20Apr

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

Today you will learn:

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

What types of investment funds are there?

Most of us are used to deposits at a small percentage. Some even keep their own funds at home. Not long ago new ones appeared. They compete with banks and are gaining momentum. Their name is .

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

You can open a fund in the following areas:

• Share (unit shareholders of capital);
• Mutual (same as share, only outside the Russian Federation);
• Hedge (available to a limited circle of wealthy individuals).

The whole point of the funds' existence is to make a profit on the joint capital. Each participant brings money, which is combined with the funds of other members. Next, the entire amount is invested, for example, in shares. As a result of completed transactions, a certain income appears, which is subsequently distributed among the shareholders.

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

More about mutual funds

As you already understand, mutual fund is an abbreviation for the word "mutual funds". This concept means a certain organization, or rather, a property complex, which, under the leadership of a management company, earns profit for its participants.

The money that new investors bring is intended for the purchase of shares. A share means a share of the 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 account.

When certain manipulations are carried out, the value of the share increases over a specified period. The owner of his share can get it back (buy it back) at a premium. This is the process of the fund's work.

Mutual funds have been developed to make it more convenient. One person, who also does not have a large amount of money or extensive 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

Depending on what knowledge shareholders have in the field of investing, funds can be divided into:

• Association of qualified professionals;
• Ordinary investors.

If you have read a lot of literature about investment methods and have extensive experience investing your own money in various projects, stock or investment funds, then feel free to join a fund for professionals. An important factor here is the profitability of your transactions. A large percentage of winnings will only benefit you.

For those who are used to keeping money in a regular deposit and do not understand financial matters deeply, turning to a regular mutual fund is the most suitable option.

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

Types of mutual funds

There are three main types of mutual funds, varying in availability for investors:

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

Open view– these are funds that anyone can join with a minimum contribution. The amount of 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 stop you. If you wanted to sell your share on Friday, no one is restricting you either.

Interval variety is a little more complicated. Payments of shares or admission of new shareholders are carried out only several times a year. This happens 2-4 times, but not less than 1 time. The period of purchase and sale lasts for half a month, during which anyone can withdraw from the fund or purchase a new share.

Closed-end funds include the most complex structure, they are inaccessible to everyone. Here the restrictions concern, for the most part, the amount of the share. It can range from hundreds of thousands to millions.

The 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 investors are high.

What do mutual funds invest 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;
• rental;
• hedges;
• loans;
• artistic values;
• funds.

The names speak for themselves. Investment instruments can be securities, currency, real estate, projects and more. Fund holders try to use everything that can bring income for profit.

Index funds invest shareholders' funds in securities market indices. They are considered to be RTS, MICEX and others. Venture mutual funds invest in very risky projects that threaten the loss of shareholders' funds. However, if the investment does generate income, it can bring several hundred percent profit.

There is also . These are organizations that are just entering the market and need development, an influx of additional Money. Shareholders' money is spent on promoting such companies, which can bring good profits in the future.

Correspondence of forms and types of funds

We reviewed mutual funds based on their availability to clients and investment methods. Now let's connect this data.

Open and interval funds include:

• Equity funds;
• bond funds;
• Mixed.

According to the regulatory framework, the investment methods of the two above funds are made only in highly liquid assets. At the same time, the majority are government bonds, which have virtually no risk.

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

Closed mutual funds can invest in:

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

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

An open fund does not have the right to invest amounts in risky projects in order to minimize the losses of participants.

Who owns the funds?

Each mutual fund is headed by a management company (MC), which is responsible for placing investors’ money and generating profits. The fund itself is not considered a legal entity; this role is assigned to the management company.

Fund management, including the management firms themselves, is under the jurisdiction of the Federal Securities Market Commission. Legislative acts help her in coordinating the actions of mutual funds. Each management company, before starting its main activity, is required to obtain a license. For these purposes, a long and complex certification is required.

The management company can only place funds of shareholders to earn money. Other purposes for spending money are not allowed. To control this process, others were created legal entities– depositories. They are assigned the role of storing money in client accounts. They are the ones who monitor the legality of the actions of the management company and, in case of violations, apply 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 customer transactions. Responsibilities include making changes to share registers.

