dividends), the right to participate in the meeting of shareholders.

In practice, the units of a closed-end mutual fund are converted into cash only at close. In order to ensure the liquidity of the shares, the management company in some situations ensures the exchange circulation of securities.

Important. Unlike a stock (key share security), an investment share: does not have the status of an equity paper; is issued only in non-documentary version; has no face value; does not allow the issuance of its derivatives.

The number of securities of open and interval mutual funds can be as large as you want; closed mutual fund - limited by the rules of the trust agreement.

How is the value of an investment unit calculated? As a quotient of the fund's net assets divided by the number of units issued. Net assets are all property at the time of settlement minus debt obligations of the management company to infrastructure participants.

Obviously, the price of one share is a dynamic value that changes daily (it grows when the portfolio price rises and decreases when it gets cheaper).

Useful video of what a mutual fund is.

A bit of history

The history of mutual funds began in the United States in 1924. The development peaked in the early 1950s, when ordinary people raised their level of financial literacy, sorted out the situation and responded with vividness to the proposals of managers.

Unit investment funds in Russia officially appeared in 1996, but began to function actively only in 2002, since the law "On Investment Funds" was adopted in 2001.

Mechanism of work

How do mutual funds work? The day-to-day activities of each fund involve:

• shareholders - accumulate money;
• management company - carries out general management and determines the strategic directions of investment. He employs professional managers, analysts and traders (the "core" of the fund and the headache of many troubled management companies).

Independent infrastructure organizations:

• depository - saves property, monitors the actions of the Criminal Code and checks the legality;
• registrar - fixes property rights, keeps records of depositors and shares;
• auditor - performs checks;
• financial intermediary (broker) - provides operational support and technical support for transactions.

Organizational procedure:

• The depositor submits an irrevocable application to the Criminal Code or the agent for the purchase.
• Upon approval, the following is drawn up: an agreement, an application for a personal account, a questionnaire.
• The UK transfers the package to the registrar.
• The registrar enters the depositor into the register of shareholders, assigns shares to him and provides an extract.
• The management company buys assets on the exchange through a broker.
• Securities are recorded in the mutual fund account and transferred to the depository for safekeeping.

The advantages of such a business scheme are obvious- information transparency and mutual control. The management company, the registrar and the depository control each other, and the activities of all participants are checked by the auditor.

An interesting feature: the depositor can have a fractional number of shares. This allows you to significantly reduce the entry threshold, since the price of even one share can be quite large.

In some cases, a phased partial deposit of money is possible when purchasing units using a capital call scheme. The scheme assumes infusions only when such a need arises at the request of the Criminal Code. A tangible plus: funds are not frozen. The scheme is typical for venture capital investments.

The price of the issue

Investments in mutual funds are associated with a number of indirect financial costs of the investor. Let's take a closer look at them.

Allowance- the commission that is taken from you when buying a share. It can reach 1.5% and, as a rule, depends on the amount of the transaction (the larger the investment, the lower the commission).

Discount- commission, which, by analogy, is taken from you upon repayment. Its value already reaches 3% and may depend not on the amount of the transaction, but on the period of holding the shares.

Management costs- are annually imposed on the entire amount of the fund and deducted from the amount of its net assets. Up to 5% of net assets. Includes: reward management company, payment for the services of infrastructure participants. The most unpleasant part of the costs, since they are charged even if the fund does not earn, but suffers losses.

Taxes. When you redeem a share or sell it again, you will pay 13% of the difference between the sale and purchase prices, taking into account the associated costs. However, there are a number of opportunities to minimize taxes, in particular: exchange of shares within one authorized capital (without tax implications), tax deduction, offset of losses of previous years. Read more about taxes. in this article.

Kinds

The classification of mutual funds is quite extensive.

Possibility of issue and redemption

Open-ended (OPIF): delivery and repayment is possible on any working day.

Open-end investment funds are the most common. They have the right to invest only in highly liquid assets. They offer their shareholders relative reliability, but reduced profitability (including due to the fact that investors can demand to return their savings at any time, and the management company is limited in planning tools).

Interval (IPIF): issue and repayment is possible within a limited period established by the rules, but at least once a year.

Having invested money in IPIF, they will be unavailable for you for some time. This is done in favor of the fund's medium-term investments: so that the management company can safely invest money for a long time in instruments with good growth prospects.

Closed (ZPIF): issuance is possible only when the fund is created, and repayment is possible when it is closed.

ZPIF are created and operate for a specific purpose. They have access to a wide range of investment assets (prohibited for open-ended mutual funds). They have a high entry threshold (sometimes from 1 million rubles). Shareholders often become major players known in advance.

Closed-end and interval funds are more profitable with increased risks for the shareholder. In some cases, papers are in circulation. secondary market but their liquidity remains questionable.

By investor status

Investors' mutual funds of any status: funds can be made available to everyone.

ZPIFs of qualified investors: participation is possible only for a select few.

Recall that an investor who meets one of the following requirements is considered a qualified investor in Russia:

• owns cash, cash equivalents, securities and derivatives in the amount of RUB 6 million or more;
• has three years of experience in an organization that made transactions in the market valuable papers;
• over the past year, made deals for 6 million rubles, making at least 10 deals on a quarterly basis;
• has a higher education in the field of activities in the securities market.

By investment objects

There are a great variety of financial instruments, which means that the types of mutual funds are striking in their diversity:

• securities (stocks, bonds and mixed investment mutual funds);
• index;
• money market;
• commodity market (IPIF and ZPIF);
• hedge funds (IPIF and ZPIF) - read more in this article;
• ZPIFs, credit and rental;
• ZPIFs of real estate and mortgage;
• ZPIFs of direct investments;
• ZPIFs of artistic values;
• ZPIFs are venture - read more in this article;
• and even foundations of funds.

There are also sectoral types of mutual investment funds aimed at working with the assets of enterprises in a particular industry or sector of the economy.

Each of the mutual funds has its own specifics and the ratio of profitability and risks. Choose wisely.

The most popular types of mutual funds are: stock mutual funds due to their good potential profitability and mixed mutual funds due to their good flexibility and maneuverability in the choice of assets and investment strategies. Index mutual funds are also of some interest for an unqualified investor. They invest in assets in the proportion used to calculate stock indices (for example, the MICEX index). Features: low transaction and analytics costs, since the structure of the index, and therefore the composition of the portfolio, rarely changes.

Useful video, lecture course "Stock Market" from high school Economy: Types of mutual funds.

Asset structure

The activity of mutual funds is under the vigilant control of the state. Federal Law 156 "On Investment Funds" provides:

• state licensing of management companies and all participants;
• certification of personnel of management companies and infrastructure organizations in the Federal Commission for the Securities Market of the Russian Federation;
• obligatory audit;
• a system of restrictions aimed at optimizing risks, and constant monitoring of the composition and structure of the portfolio (requirements for which differ depending on the type of fund).

So, an open-ended mutual fund is obliged to invest all funds only in assets with a high degree of liquidity:

• government and municipal securities (the share of government bonds of one issue - no more than 35%);
• recognized securities of Russian issuers (share of one issuer - no more than 25%);
• recognized securities of foreign issuers (the share of all issuers - no more than 20%);
• papers of foreign countries;
• bank accounts (the share of one bank is no more than 20%).

Interval mutual fund and closed-end mutual fund can additionally invest in low-liquid stocks and real estate (certificates and rights to it). The requirements for the portfolio structure are somewhat different:

• assets of one issuer - 30%;
• recognized assets and money in banks - 35%;
• unrecognized securities and real estate - 65%.

On the one hand, such attention of the state guarantees protection from fraudulent schemes, reliability and transparency. Thus, a mutual fund cannot go bankrupt (since it does not have the status of a legal entity), it has no right to risk depositors' money in pursuit of super-profitability, and finally, the fund's money is not even the property of the management company.

And, on the other hand:

• government restrictions on choice investment instruments deprive shareholders of additional income;
• and liabilities on the structure of mutual investment assets can play a cruel joke and put the mutual fund on the brink of ruin.

In short, the management company does not have the right to quickly sell all investment securities.- a certain share of them should always remain in the portfolio. In the event of a sharp collapse of the stock market, managers will only have to look at the rapidly falling securities, and shareholders - to suffer losses.

The individual investor is more flexible in this respect.

Important. The main documents that every investor should familiarize with when planning investments in a mutual fund are: trust management rules (PDU) and an investment declaration.

The PDU of a mutual fund determines all the basic conditions for conducting activities: the type and specialization of the fund, the term of "life", the management company, infrastructure enterprises, financial conditions etc.

Investment declaration- is an integral element of the remote control and declares: a list of permitted investment instruments; risk profile; liabilities by asset structure. In case of non-observance of the remote control, the license of the management company will be revoked.

How to create a mutual fund? To register a mutual fund at the legislative level, it is necessary to go through a number of stages:

1. Choosing an existing one or registering your own management company (including obtaining a license to manage funds).
2. Development and registration of the PDU for mutual funds in the Central Bank of the Russian Federation (25 days).
3. Approval of regulations.
4. Opening of MC accounts: transit (depot) for creating a mutual fund, personal, settlement, depot account for securities (all this is done before accepting applications).
5. Acceptance of applications.
6. Opening of personal accounts for shareholders (before the issuance of shares).
7. Issuance of shares (on the day the property is recorded on the fund's balance sheet).
8. Approval of the report on the creation of a mutual fund, transferring it to the Central Bank and registering changes in the control unit of the mutual fund.
9. Information disclosure.

Instead of a conclusion

We will talk about the criteria for choosing mutual funds, their reliability and profitability in the next article. In the meantime, let's try to put together everything we know about their strengths and weaknesses.

Advantages:

1. Mass availability for a large number of individual depositors. Entry threshold - from 1 thousand rubles.
2. A wide range of types of mutual funds and their specialization by investment objects.
3. Multilevel system of state control and investment protection (has a positive effect on reliability).
4. Professional management.
5. Minimization of risks due to the impressive size of the portfolio and the possibility of diversifying investments (completely depends on the size of the fund and its specifics).
6. Good liquidity of shares due to their free circulation (for open-ended mutual funds).
7. Investment tax deductions and the possibility of offsetting losses from previous years.
8. Benefits for commission exchange services (due to the volume of services compared to individual investors).
9. Information transparency.

Flaws:

1. Elevated market risks compared to safe investment methods: bonds, deposits. In a systemic crisis, mutual funds go into the red (example: the 2008 crisis).
2. Additional expenses for the investor: fixed costs for management (even if the fund bears losses), commissions for purchase and redemption.
3. State restrictions on the choice of investment assets (depend on the specifics of the fund, but the individual investor does not have such restrictions at all).
4. Increased risks of a sharp decline in value in the event of a market collapse (due to government restrictions on the structure).
5. The activities of mutual funds are not covered by the deposit insurance program. There is a legal possibility of liquidation or reorganization of the fund at the initiative of the Criminal Code. If the termination of the mutual fund occurs at the time of the crisis, the value of net assets will significantly decrease, and the shareholders will go out of business with large losses.

In conclusion, we present to you the TOP 10 management companies by the size of the net assets of unit investment funds.

* according to pif.investfunds.ru as of October 2017.

Safe investment!

Useful video, lecture on mutual funds from the Higher School of Economics.

What are the mutual funds, what is the difference between open, closed and interval mutual funds.

Click to enlarge

Different types of investors involve the formation of funds that differ in the fund management strategy and the composition of the securities that are included in it. This approach allows everyone potential client find exactly the Fund, the level of profitability and the degree of risk in which will be optimal and acceptable for the consumer.

There is a standard classification of mutual funds, which are divided into:

• Open
• Closed
• Interval
Each of them has its own individual characteristics.

Open-end mutual funds

The main difference between open-ended mutual funds is free circulation of his shares... They can be purchased or sold any day. The minimum steps required for this include a visit to the management company or contacting agents and filing an appropriate application. At the same time, operations for the purchase or sale of shares require a certain amount of time. The term for consideration of an application and a decision on it is usually no more than 10 banking days.

Such mutual funds can be of the greatest commercial interest for mobile people who have great potential for activity and are constantly looking for various new ways of promising investment of their capital. Convenient to consolidate financial investments in these mutual funds, when situations may arise that require urgent withdrawal of funds and cashing of shares.

Closed-end mutual funds

The main purpose of closed-end funds is usually accumulation of capital for the implementation and promotion of any project. An example is the construction of facilities and development. It is necessary to invest in a closed-end unit investment fund at the stage of formation, and it will be possible to collect them only after the completion of all project activities. As a rule, these terms are set in advance and amount to at least several years.

The opportunities of managers in connection with investment activity in a closed-end mutual fund are unusually wide and, in comparison with similar activities in other types of funds, are incomparably free. However, this does not create the prerequisites to confidently guarantee the fund participants either a certain level of income, or even its availability in the future.

The share of closed-end funds in the total mass is insignificant, since the entrance fee at the stage of formation usually amounts to an impressive amount, which not everyone can afford.

Interval mutual funds

Interval mutual funds differ from others in that they allow make various transactions with shares at certain intervals that are installed initially. Typically, the schedule for such intervals, which are usually two weeks in length, assumes the possibility of buying and selling shares four times per year.

Interval mutual funds differ high level financial risk and high potential income. This is due to the fact that the managers of such funds are able to invest the funds of the fund, not exceeding 50% of its total capital, in low-liquid securities. Such securities are characterized by significant potential financial growth along with high risk. The condition of the impossibility for fund participants to carry out transactions with shares every day gives managers ample opportunities for long-term investment of funds, which can bring good dividends. In addition, it contributes to the achievement of stability in the operation of the fund, since it does not allow participants to withdraw funds during fluctuations in the financial market.

For managers of interval mutual funds, the prospect of investing in securities of all available funds opens up, since there is no need to have a reserve capital every day to cash out the shares of participants at their request.

20Apr

Hello! In this article we will tell you everything about the features of mutual investment funds.

Today you will learn:

1. What are the profitability of mutual funds;
2. How to open a mutual fund;
3. What is the best way to invest in mutual funds.

What are the investment funds

Most of us are used to deposits at a low interest rate. Some even keep their own funds at home. Not so long ago, new ones appeared. They compete with banks and are gaining momentum. Name them -.

These organizations exist for the purposes of the collective means of physical and even. They allow you to get a decent income for those who do not have knowledge in the field.

You can open a fund in the following areas:

• Share (unites equity holders);
• Mutual (the same as a share, only outside the Russian Federation);
• Hedging (available to a limited circle of wealthy individuals).

The whole raison d'être of funds is to make a profit on the joint capital. Each member brings money, which is combined with the funds of the rest of the members. Further, the entire amount is invested, for example, in shares. As a result of the transactions made, a certain income appears, which is further distributed among the equity holders.

These funds are run by experienced traders or other professionals who know how to properly manage depositors' money. Since the amount at stake is large (taking into account all shareholders), then the income can turn out to be decent.

More about mutual funds

As you already understood, mutual fund is an abbreviation of the word "Mutual funds"... This concept means a certain organization, or rather, Property Complex, which, under the leadership of a management company, earns a profit for its members.

The money that new investors bring is intended for the purchase of shares. Share means the share of assets of the entire fund.

Example: one share costs 5,000 rubles. You can purchase 10 shares and transfer 50,000 rubles to the fund's account.