Why mutual fund

But let's look at the advantages of funds:

• The interest rate is higher than on a deposit from a credit institution;
• The activities of foundations are strictly regulated by the authorities;
• Even if it is a mutual fund, then the funds of the shareholders will be transferred under the management of another management company;
• You don’t have to worry that the money will be spent by fund owners for personal purposes, since their reports are audited every year;
• The presence of an independent depository, in whose account the shareholders’ money is located, allows you to be sure that the money will not just disappear;
• Accessibility for investors (even with 1000 in your pocket, you can become a member);
• You don’t need to have professional skills - all investment actions will be carried out by specialists for you).

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. The funds are also suitable for those who want to invest in the money market, but are afraid to do so due to lack of necessary knowledge. Mutual funds are an excellent alternative to such investing.

About the cons

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

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

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 among the general population.

People's distrust does not allow this area of ​​the country's economic sector to develop fully and rapidly. However, the last few years have given us hope for an increase in the number of funds and investment instruments.

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

Initially, purchasing 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 by investing in mutual funds?

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

It happens that investors invest their savings in a reliable fund, which has been successfully operating for several years and brings decent income to shareholders. However, the management company may mismanage the money this time. It is possible that the economic environment will 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 management services are paid regardless of the results of transactions.

The above situation is extremely rare. Most often, shareholders receive their profits and successfully purchase 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 transaction based on the investment results of the past period. If last year the Sberbank mutual fund brought 75% of 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 timing.

Compare mutual funds and other ways to earn money

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

You can directly ( , ), currency market, new projects and more. 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 other assets. Only in this case can you become a participant major project with minimal costs.

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

The most profitable type of mutual fund

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

Investing in securities of joint stock companies is considered a risky activity. This is what a joint stock investment fund does.

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

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

The riskiest 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 to prevent investors from withdrawing their funds, which would lead to the bankruptcy of the fund. However, such a risky undertaking can bring huge profits.

Diversifying the portfolio

The totality of all instruments chosen as an investment represents the investment portfolio. Its diversification is a set of as many investment objects as possible.

Eg, to increase capital, you can invest money in joint stock companies shares, government bonds, rent out an apartment, put money in the bank at interest. That is, you distribute all your funds between several sources of income.

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

With regard to funds, the legislation does not prohibit shareholders from having shares in several mutual funds. You can buy at least one share of each existing fund. If a management company places funds in several mutual funds, you have the right to distribute your money in each of such funds.

What are the upcoming expenses?

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

Costs when working with funds include:

• Extra charge when opening an account;
• Commission upon redemption of a share;
• Commission from the total income in favor of the management company;
• Maintaining a bank account;
• 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 account maintenance fees.

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 fraction of the total capital of the fund.

After buying out 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.

Payment of tax on 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 the mutual fund for 3 or more years;
• If the amount of the profit share was less than 125,000 for the year.

Please note that tax is only paid upon withdrawal from the fund. The management company pays the personal income tax amount for you, so you do not have to additionally contact the tax office. When you leave the mutual fund, you will receive an amount in your hands from which tax has already been deducted.

Where to find the current value of your share

To view all information about invested money, you need to go to the mutual fund website. Here is information regarding the cost of the share. If you bought a share in an open-ended fund, the online data is updated 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 fund’s assets are 5,000,000 rubles. Total shares - 8000. Cost of one share: 5000000/8000 = 625 rubles. If you have 10 such shares, then your amount is: 625 * 10 = 6250 rubles. The initial purchase of a share for 500 rubles reflects an increase in the share by 125 rubles. The total increase of the shareholder is 6250 - 500 * 10 = 1250 rubles or 25%.

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

Rights of shareholders

For the duration of the terms of the agreement between the management company and the investor, the latter is vested with the rights:

• Require an effective asset management process;
• Monitoring the progress of the management company’s actions (you can view the company’s reporting and also find out how it manages the amounts);
• Refund of the value of the share if the management company violates the terms of the agreement;
• Selling a share or providing it as collateral (a share is a registered uncertificated security displayed in an electronic register).

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

Before concluding an agreement with the management company, you can inquire about the company’s economic activities. No one will bother you to study the reporting documentation, find out the profitability of previous transactions, and also read the rules of the fund. If the management company has made several unsuccessful investment attempts, you will also be aware of this.