When carrying out some manipulations, the value of the share increases during the agreed period. The owner of his share can get it back (redeem) with a premium. This is the process of the fund's work.

Mutual funds have been developed for more convenience. One person, moreover, who does not have a large amount or wide knowledge, will be able to earn little or lose everything.

At the same time, the funds employ several highly qualified specialists who competently manage money and earn interest.

Who can become a shareholder

From what knowledge in the field of investment the shareholders have, the funds can be divided into:

• Association of qualified professionals;
• Ordinary investors.

If you have read a lot of literature about investment methods, have a wealth of experience in investing your own money in various projects, stock or, then feel free to join a fund for professionals. Here, an important factor is the profitability of your transactions. A large percentage of winnings will only play into the hands.

For those who are used to keeping money on a regular deposit and do not understand deeply about financial matters, contacting an ordinary mutual fund is the most suitable option.

This is more than 90% of Russians who are not particularly interested in profitable investment methods, but who want to increase their own capital in a new way for them. And due to the fact that interest on bank deposits is completely unprofitable, many have become interested in mutual funds.

Types of mutual funds

There are three main types of mutual funds, different in terms of availability for depositors:

• Open (available to everyone);
• Interval (have restrictions on the sale and purchase of shares);
• Closed (for the "elite").

Open view- these are funds that anyone can join if there is a minimum contribution. The amount of the contribution to them is minimal and can amount to several hundred rubles.

An important feature is that you can buy or sell a share on a convenient weekday. If you wanted to become a participant on Wednesday, no one will forbid you. If you wish to sell your share on Friday, no one restricts you either.

Interval variety arranged a little more complicated. Share payments or new shareholders are accepted only a few times a year. This happens 2-4 times, but not less than 1. The sale and purchase period lasts for half a month, in which everyone can withdraw from the fund or purchase a new share.

Closed-end funds include the most complex structure, they are not available to everyone. Here, the restrictions relate, to a large extent, to the amount of the share. It can amount to both hundreds of thousands and millions.

Funds invest in large projects and the construction of residential complexes. Since the investment objects themselves are quite solid and are not cheap, the requirements for depositors are high.

What mutual funds invest money in

There are many ways to make money that are used by investment funds.

The most common mutual funds:

• foreign exchange market;
• bonds;
• shares;
• mixed;
• real estate;
• index;
• direct investments;
• goods;
• venture capital;
• rental;
• hedging;
• loans;
• artistic values;
• funds.

The names speak for themselves. Investment instruments can be securities, currency, real estate, projects, etc. All that can bring income, fund holders try to use for profit.

Index funds invest the funds of shareholders in stock market indices. They are RTS, MICEX and others. Venture mutual funds invest in very risky projects that threaten the loss of shareholders' funds. However, if, nevertheless, the investment brings income, then it can bring several hundred percent of the profit.

There is also. These are organizations that are just entering the market and need development, an inflow of additional funds. The shareholders' money is spent on the promotion of such companies, which can bring good profits in the future.

Correspondence of forms and types of funds

We examined mutual funds in terms of accessibility for clients and methods of investment. Now let's connect this data.

Open-ended and interval funds include:

• Equity funds;
• bond funds;
• Mixed.

According to regulatory framework, the methods of investing the above two funds are made only in highly liquid assets. Wherein most constitute government bonds that have practically no risk.

For example, all funds of shareholders can be divided into two parts: 70% is invested in government securities, and 30% - in the shares of "blue chips" (the largest and most profitable companies in the country).

Closed-end mutual funds can invest in:

• Shares of CJSC;
• Real estate, including land;
• Housing certificates.

The legislation does not restrict the shareholders of closed-end funds to invest in investment instruments of the other two funds. It is clear that the percentage of profits of closed-end funds is much higher, but considerable funds are required from shareholders.

An open fund is not entitled to invest in risky projects in order to minimize the losses of participants.

Who are the funds subject to?

At the head of each mutual fund is a management company (MC), which is responsible for placing depositors' money and making a profit. The fund itself is not considered a legal entity, this role is assigned to the Criminal Code.

The management of funds, including the management firms themselves, is under the authority of the Federal Commission for the Securities Market. Legislative acts help her in coordinating the actions of mutual funds. Each UK, before starting its main activity, must obtain a license. For these purposes, a long and difficult certification is undergone.

The management company can only place the funds of the shareholders to earn money. Other purposes of spending money are not allowed. To control this process, other legal entities were created - depositories. They are assigned the role of keeping money in customer accounts. It is they who monitor the legality of the actions of the Criminal Code and, in case of offenses, turn to the Federal Securities Commission.

The structure of the fund also implies the presence of registrars. They are also legal entities. The purpose of their existence is to register clients' transactions. The responsibilities include making changes to the registers of shares.

Why mutual fund

But let's take a look at the advantages of funds:

• The percentage is higher than on the deposit of a credit institution;
• The activities of foundations are strictly regulated by the authorities;
• Even if a mutual fund, the shareholders' funds will be transferred under the management of another management company;
• You don't have to worry that the money will be spent by the owners of the funds for personal purposes, since every year their accounts are audited;
• The presence of an independent depository, in whose account the shareholders' money is, allows you to be sure that the money will not be wasted just like that;
• Accessibility for depositors (even if you have 1000 in your pocket, you can become a member);
• You do not need to have professional skills - all investment actions will be performed for you by specialists).

A lot of advantages make mutual funds more and more popular. Thanks to the support of the state, you can defend your rights at any time. Funds are also suitable for those who want to invest in the money market, but are afraid to do so due to lack of the necessary knowledge. Unit investment funds are an excellent alternative to such investment.

About cons

Of course, investing in mutual funds is a process that has some drawbacks:

• There is no guarantee of income (you can even go to the minus);
• Additional costs for payment for the services of the management company;
• Long-term withdrawal of own funds (about 7 days);
• Payment of taxes on profits;
• The modern underdevelopment of mutual funds in Russia makes them highly susceptible to the influence of the economy, which can negatively affect depositors.

For the most part, the disadvantages of mutual funds are due to the fact that funds have recently gained popularity in our country. Few people are interested in them in the general population.

The distrust of the people does not allow this area of ​​the country's economic sector to develop in full and in quick steps. However, the last few years give hope for an increase in the number of funds and investment instruments.

The withdrawal of funds is associated with the actions of the depositary and the registrar. Without their participation, the management company will not return your investment share.

Initially, the purchase of a share also takes several days, or even weeks. This process is accelerated only by electronic resources that allow you to quickly buy a share on the company's website. True, few people trust this type of transaction, and therefore a personal visit to the office of the management company is the most common option.

How much can you earn on investments in mutual funds

The country's regulations prohibit mutual funds from predicting any profitability, as well as advertising it. This is due to the fact that making a profit as a result of participation in the fund does not always happen.

It so happens that investors invest their savings in a reliable fund, which has been successfully operating for several years and brings decent income to equity holders. However, the Criminal Code may this time illiterately dispose of the money. It is possible that the economic environment will also contribute to this.

In this case, you can not only lose your personal money, but also go into the red. The latter occurs in practice due to the fact that the services of the management company are paid for regardless of the results of transactions.

The above situation is extremely rare. Most often, shareholders receive their profits and safely acquire new shares. Of course, it is impossible to say the exact income, but it definitely exceeds the interest on classic deposits.

It is not recommended to judge a future deal based on the investment results of the previous period. If last year the mutual fund of Sberbank brought 75% of the profit, then this year it can earn only 10%. This value is not regulated at the legislative level and depends on the situation, investment methods and terms.