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

How to become a mutual fund investor

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

You need to go through the following steps:

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

The application, which is written during the initial application, gives the right to multiple purchases of shares. That is, today you deposited the amount for 10 shares, and in a month you can buy another 8 pieces. Also, if you decide to buy out 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, notification of registration of a shareholder's share occurs within 7 days if you personally contact the office. In other cases, the company sends a written notification, which may arrive in two weeks, depending on the speed of delivery of items.

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

Development of mutual investment funds in the Russian Federation

Mutual funds in Russia have not yet earned the popularity they have in the West. This is due to the financial literacy of our population, which remains low, and to the 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 investors is still increasing. But this process is extremely slow. Funds appeared in the country not so long ago, and legislation in this area is still imperfect. 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 attract clients in every way and predict high incomes. As a result, the population forms the impression that funds are a win-win option that will bring mountains of gold to everyone. High expectations of investors and disappointment in the form of not so high interest rates do not always interest clients in re-buying shares.

Nevertheless, legislative norms are becoming more and more perfect, adapting to the conditions of our country. Those investors who have already received a high income on shares once definitely put money into mutual funds.

The most profitable mutual funds 2017

While historical performance is not a 100% guarantee of future returns, let's take a look at the 2016 fund market leaders. This way you can find out what funds in Russia are capable of and roughly orient yourself in future investments.

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

The data from the table suggests that the energy sector generates decent income for its investors, and investing in indices allows, under a successful set of circumstances, to receive over 100% of the initially invested amount.

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

What's the best way for a newbie to act?

If you decide to deposit funds into a mutual fund, carefully study the entire fund market and analyze the latest transactions of the management company. This is easy to do using reports on information channels. Also read reviews from investors.

After choosing a management company, do not rush to purchase 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 the latter’s receipt of income.

Adhere to the following rules:

• Choose which instrument you want to invest in (balance the risks and possible losses);
• If possible, invest in several projects or different securities;
• If, after paying for a share, you see how quickly it is losing price, do not wait until you are completely left without money;
• Before buying a share, look at its cost. Monitor the price fluctuations over the course of a few 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 returns. Determine for yourself what income would be sufficient for you. Based on this, make your first purchase of shares. As you gain experience, you can move on to riskier instruments.

To invest money. Today we'll take a closer look types of mutual funds and let's look at their classifications.

If we talk about Russian legislation, it distinguishes between 3 types of mutual funds based on the availability of entry into and exit from mutual funds. There is also a classification according to the method of trust management, or more precisely, according to the tools through which funds increase capital.

Types of mutual funds by availability

Let us analyze the classification of mutual funds according to the availability of entry and exit from them:

Open-end mutual funds (OPIF)

Open-end mutual funds. Units of such mutual funds can be bought and sold on any working day. In this way, an open-end mutual fund can expand or contract over time without the need for a series of shareholder meetings to obtain approval for increases or decreases in capital.

The funds of open-end fund shareholders are invested only in highly liquid assets. This suggests that such a fund has reduced investment risk (but not completely absent!), and its profitability will also be lower than in other types of mutual funds.

Interval mutual funds (IPIF)

Interval mutual funds. The main difference from open-ended mutual funds is that shares can be bought or sold not on any working day, as in an open-end fund, but only during certain periods of time, which are called intervals.

Most often, such intervals are announced once a quarter and average 2 weeks. If we talk about the profitability and risks of such a fund, then they higher than in open.

Closed-end mutual funds (closed mutual funds)

Closed-end mutual funds. A characteristic feature of such mutual funds is that the investor can buy shares only upon formation or their additional issue, and present the share for redemption to the management company only upon expiration of the fund trust management agreement.

A closed-end mutual fund has fixed number of shares. The creation and issue of additional units or their redemption generally requires the consent of the shareholders. In addition, if this is indicated in the PDU, then the shareholders of such a fund can regularly receive income from trust management.

The inability to repay a share in a short period of time determines the ability of the management company to invest the fund’s property into low-liquid assets, for example, in real estate, mortgages, venture capital projects. In addition, closed-end investment funds do not pay property and profit tax; shareholders pay income tax only when the share is redeemed.

Mutual funds different types can be converted from one to another: from closed to interval, and from interval to open.