We compare mutual funds and other ways of earning

We have already found out that mutual funds are more profitable than a bank deposit. If we consider direct investment with the help of funds, then the first option is more advantageous. But you need to understand that investing without intermediaries requires a lot of capital and a thorough knowledge of the intricacies of a particular instrument. Funds will bring lower returns due to the placement of a lower amount and commissions of the management company.

You can directly (,), foreign exchange market, new projects, etc. Such an investment will bring income, but it also requires significant costs.

The main advantage of funds is their accessibility to the population. You can make a minimum payment and make a profit.

Mutual funds also invest in real estate (real estate fund) and in other assets. Only in in this case you can become a member of a large project with minimal costs.

In addition, if for some reason you do not like one fund, you can transfer funds without loss to another under the management of the same company. Thus, you can change the investment instrument and some of the terms of the transaction.

The most profitable type of mutual fund

The issue of obtaining profitability also depends on the investment instruments. The most reliable are the bonds issued by the Government of the country. True, the profitability on them is slightly higher than bank deposits. But if you are just starting to take an interest in funds, then you can start with government securities.

An investment in securities of joint stock companies is considered a risky measure. This is done by the joint-stock investment fund.

The most stable income comes from companies that have existed for several decades. Their stocks are the least prone to price spikes. You can also invest in shares of new firms. Their securities can fall or rise in price unpredictably.

A mixed portfolio of stocks and bonds allows you to simultaneously preserve part of the capital and attract additional profits. At the same time, the state clearly delineates the percentage in such an investment portfolio. Government bonds of one issue cannot exceed 35% in it, and securities of joint-stock companies and foreign companies occupy 20% each.

The most risky investment is considered to be investing in low-liquid assets (real estate, land, startups, etc.). It is possible to withdraw money from funds investing in such assets only after a few years, usually 5 - 15.

This is done so that depositors do not withdraw their funds, which would lead to the bankruptcy of the fund. However, such a risky endeavor can generate huge revenues.

Diversifying the portfolio

The aggregate of all instruments selected as an investment represents an investment portfolio. Its diversification is a set of as many investment objects as possible.

For example, to build up capital, you can invest in shares of joint-stock companies, government bonds, rent out an apartment, put money in a bank at interest. That is, you distribute all your funds among several sources of income.

Diversification is quite beneficial in terms of saving money and generating income from risky activities. If you have invested in a dubious deal, then your capital can be saved with the remaining investment.

With regard to funds, the law does not prohibit shareholders from holding shares in several mutual funds. You can buy at least one share of every existing fund. If the management company allocates funds to several mutual funds, you have the right to distribute your money in each of these funds.

What are the costs

Investments require not only the initial investment, but also the costs of intermediaries.

Funding costs include:

• Surcharge when opening an account;
• Share redemption commission;
• Commission from the total income in favor of the management company;
• Bank account management;
• Payment.

When opening an account, it is better to choose a bank that belongs to this mutual fund. In this case, you will not have to pay for the account maintenance.

When you purchase a share, a commission of up to 1.5% will be deducted from your amount. It will reduce the number of shares issued to you. Moreover, their number can be indicated as a fractional value of the total capital of the fund.

After redemption of your share, you will also have to say goodbye to a certain amount not exceeding three percent of your share. The total income received by the management company is subject to a commission (usually up to 10%) to cover the company's expenses.

The payment of tax on the income received is expressed at 13% for residents and 30% for persons who are citizens of other countries.

This tax does not need to be paid if:

• You have held your share in a mutual fund for 3 or more years;
• If the amount of the profit share is less than 125,000 for the year.

Please note that tax is paid only when you exit the fund. The amount of personal income tax is paid by the Criminal Code for you, so you will not have to apply to the tax office additionally. When you exit the mutual fund, you will receive the amount from which the tax has already been deducted.

Where to find the current value of your share

To view all the information about the money invested, you need to refer to the mutual fund website. Here is information regarding the cost of the share. If you bought a share in an open fund, the data is updated online every day. If you purchased a share in an interval mutual fund, then the information can be updated only once a quarter.

The share price is calculated using the formula: net asset value / number of shares. For example, the assets of the fund are 5,000,000 rubles. Total shares - 8000. The cost of one share: 5,000,000/8000 = 625 rubles. If you have 10 such shares, then your amount is: 625 * 10 = 6250 rubles. The initial purchase of the stake at RUB 500 reflects an increase in the share by RUB 125. Total gain shareholder is 6250 - 500 * 10 = 1250 rubles or 25%.

Information on shares is available to every investor. You can also find out by contacting the UK office.

Shareholders' rights

For the duration of the terms of the agreement between the Criminal Code and the depositor, the latter is endowed with the rights:

• Require an effective asset management process;
• Control over the course of actions of the management company (you can view the reporting of the company, as well as find out how it disposes of the amounts);
• Return of the value of a share in case of violation of the Criminal Code of the terms of the agreement;
• Sale of a share or providing it as a pledge (a share is a registered non-documentary security displayed in the electronic register).

In case of any unauthorized actions of the management company, the depositor has the right to go to court. On the side of the shareholder, there is also a depository, which, under no pretext, will violate the clauses of the agreement between the Criminal Code and the depositor.

Before entering into an agreement with the management company, you can ask economic activities companies. Nobody bothers to study the accounting documentation, find out the profitability of previous transactions, and also read the rules of the fund. If the MC has made several unsuccessful investment attempts, you will also be aware of this.

The management company does not have the ability to deceive its own clients. This will lead not only to litigation, but also to the loss of reputation, which will not be so easy to restore.

How to become a mutual fund depositor

The process of buying a share takes little time and is not much different from opening a standard deposit in a credit institution.

It is necessary to go through the stages:

• Choose an investment instrument;
• Find a fund that provides such a service;
• Write an application for admission as a shareholder and receive details for payment of a share;
• Open a bank account;
• Transfer funds for the management company;
• Expect the results of the deal.

The application, which is written during the initial application, gives the right to a multiple purchase of shares. That is, today you deposited the amount for 10 shares, and in a month you can buy another 8 shares. Also, if you decide to redeem your share, then further purchase of shares will be available to you.

You can contact the fund directly at the company's office or through the website. In this case, informing about the registration of a shareholder's share occurs within 7 days, if you personally contact the office. In other cases, the company sends a written notice, which may come in two weeks, depending on the speed of delivery of the items.

From the moment you buy a share in a mutual fund, you are a full-fledged shareholder. Further settlements with the company for the purchase or sale of shares will take place through your bank account.

Development of mutual investment funds in the Russian Federation

Unit investment funds in Russia have not yet earned the popularity that they have in the West. This is also due to financial literacy of our population, which remains at a low level, and with a fear of something new. Financial pyramids at one time caused a lot of noise and discouraged the population from investing in profitable projects.

The number of mutual funds in Russia is only growing, and the number of depositors is still increasing. But this process is extremely slow. Foundations appeared in the country not so long ago, and the legislation is still faulty in this area. Gaps in the regulatory framework make themselves felt quite often.

The profitability of mutual funds in Russia in exceptional cases exceeds 20%. However, management companies by all means lure clients and predict high incomes. As a result, the population has the impression that funds are a win-win option that will bring mountains of gold to everyone. High expectations of depositors and disappointment in the form of not such high interest rates do not always motivate clients to buy their shares again.

However legal regulations are becoming more and more perfect, adapting to the conditions of our country. Those depositors who have already received high income on shares, unambiguously, they carry money to mutual funds.

The most profitable mutual funds 2017

Although the performance of the previous periods is not a 100% guarantee of future income, let's turn to the leaders of the fund market in 2016. So you can find out what the funds in Russia are capable of and roughly navigate future investments.

The companies shown in the table brought the greatest profit to investors.

The data from the table indicate that the energy sector brings a decent income for its investors, and investing in indices allows, with a good coincidence, to receive over 100% of the initially invested amount.