Types of mutual funds by investment objects

Below is a table combining 2 classifications of funds - by availability and by investment objects:

As can be seen, closed-end mutual funds have more room for manipulation in various markets. In conjunction with special conditions investing in them, closed mutual funds can show significantly higher returns compared to open mutual funds and individual mutual funds.

Classification of mutual funds

Share mutual funds– the most popular category for private investors; these funds account for the largest share of the open-end mutual fund and mutual investment fund market. Must be invested directly in shares at least 50% mutual fund assets not less than 2/3 working days per quarter. In addition to stocks, the portfolio may also contain bonds, but not more than 40%

Bond mutual funds– traditionally considered a safe haven during market downturns. Debt instruments must be at least 50%, but the share of shares should not exceed 20% .

Mixed mutual funds– occupy second place in popularity and are a cross between the types of mutual funds discussed above. The ratio of shares and bonds can be any, but in total the securities must occupy at least 70% fund portfolio.

Index mutual funds– are currently represented only by equity funds. The main difference is that the composition of the mutual fund must correspond as closely as possible to the composition of the securities in the reference index; permissible discrepancy – 3%. As a rule, these funds are recommended for beginning shareholders because... It’s easy to evaluate the performance of managers by comparing the fund’s return with the dynamics of the index for the same period

Money market mutual fund– along with bond mutual funds, it acts as a protective instrument. The profitability of such funds is low, but they have greater liquidity than deposits in which the funds of shareholders are invested.

Mutual funds of funds– an offer for those wishing to diversify investments between several mutual funds. As the name suggests, these types of mutual funds invest in other funds. The obvious disadvantage is that investors incur double costs. The advantage is that with a small investment amount, the funds are distributed among several funds.

Commodity market mutual funds– have been on the market since 2009 and so far there are only 3 of them in Russia. They invest in precious metals through compulsory medical insurance, and therefore are also considered by investors as a safe haven. The share of precious metals, as well as derivative financial instruments for commodities in the fund’s portfolio should not be lower than 50% .

– the name speaks for itself. Such mutual funds can include a wide variety of instruments: stocks, bonds, mutual funds, precious metals and, of course, derivative financial instruments.

Real estate mutual funds- V Lately got greatest distribution because are a convenient tool for investing in an asset of the same name. Among the advantages are tax, greater protection of the interests of investors, as well as the ability to attract other players, and finally, greater liquidity.

Rental mutual funds– a type of real estate mutual fund. In them, the investor makes money, as the name suggests, by renting out real estate properties. Periodic income payments are provided.

Mortgage mutual funds– assets are formed from mortgages

Mutual funds of artistic values- the latest type of mutual fund to appear. For investors who want to invest money in assets whose value has no correlation with financial markets

Credit mutual funds– served as an anti-crisis proposal for banks wishing to clear their balance sheets of bad debts. The credit fund involves the transfer of overdue loans to one mutual fund for subsequent management.

Venture mutual funds– one of the ways to attract investors to finance projects and promising start-ups.

Direct investment mutual funds– this type of mutual funds is similar to the venture funds discussed above, but with greater restrictions on investing funds.

Mutual funds are divided into three types according to the deadline for submitting applications for purchase or redemption. OPIF, IPIF and closed mutual fund.

In this article:

Open mutual funds (OPIF)

In open-end mutual funds, purchases and redemptions of units occur on any working day. This type of mutual funds is the least risky because the share can be redeemed at the slightest fear of a significant drop in its price.

Open-end mutual funds are the easiest to enter and work with. The activities of such funds can be easily monitored because all information about them is published daily, which provides a huge opportunity for new shareholders to buy shares in the securities of these funds.

An investor can join open-end funds whenever he wants. You can buy a share on a working day at the office of the management company.

Interval mutual investment funds (IPIF)

Mutual investment funds involve the sale or redemption of shares up to several times a year at set intervals. In the majority of funds, these intervals range from two weeks to four times a year. On the one hand, this is inconvenient for investors, but on the other hand, unlike open-end funds interval funds, by law, involve investing investors' money in low-liquid securities. Investments in these securities are quite risky, they are often difficult to sell, but they bring good profits for long-term investment.

Closed-end mutual investment funds (CLIF)

In a closed-end fund, units are issued at the time the fund is formed. Units are redeemed at the end of the fund's life in accordance with the fund's rules throughout the life of the fund.

Closed-end mutual funds involve, firstly, the acquisition of real estate and subsequent sale at a price higher than the purchase price. Secondly, reconstruction or modernization of acquired real estate, resulting in an increase in the category of office space and an increase in the value of the property.

Another type of closed-end investment mutual funds is investing in construction, in other words, concluding agreements for the shareholders’ participation in construction, while acquiring property rights to real estate that are planned to be built in the future. Profitability in this case will be calculated based on the increase in the value of real estate during the construction process and the general increase in its value on the real estate market.

Another way to generate income is by renting out investor-owned real estate. Residential, office and warehouse real estate can be used for rental. Closed-end mutual funds have the opportunity to participate in investing in the construction of an object, after which they can register its ownership and lease it out.

It is clear that investing in an open-end fund is the most liquid; the shareholder can redeem his share upon request and receive a fixed profit. But, despite the freedom of action, a shareholder, when investing in an open-ended fund, should not concentrate his attention solely on short-term fluctuations in the value of the share. Premature redemption of shares leads to an increase in expenses for various remunerations.

When using an interval fund, the investor clearly defines the period for which he places his money. Unit redemption intervals are divided into two weeks. During this period, you can buy or redeem shares. The management company itself sets the intervals, which open from 2 to 4 times a year.

The asset structures of open mutual funds and individual mutual funds differ. But there are no significant differences in the returns of these funds.

Closed-end investment funds mainly specialize in investing money from shareholders in the construction of real estate properties in order to make a profit from the sale of these properties or their rental.

The Federal Law of the Russian Federation "On Share Investment Contributions" (FZ-156 of November 29, 2001) distinguishes three types of mutual investment funds - open-end mutual investment fund (OPIF), interval mutual investment fund (IPIF) and closed-end mutual investment fund (ZUIF) . Let's look at each type in detail.

Open Fund (OPIF)

The investor has the right to buy or sell a share transferred to the open mutual fund at any time. Similarly, due to incoming and outgoing property, an open investment fund can both expand and decrease. Moreover, this does not require holding meetings of shareholders in order to obtain permission to change capital - increase or decrease. As a rule, the funds of the shareholders of this fund are invested in assets with a high degree of liquidity.

Interval fund (IPIF)

The main difference between an individual mutual fund and an open mutual fund is that the investor has the right to buy or sell an invested share only during certain time periods - intervals that are announced in advance and usually occur once a quarter.

Closed-end fund (closed-end fund)

In a closed mutual fund, an investor has the right to purchase a share only when the fund is formed or during an additional issue. An investor can present a share to the management company for redemption only upon expiration of the term of the agreement on trust management of the fund. In addition, in a closed mutual fund the number of shares is fixed. The creation of shares and their additional issue are not carried out without the consent of the shareholders.
The Trust Management Rules (agreement) must specify the conditions, frequency and procedure for receiving income by shareholders. Due to the inability to repay the share in a short time, management companies invest the entrusted property in assets with a low degree of liquidity - in mortgages, real estate and venture projects. During the period of validity of the closed-end mutual fund, property tax and income tax are not paid. From the moment the share is redeemed by shareholders, income tax is calculated and paid to the budget.

The legislation allows the transformation of mutual investment funds - from interval to open, from closed to interval.

There is a special group of mutual investment funds in the financial market - for qualified investors. Such funds can be closed and interval, while the investment units included in them have restrictions on turnover. Persons who are not included in the list of qualified investors are not permitted to own shares in this fund. In addition, disclosure of internal information about the fund's property is prohibited. However, fund shares for qualified investors are listed on the RTS and MICEX exchanges, but they are traded in a special closed mode with limited access.

In accordance with the Regulations on the composition and structure of assets, mutual funds are divided into 15 categories: shares, bonds, mixed, index, stock, cash, commodity, hedge, rental, mortgage, real estate, direct investment, venture, credit and artistic values. Please be aware that the private equity, venture capital, credit and hedge categories are exclusively for qualified investors.

Classification of mutual funds by investment objects - categories:

Share mutual funds are the most popular category among private investors; they account for the largest share of the mutual fund and open mutual fund market. You can invest at least 50% of the assets included in the mutual fund directly into shares, but not less than 2/3 of the total number of working days every quarter. In addition to stocks, a stock portfolio may contain no more than 40% bonds.