Buying a share in one of the above companies does not guarantee you a high profitability. With a competent approach of the management company, you can earn 150%, and any incorrectly calculated decision will lead to the loss of depositors' funds.

How best to act for a beginner

If you decide to deposit funds in a mutual fund, carefully study the entire fund market and analyze the latest transactions of the management company. It is easy to do this using the bulletins on the news channels. Also read the reviews of contributors.

After choosing the management company, do not rush to buy a share. Visit the company office. If its representatives promise high income and too low commissions for their own mediation, you should not linger here. Such a company is only interested in the influx of new customers, and not in receiving the last income.

Stick to the following rules:

• Choose which instrument you want to invest in (correlate the risks and possible losses);
• If possible, deposit funds in several projects or in different securities;
• If, after paying for the share, you see how rapidly it is losing value, do not wait until you are completely without money;
• Before buying a share, look at its cost. Watch for price fluctuations over several days. As soon as it becomes minimal, make a purchase. This way you can earn more.

The main thing is not to think about high profitability. Determine for yourself how much income would be sufficient for you. Based on this, make your first purchase of shares. As you gain experience, you can move on to more risky instruments.

The main objects for investment are securities and real estate. Investment funds of shareholders in securities of mutual funds have been engaged since the moment of their creation, that is, since the end of 1996. And the opportunity to invest in real estate appeared not so long ago - the first real estate mutual fund was created in early 2003. The main types of securities are stocks and bonds. Accordingly, those funds that invest most of their funds in stocks are called equity funds, and those that invest primarily in bonds are called bond funds. It is important that the direction of investment should be reflected in the full name of the mutual investment fund, for example, the Open Mutual Investment Fund "Equity Fund" under the management of CJSC "PIOGLOBAL Asset Management" INVEST ", etc .; Bond funds: Open-end mutual investment fund of bonds Troika Dialog - Ilya Muromets managed by CJSC Asset Management Company Troika Dialogue, Open-ended mutual investment fund of bonds LUKOIL Conservative Fund managed by CJSC Asset Management Company URALSIB, etc. etc.

It should be emphasized that we are not talking about the obligatory 100% investment in stocks or bonds, but about the priority one. The state has established the following norms: equity funds must invest in shares at least 50% of assets, while no more than 40% of assets can be invested in bonds. For bond funds, the opposite is true - at least 50% of all funds must be invested in bonds and no more than 40% in shares.

This is important to keep in mind when choosing a mutual fund. Soft rules, which do not require greater compliance with the declared direction of investment, are explained by the fact that before the adoption of the decree establishing such requirements, managers had the right to set the widest limits for funds - from 0 to 100%. At the same time, the managers feared that the excessively strict requirements for the structure of investments in difficult moments of the fall in the stock market, which still happen from time to time on the Russian securities market, would not allow them to quickly change the composition of assets and thus protect the interests of shareholders.

There are also funds for which there are no such requirements and in their portfolios the ratio of stocks to bonds may be different. They are called mixed investment funds. For such funds, managers can decide for themselves how much of the assets should be invested in stocks and how much in bonds. Moreover, this ratio may change depending on the market situation. Mixed funds can implement the most flexible investment strategy, of course, there are more open-ended and interval mixed funds created than stock funds and bond funds, not to mention other types of mutual funds. Stocks and bonds have different rates of return and risk. Stock prices change much more than bond prices. Potentially, buying shares can bring much more income than buying bonds, but it also carries a greater risk.

To the full extent, these important regularities apply to mutual funds investing in these instruments: stock funds are more profitable and more risky, while bond funds are less risky, but also less profitable compared to stock funds. It is easy to guess that mixed investment funds are intermediate between stock funds and bond funds.

It should be borne in mind that the groups of stock funds, mixed investment funds and bond funds are not homogeneous. Within them, subgroups can be distinguished for which the ratio of income and risk also differs.

Equity funds. Not so long ago, almost all Russian funds investing shareholders' funds in shares could be safely called blue-chip funds, that is, funds that invest in the most traded shares of such companies as Lukoil, Gazprom, RAO UES on the Russian market. Some foundations remain so to this day. These two funds are called: Open-end mutual investment fund of shares "BCS - Blue Chips Fund" under the management of CJSC "Management company" Brokercreditservice " ...

However, managers are increasingly interested in less liquid stocks (so-called second-tier stocks), since their upside potential is higher than that of blue chips. Second-tier stocks are increasingly included in the portfolios of mutual funds and even second-tier stock funds are beginning to appear, entirely focused on such stocks, for example, the KIT Interval Mutual Investment Fund - Second Tier Equity Fund managed by KIT Finance, Troika Dialog - Potential investment fund managed by Troika Dialog Management Company.

A fund manager may conclude that an industry has more upside potential than others and create a fund that will invest in any of the following:

• shares of telecommunication companies (for example, the Open-end mutual investment fund of shares "AVK Fund for Communications and Telecommunications" under the management of CJSC "Managing Company AVK" Palace Square ");
• shares of companies in the fuel and energy complex (for example, the Open Mutual Investment Fund of shares "AVK Fund of the Fuel and Energy Complex" under the management of CJSC "Managing Company AVK" Palace Square "";
• shares of electric power companies (for example, Interfin Mutual Investment Fund of shares "Energy CAPITAL" under the management of CJSC "Management Company" Interfin CAPITAL "");
• shares of companies in the financial sector (for example, the KIT - Russian Financial Sector Interval Mutual Investment Fund, managed by KIT Finance.

Sectoral funds, figuratively speaking, put all their eggs in one sectoral basket, instead of sorting them out in different ways. If the situation is favorable for this industry, the growth in the value of a unit of an industry fund will be higher than the average for the entire stock market. However, industry funds are also subject to great risks, so the shareholders of such funds should clearly understand this.

A less risky niche among equity funds is intended to be occupied by the so-called preferred equity funds. Here, the idea of ​​the managers is that by investing in stocks with relatively large dividend payments, you can reduce the risks of a fall in their value. Examples of such funds are the AVK - Preferred Shares Fund, managed by AVK Managing Company Palace Square, and Ermak - Preferred Shares Fund, managed by Ermak, CJSC. True, the managers of these funds have not yet managed to form their portfolios entirely from preferred shares, they have to include ordinary shares in them. For example, in the fund "AVK - Preferred Shares Fund" at the end of February 2006 preference shares accounted for 57.36%, and ordinary - 30.25% (13% were cash). But this is actually a significant progress, since, for example, in December 2004, only one third of the portfolio were preferred shares, and two thirds were commons.

Bond funds. Specialization is also possible among bond funds. For example, there are funds that only invest in government bonds. An example of such a fund is the Pallada - State Securities Fund, an open-ended mutual bond fund managed by Pallada Asset Management CJSC. There are also those that, on the contrary, specialize in corporate bonds, for example, the open-ended mutual investment fund of bonds "AVK - Corporate Bond Fund" under the management of CJSC "Management Company AVK" Palace Square " »There are also bonds of Moscow, and bonds of some other regions of Russia).

Extreme in terms of possible risk among bond funds are those that invest in so-called junk or junk bonds, that is, bonds of enterprises with poor financial situation who may refuse to fulfill their obligations. Among the Russian bond funds, there are those specializing in this area, these are the Open-end mutual investment fund of bonds “High-risk“ junk ”bonds” under the management of LLC “Management company“ VIKA ”" Troika Dialog Asset Management Company, KIT Interval Bond Fund - Second Tier Bond Fund managed by KIT Finance.