Bond mutual funds are traditionally used during downturns in market prices and allow you to receive a small but stable income. Debt securities should not exceed 50% of the stock portfolio; no more than 20% of shares are allowed.

Mixed mutual funds are second in popularity. This is a cross between the categories of investment funds discussed above. Any ratio in the stock portfolio of stocks and bonds is allowed, but their total amount should not exceed 70%.

Index mutual funds are currently represented exclusively by equity funds. Their main difference is that in the reference index, the composition of the mutual fund should correspond as much as possible to the composition of the securities. A discrepancy of no more than 3% is allowed. It is recommended that novice shareholders use index mutual funds - by comparing the return of a fund with an index over the same period, you can easily determine the performance of the management company.

Cash mutual funds, just like bond mutual funds, act as a protective instrument. The profitability of these funds is insignificant, but in comparison with deposits, their degree of liquidity is higher.

Stock mutual funds – these funds are invested in other mutual funds. Investors are given the opportunity to distribute their investments across several mutual funds. The main disadvantage of this category is the doubling of investors' costs. The main advantage is that if there is little capital for investment, the shareholder can distribute the funds to several funds.

Commodity mutual funds - appeared on the stock market in 2009 and currently there are three commodity markets. The most popular investment is in precious metals. The yield of these funds is insignificant, but stable. The share of this category in the stock portfolio is allowed from 50%.

Hedge mutual funds - include various financial instruments, including stocks, bonds, other mutual funds, precious metals and derivative financial instruments.

Real estate mutual funds are currently a rapidly developing category with a convenient financial instrument (real estate) for investment in a similar asset. Advantages - tax benefits, greater liquidity, protection of investors' interests and the possibility of additionally attracting shareholders.

Rental mutual funds - income from renting out real estate objects leased from a shareholder. This category is a type of real estate mutual fund. Periodic profit payments are possible.

Mortgage mutual funds - the formation of the asset category is carried out at the expense of mortgages.

Mutual funds of artistic values ​​- a recently emerged category of funds, are intended for investors who prefer to invest in assets with unstable value. financial markets.

Credit mutual funds are offered to banks as an anti-crisis tool for getting rid of problem debt obligations. It consists of transferring overdue loans for debt management to one mutual fund.

Venture mutual funds are a way to attract shareholders to invest in promising startups and new projects.

In addition, some categories highlight fund specializations. It should be noted that the legislation does not regulate the requirements for classifying a particular specialization into a certain category of mutual funds. However, leading management companies recommend that the assets of the declared specialization in the fund correspond to 70-75%. These recommendations mainly concern industry-specific mutual funds.

Mutual investment funds (UIFs) are a new opportunity for Russians to invest their savings in order to grow them, an alternative to the usual bank deposits and cash currency. Now mutual funds are becoming more and more popular. Not only among those who have been following for a long time stock market and is knowledgeable about the activities of mutual funds, but also among a rapidly growing number of private investors.

This is largely due to changes taking place in the country's financial markets - a decrease in interest rates on bank deposits, and a fall in the dollar exchange rate. Savings owners are becoming more receptive to information about new ways to save and increase their money.

Thanks to economic growth, the securities market is gradually developing - more and more often information appears in the business media about the growth of the stock market or the rapid development of collective investments (including mutual funds). A lot of information about mutual funds has also appeared thanks to the ongoing pension reform - advertising of management companies in newspapers, radio, television and even in the subway.

1. What is a mutual investment fund (UIF)?

A mutual investment fund (MUIF) is the pooled funds of investors transferred to the trust management of a management company. The mutual investment fund itself is not a legal entity - it is a so-called “property complex”, but in fact, it is an investment portfolio.

By investing money in a mutual investment fund, the investor actually enters into a trust management agreement with the management company and becomes the owner of the investment shares. Units are issued by a management company that carries out trust management of this mutual investment fund.

Property transferred to a mutual fund by shareholders remains the property of the shareholders, and the management company carries out trust management of the mutual investment fund, making transactions with this property. The management company has the right to transfer its rights and responsibilities for managing a mutual fund to another management company. (The transfer of mutual funds from one management company to another has already been successfully carried out in practice in Russia).