Mixed investment funds. Here, naturally, more conservative and more aggressive funds can be distinguished. More conservative funds are those that invest most of their money in bonds. An example of such a fund is Pallada-Reserve managed by Pallada Asset Management CJSC, the share of shares in the portfolio of which does not exceed 30%, while 70% of the portfolio is invested in bonds. An opposite example is the “Balanced Fund” managed by CJSC “PIOGLOBAL Asset Management”. Here, the opposite is true - 70% of the portfolio is invested in stocks, and no more than 30% in bonds. Some time ago, among the mixed investment funds, it was possible to distinguish industry-specific funds, for example, KIT - Russian Oil, KIT - Russian Electricity, KIT - Russian Telecommunications (all three are managed by KIT Finance). However, they have now all changed categories and become equity funds.

In addition to stock funds, bond funds, and mixed investment funds, there are several other types of mutual funds. First of all, it should be said about index funds. In fact, these are mutual funds, the structure of assets of which is tied to one or another stock index.

A stock index is a way to show in a generalized form the dynamics (growth or decline) of the entire securities market (or some of its sectors). It is not the value of the index itself that is important, but its change over time. It allows you to monitor the change in the value of not just one security, but the entire stock or bond market of a given country (or a separate sector).

Most of the Russian index mutual funds are equity funds. In Russia, the most famous stock market indices are the indices of two stock exchanges: the RTS index and the MICEX index. Until recently, only the MICEX index met the requirements of the state regulatory body and could be used to create index funds, therefore, there are still more mutual funds focused on the MICEX index - already 9, while only two mutual funds are guided by the RTS index. Two more index mutual funds are bond funds.

The calculation of the capitalization of the companies included in the MICEX index is carried out taking into account only free-float shares (this is called "free-float"). State blocks of shares, shares owned by strategic investors and cross-owned are not taken into account. For example, if the owner of 49% of Mosenergo shares is RAO UES, whose shares are also included in the MICEX index, then this share of shares does not participate in the calculation of capitalization.

Quite a lot of index funds have already been created. Index funds are passively managed, and the manager does not have to puzzle over which stocks to buy and which to sell. He just has to make sure that the portfolio structure matches the index structure. Consequently, the costs of expensive analytics are not required, fewer purchases and sales of securities are made, and if the costs of the management company are significantly less, then the amount of remuneration can be reduced. The management company remuneration for index funds varies from 0.3 to 1.5%. And for equity funds, the average remuneration of the management company is 3.24% for open-ended funds and 3.36% for interval funds.

Over the long term, lower costs dramatically improve the fund's performance. World experience proves that in the long term index funds have an advantage over actively managed ones: most mutual funds (analogs of our Russian funds) fail to perform better than the index for long periods. And if it's so hard to beat the index, wouldn't it be better to just invest in it? Therefore, in the world practice, index funds are very popular. However, the investor of such a fund must have strong nerves in order to calmly experience the fall in the value of his shares during a market fall. After all, when the market falls, the index fund must fall with it. This is frustrating for any investor.

Therefore, index funds should be chosen by those investors who are going to invest money for at least 2-3 years, and preferably more.

Since the change in the price of shares of index funds reflects the change in the situation on the market as a whole, it is very easy for a shareholder to receive analytical materials - after all, any investment company prepares market reviews and publishes its forecasts. Another type of mutual funds that has not yet been discussed are money market funds. These are funds that must keep at least 50% of their assets on deposits, while the rest is invested in bonds, and, as a rule, in short-term ones. This makes money market funds even less risky than bond funds. But, of course, they are also less profitable. Strictly speaking, now there are only six such funds - these are the KIT - Money Market Fund, an Open Money Market Investment Fund under the management of KIT Finance, and the DVS Money Market Fund, an Open Money Market Investment Fund, under the management of DVS Investment LLC. , Open-end unit investment fund of the money market "Izumrud" under the management of LLC "Rosbank Management Company" and "1st Monetary fund"Under the management of the management company Premier Asset Management.

Managers believe that returns on money market funds should be roughly equal to interest rate on bank deposits. However, the money market fund has one big advantage over bank deposit... If the depositor of the bank cannot early withdraw the principal amount from his term deposit without loss of interest, the shareholder in the mutual fund on any working day can redeem the shares without loss of income. The formation of the KIT - Money Market Fund ended only on November 12, 2004, the DVS Money Market Fund - on April 27, 2005, and the Izumrud mutual fund - on June 24, 2005, so their history is rather short. UIF "Alfa-Capital Reserve" has been operating since April 30, 2003. Its yield for 2004 was 7.72%. In 2005, the profitability of the KIT - Money Market Fund and Alfa-Capital Reserve funds amounted to 7.04 and 7.55%, respectively.

There are also mutual funds that invest in shares of other mutual funds. They are called foundations of funds. The task of managers of such funds is to select the best of the existing mutual funds. But since the history of their work is still very short, it is difficult to say how successfully they will be able to cope with this task.

Funds of funds are a popular instrument in the western market. Their development intensified especially in the late 1990s, against the background of the search for alternative investment strategies. More than 10% of American private savings are concentrated in this sector of collective investment, and most Europeans entering the stock market for the first time choose funds of funds.

Western experience shows that those funds of funds win if they themselves have low costs and buy units of mutual funds in their portfolio with low costs. The costs of the Russian funds of this group can rather be attributed to the average market.

Fund of funds - new to Russian market mutual funds is a product that allows shareholders to simultaneously entrust their savings to virtually a number of management companies that show the best results in their segments of the mutual fund market. This gives the shareholder the opportunity, regardless of the size of investments, to achieve their maximum diversification and reduce risks through an increase in the number of strategies, types of assets and managers.

In addition to the shares of other mutual funds, funds of funds can invest part of their assets in shares. For example, in the assets of the "First Fund of Funds" (MC "Maxwell Asset Management") units of mutual funds at different times occupied from 25 to 77%, shares - from 8 to 35%, cash - from 2 to 51% (excluding the initial period work of the fund when cash prevailed).

Real estate funds. The object of their investment is clear from the name. In recent years, investing in real estate just as a financial asset, that is, to generate income, and not to use it by the owner himself for its intended purpose, is gaining more and more popularity. Not only legal entities and super-wealthy citizens, but also the middle class are happy to invest in such property that is capable of both generating a regular income (renting out apartments) and steadily growing in value. However, not all private investors can invest in real estate amounts comparable to the cost of entire apartments, most are ready to invest the equivalent of several thousand or even several hundred dollars.

In addition to the greater availability in terms of the amount of investment, real estate investments through mutual funds are less risky for individuals due to greater control over their activities by the state regulatory body - the Federal Financial Markets Service of Russia. It is for such investors that real estate mutual funds should become a reliable tool for increasing funds.

There are also various types of real estate mutual funds. First of all, one can single out rental funds, these are those that own offices, business centers, etc. and whose income is rent. Other real estate funds make money from the construction of real estate objects. At the same time, it is possible to specialize in residential or non-residential real estate, among residential - mass development or elite, urban or cottage. The first real estate fund was established in early March 2003. (Closed-end real estate investment fund "First real estate investment fund" under the management of CJSC "CONCORDIA-Asset Management"), and at the end of August 2006 there were already 120 operating real estate funds.

Real estate funds are undoubtedly one of the most promising groups of mutual funds. However, there are also problems. The question is unresolved whether real estate mutual funds should pay VAT and property tax. Since real estate mutual funds are closed, the possibility of selling shares on the secondary market is important for shareholders, but this mechanism has not yet been established. Shares of some closed-end mutual funds have been listed on stock exchanges, but there is still no sufficient demand that could provide active trading.

Close to real estate funds are mortgage mutual funds, which must invest in monetary claims for obligations secured by a mortgage. So far there are seven such funds - YUGRA Mortgage Fund (MC Region Development), NVK Gorodskaya Mortgage (MC NVK), First Mortgage and Second Mortgage (MC Yamal), Mortgage Fund No. 1 ”(MC“ Collective Investments ”),“ First United ”(MC“ Russian Capital Mutual Funds ”),“ KIT - Mortgage Fund ”(MC“ KIT Finance ”).

Especially risky (venture) investment funds are designed not for individuals, but for corporations that finance certain projects that they consider promising. Now 20 such funds have been created. It is significant that in May 2005 there were only six venture capital funds.

The last group of funds is private equity mutual funds. They are also created by corporations, but not for promising developments (like venture funds), but for an already functioning business. There are now five such funds.

Types of mutual funds: open, interval and closed

There are three types of mutual funds - open-ended, interval, and closed-end. The differences between them lie in how often they can issue and redeem units.

Open-ended funds do this every business day. In this case, the value of the share is also calculated daily. This type of mutual funds is the most convenient - on any working day you can find out how much a share is worth, buy or sell it. Interval funds do not buy and sell units on a daily basis, but at predetermined intervals, called intervals. Most often, four intervals are set per year, or once a quarter. In any case, the law provides for at least one payment per year for the shares of such funds. The value of shares in such funds is calculated at the end of each month and at the end of the interval. The time interval during which operations with the fund's units are possible lasts two weeks.

Since an interval fund manager does not need to ensure that shareholders can redeem their shares every day, such funds are allowed to buy less liquid securities, which are often more undervalued, and therefore potentially more profitable. Here is the potential benefit for the shareholder. But in comparison with an open-ended fund, in this case, it is necessary to plan your investments, firstly, for a longer period, and secondly, the time factor should be taken into account - after all, the company will repay the share of the interval fund only in the interval, and not on any working day, as in an open fund. Of course, there is a possibility of selling a share of an interval unit investment fund in the secondary market, but so far, apart from Uralsib Management Company, no one is practically engaged in this.

Closed-end funds are created for a specific period during which the shares are not redeemed. If such a fund is created for three years, then the shares of such funds will be sold and bought at any time; management companies display closed-end funds on stock exchanges. There they are quoted according to the same rules as other securities, you can buy and sell them through a broker. This is called stock exchange secondary circulation of shares. Often the management company negotiates with some kind of related structure, for example, with investment company or a bank, that she will sell and redeem shares. This is another opportunity to increase the liquidity of closed-end fund units, called OTC secondary circulation of units.

A mutual investment fund (MIF) is a form of collective investment. The funds of citizens and legal entities are combined and transferred to the trust management of the management company in order to make a profit.

Mutual funds allow private investors to transfer their money to the management of professionals. At the same time, investors' funds are “added up” into a single portfolio and managed by the management company. Investors who have bought shares in a mutual fund are called shareholders, and the shares themselves are called shares. The owners of the fund's assets are the shareholders, not the management company.

Mutual investment funds (PIFs) provide an opportunity for private investors (shareholders) who do not have special skills for independent work on stock market, invest your money in securities of various companies.

A mutual fund is a fund (a common pot), which is collected by investors (shareholders) in a joint (therefore, a share) and transferred to a management company so that it invests these funds (therefore, the fund is an investment one) in the most attractive assets from its point of view in order to generate income for its investors.

A mutual fund is not a legal entity. Legal entity is the management company. This is done in order to avoid double taxation... Mutual investment funds do not pay income tax, and only the income received by the holders of the units when they are sold is subject to taxation, which is defined as the difference in the price of the unit when buying and redeeming.

The main document regulating the activities of a mutual fund is the rules of a mutual investment fund. They reflect the terms of the trust management agreement between the shareholders and the management company.

A management company that has received a license to manage the property of mutual investment funds from the Federal Commission for the Securities Market has the right to create and manage a mutual fund. FCSM is government agency, which regulates the securities market in general and mutual funds in particular, as one of the participants in this market. The management company can create any number of mutual funds.

After obtaining a license, the management company must conclude agreements with a specialized depository, a specialized registrar, an auditor, an independent appraiser. It must also register with the Federal Commission for the Securities Market the "Rules for the mutual investment fund" and the "Prospectus for the issue of investment shares". After that, no later than 180 days later, the management company can start the initial placement of investment shares. If she could not collect the required minimum amount for the fund, then the fund is liquidated. Investors get their money back. All expenses for raising the start-up capital of the fund are covered by the management company from its own funds.

The Federal Commission for the Securities Market of Russia has established state control over the activities of mutual investment funds. A scheme of work was developed that excludes abuse in the management of the fund's assets, according to which the management and storage of assets is carried out by different companies. There is also a multilateral cross-control of organizations that are responsible for the activities of mutual funds. There are very high requirements for the disclosure of information that investors need to make an informed decision. A modern reporting system is in operation. Thanks to the competent organization of the work of mutual investment funds, from the very beginning there was not a single case of deception of investors and fraud.

The money unused for the purchase of securities is kept in a special UIF current account in the bank and in a special UIF account with a broker, who carries out exchange trading according to the instructions of the management company. Neither the management company, nor the depository, nor the broker, for a minute, become the owners of the funds collected in the mutual fund and the securities purchased with them. They work for a percentage of total cost the entire mutual fund. The management company only invests the funds of the mutual fund in securities, and the depository only stores and records them.

By accepting the money in trust, the management company undertakes the obligation to redeem the shares at the request of the investor, but does not guarantee income. The performance of the management company in the past does not guarantee the fund's performance in the future. When you invest in a mutual fund, the market risk is borne by you. Profit or loss from trading in securities on the stock exchange is received by shareholders, and the management company receives a small percentage for its work (as a rule, in the region of 3-4% per year) of the sum of all funds in a mutual investment fund.

Investment share

When you invest in a mutual fund, you buy units (shares) of this fund. Investment share - a registered security certifying the share of its owner in the ownership of the property that constitutes a mutual investment fund, the right to demand from the management company proper trust management of the fund, the right to receive monetary compensation upon termination of the trust management agreement.

The investment share has no par value. The cumulative monetary value of a mutual fund is called the net asset value (NAV) of that fund. The unit investment fund is divided into shares and the price of one share is equal to the NAV divided by the number of shares. The share price changes only when the price of shares and bonds included in the mutual fund changes. A share does not have the usual types of income inherent in other securities (interest or dividends). The number of investment shares owned by one owner can be expressed as a fractional number.

An investment share is not an equity security. The issue of derivatives from investment shares of securities is not allowed. The rights certified by the investment share are recorded in non-documentary form. The number of investment shares issued by management companies of open-ended and interval mutual investment funds is not limited.

TYPES OF UNIT INVESTMENT FUNDS

Mutual funds are divided into several types according to two criteria:
- by areas of investment,
- according to availability.

In terms of investment, mutual funds are divided into the following types: money market, bonds, stocks, mixed investments, index, funds, industry, venture, direct investment, mortgage, credit, hedge, real estate, rental, commodity market.

Money market mutual funds invest mainly in government bonds, corporate bonds, bank deposits and foreign currency... Their assets cannot include shares, and the value of bonds and other debt instruments (with the exception of government securities) must not exceed 30% of the value of the assets of such funds. The profitability of such mutual investment funds is low, but they have more liquidity than deposits,

Bond mutual funds invest primarily in bonds and other debt instruments of Russian and foreign issuers. In their portfolio, the value of bonds and debt instruments must be at least 50% of the value of assets, and the value of shares and bonds convertible into shares cannot exceed 20% of the value of the funds' assets. Investments in bonds are the least risky, although they can be unprofitable, just the probability of loss is very low. A must-have low risk companion is low profitability. The yield in bond mutual funds is about the same as that of bank deposits, 8-12%,

Equity mutual funds invest investors' funds primarily in stocks, and therefore this type of funds is one of the most risky. In the fund's portfolio, the value of shares of companies, shares (stocks) of investment funds and depositary receipts for shares must be at least 50% of the value of assets. In addition to stocks, the portfolio can also contain bonds, but no more than 40%. These mutual funds are quite different from each other: for example, some invest mainly in blue chips, which have minimal risk, others - in second-tier stocks, with the maximum risk of loss, but also the maximum possible return. The yield ranges from negative to high positive.

Mixed investment mutual funds are funds whose assets consist of stocks and bonds. Such funds have the most flexible strategies: they can consist of 100% of stocks during a market rally and 100% of bonds during a market fall. The ratios between stocks and bonds in a portfolio of mixed investment mutual funds are set by the management companies themselves. Such funds are only required that the value of securities (stocks and bonds) must be at least 70% of the value of the assets of mutual funds. In times of uncertainty in the market, when it is not clear where the market will move tomorrow, these mutual funds are the best option for investing capital.

Index mutual funds are funds whose portfolio structure corresponds to the structure of one of the basic indices. Which one is indicated in the name (as a rule, these are the RTS or MICEX indices). The advantage of this type of funds is low costs, since the composition of the portfolio is revised relatively rarely, only when the composition of the index itself changes, expensive analytical support is not required. As a rule, they are not risky, but also not very profitable.

The fund of funds invests the funds of its shareholders in mutual funds of all categories of different management companies, as well as in shares and bonds of different companies. Their main task is to figure out successful funds and build a good portfolio of them. The value of their investments in units (shares) of other mutual investment funds, including foreign ones, should be 50% or more of the value of the fund's assets, and the value of debt instruments in their portfolio should not exceed 40%. A clear disadvantage is that investors in them bear double costs. The advantage - with a small investment amount, funds are distributed among several funds.

Sectoral mutual funds invest investors' money in certain sectors of the Russian economy (electricity, oil, metallurgy, banking, telecommunications, etc.). They can provide very high returns during the stages of intensive industry development, but can also be negative if the industry as a whole is experiencing difficulties.

Particularly risky (venture) investment mutual funds are funds that invest for several years in newly created and relatively small companies that need funds to implement projects that can bring significant profits in the future. Usually, such investments are made in the field of the latest scientific developments, high technologies. Investments in venture capital funds can bring huge profits, but there is a risk of losing everything that was invested in them.

Mutual funds direct investments invest money in promising industries and companies, acquiring significant, including controlling, stakes and taking an active part in management.

Mortgage mutual funds at the expense of their own funds acquire from banks and other organizations the rights of claim for loans and borrowings provided to various citizens for the purchase of housing. On the basis of mortgage loans issued to citizens, banks or the Agency for Housing Mortgage Lending issue mortgages that testify to the right of their owner to purchase the principal amount of the loan and interest on it. Banks sell these mortgages to the mortgage fund and transfer to the fund all loan payments that borrowers bring to the bank every month. Using this technology, banks receive back loans issued, and mortgage mutual funds acquire the opportunity to receive profit on purchased mortgages.

Credit mutual funds, like mortgage funds, are created for securitization. However, in this case, we are not talking about debt on loans for the purchase of housing, but consumer loans, auto loans, credit card debt.

Hedge funds are private, unrestricted or lightly regulated investment funds. He, as a rule, is inaccessible to a wide range of people. It can include a wide variety of instruments: stocks, bonds, precious metals, financial derivatives.

Real estate mutual funds are mutual investment funds that invest in real estate, property rights, in projects under construction commercial real estate and apartments, in order to generate income mainly in the form of growth market value these objects and their subsequent resale. Among the advantages are tax, protection of investor interests, and greater liquidity.

Rental mutual funds are engaged in the acquisition and operation of finished items of commercial real estate in order to generate income. Their peculiarity lies in the fact that the cost real estate and real estate lease rights must be at least 50% of the value of the funds' net assets.

UITs of the commodity market invest money in commodity assets (precious metals, oil and oil products, grain, etc.). The share of precious metals, as well as derivative financial instruments for exchange-traded commodities in the fund's portfolio should not be less than 50%.

According to their availability, mutual funds are divided into 3 types: open interval, closed.

Open-end mutual funds. are the most common species today. Shares can be bought and sold any day. However, the process itself does not take place every second, but generally lasts up to 10 working days. The amount of capital of such a fund and the number of its shareholders is not limited. Funds are usually invested in highly liquid assets that can always be easily resold.

Interval mutual funds sell shares and accept them for redemption only a few times a year at fixed intervals, usually two weeks 4 times a year. Most interval funds are equity or mixed investment mutual funds. The profitability of such funds is usually higher than that of open-ended funds.

Closed-end mutual funds sell units when the fund is formed. As a rule, the shares are not redeemed until the end of the fund (unless the shareholder does not agree with the changes in the rules of the fund's control). They are created on set time from 1 to 15 years old. This term is negotiated in advance, and cannot be changed. For the most part, they are real estate funds, direct investments, venture investments, land. In terms of the amount of funds attracted, they occupy a leading position.

Which mutual investment fund to choose depends on the purpose of the investment.
To accumulate funds for an expensive purchase (car, dear Appliances etc.), a bond fund will do.
For the task of accumulating significant funds that are supposed to be spent over a long period of time (for the education of children, buying an apartment) - a mixed unit investment fund.
With a long-term investment strategy ( pension savings) the best will be a mutual fund of shares.

ADVANTAGES OF MUTUAL INVESTMENT FUNDS

A mutual investment fund provides the following benefits to investors:
1. Professional money management. As a rule, managers have solid experience and excellent knowledge of the stock market, specialized education and certificates from the Federal Commission for the Securities Market.
2. Availability, since the amount of investment can start from 1 - 3 thousand rubles.
3. High share liquidity (for open-ended funds).
4. Strict control over activities by the state.
5. Transparent infrastructure: the funds of the shareholders are separated from the funds of the management company and are stored in a specialized depository.
6. No taxation current operations... Payment income tax or income tax is made only by the investor and only when the share is sold.
7. Low costs. For their work, managers in total cannot take more than 5 percent of the commission.

DISADVANTAGES OF PIFS

It is important for investors to be careful and remember an important rule: "the profitability of a mutual fund in the past does not guarantee future income." On the contrary, it often turns out that in the long term managers fail to maintain a consistently high return on investment. Mutual investment funds have other disadvantages:
1. Greater risk compared to instruments with fixed income (deposits, bonds).
2. Low liquidity. Withdrawal procedure takes approximately 7 days.
3. Additional costs for registration and storage of investment certificates.
4. Permanently paid remuneration to the management company, even when the fund suffers losses.
5. To reimburse the costs associated with the issuance and redemption of investment shares, management companies introduce discounts and surcharges.
6. In the event of a collapse in the stock market, management companies sell not all assets, but only part of them (this is required by the FFMS), thereby exposing the capital of shareholders to great risks.

Popular mutual funds in Russia

Instead of trying to guess which fund will be the most profitable in the future and which mutual funds to invest in, it is better to make diversified investments in several mutual funds at once, perhaps even within one management company.

Sberbank - Prospective Bonds Fund;

Alfa-Capital Bonds Plus;

Gazprombank - Bonds Plus;

Raiffeisen - Bonds;

Sberbank - Bond Fund Ilya Muromets;

VTB - Treasury Fund;

Alfa-Capital Reserve;

TFG (Transfingroup) - Ruble bonds;

Aton - Bond Fund.

Mutual investment funds are considered one of the most reliable and transparent investment instruments in the Russian financial market. They provide information not only to shareholders, but also publish a statement on the net asset value, a report on the growth in the value of the fund's property, and the fund's property balance. This is one of the safest ways to invest money, capable of giving good financial results over a long period of time.