2. What types of mutual funds are there?

There are three types of mutual funds: open-ended, interval and closed-end. In an open-end fund, the investor has the opportunity to buy or sell his share on any working day. In an interval fund, the investor has the opportunity to buy or sell his share only at certain times - during the so-called “interval opening periods”. The interval opens at least once a year (usually 2-4 times a year) for a period of two weeks. The opening and closing dates of the interval are fixed; they are specified in the rules of trust management of the fund. Closed mutual funds are created for a project, and you can sell your shares only after the completion of this project. A closed fund is created for direct investment for a period of 1 - 15 years. Moreover, such funds are not obliged to redeem their shares; shareholders receive money only after the termination of the fund’s activities. This is convenient for medium-term investments, since it allows you to buy significant blocks of shares or real estate without worrying about their liquidity and without fear of a sudden outflow of shareholders’ funds.

Depending on the investment objects, a mutual fund can be:

• money market fund;
• bond fund;
• stock fund;
• mixed investment fund;
• fund of funds;
• real estate fund (except for open-end and interval mutual investment funds);
• index fund;
• a fund for particularly risky (venture) investments (with the exception of open-ended and interval mutual investment funds).

Now the most common and attractive for private investors are open-ended and interval mutual funds of stocks, bonds and mixed investments. These funds have been operating on the Russian stock market for a long time. Closed-end mutual funds appeared in 2003 and are not as accessible to a wide range of private investors as open-end and interval funds. 2003 also saw the introduction of the first real estate funds, an index fund, and a money market fund.

3. Investment share.

An investment share is a registered security. The share certifies the right of its owner to a share of the property that makes up the mutual investment fund. An investment share does not have a nominal value, and the number of investment shares belonging to one owner can be expressed as a fraction, which depends on the amount invested by the shareholder in the mutual fund. An investment share is a non-documentary security - the rights to investment shares are recorded on personal accounts in the register of investment share owners. Owners of investment units bear the risk of losses associated with changes in the market value of the property that makes up the mutual fund.

4. What is the money of shareholders invested in?

Which assets the money of shareholders is directed to can largely be judged by the name of the fund. A mixed fund's assets include stocks and bonds. The money market fund is focused on investing in foreign currency, Russian bonds, municipal bonds and bonds of federal subjects, foreign bonds.

Venture (particularly risky) investment funds, among other things, may contain shares of a closed joint stock company, shares in the authorized capital of an LLC (representing more than 50% of the votes), and promissory notes. Funds of funds, along with stocks and bonds, contain shares of mutual investment funds, and real estate funds contain real estate, rights to real estate, etc. Index funds contain only cash and securities, the quotes of which are included in the calculation of any stock index.

Transactions in options, futures and forward contracts may only be entered into to reduce the risk of a decline in the value of the fund's assets. Depending on what type (open, interval, closed) and what type (stocks, bonds, mixed investments, etc.) the fund belongs to, the composition and structure of assets changes accordingly. For each type and type of fund, it is determined in which assets the funds of shareholders can be invested and in what shares, and in which assets it is prohibited to invest. These provisions are enshrined in the FCSM resolution on the composition and structure of the funds’ assets.

The list of investment objects and requirements for the asset structure of a particular mutual investment fund are contained in the fund’s investment declaration (this is the second chapter of the Fund Trust Management Rules). And the actual composition and structure of the fund’s assets are disclosed quarterly in the fund’s investment report. The management company does not have the right to acquire, at the expense of the property of a mutual investment fund, objects that are not provided for in the investment declaration of the fund.

5. Income of the shareholder.

The shareholder's income consists of the increase in the value of his shares. The value of shares may either increase or decrease over time as the market value of the securities included in the fund's assets changes. That is why, as noted above, holders of investment units bear the risk of losses associated with changes in the value of the units. The fund's profitability is not guaranteed either by the state or the management company. The management company also does not have the right to provide any guarantees, promises or assumptions about the future efficiency and profitability of its investment activities.

Unit holders are not accrued or paid any income in the form of interest or dividends. The shareholder receives income only upon the return sale of his shares to the management company (of course, if the value of the shares has increased and covered all the shareholder’s expenses).

The estimated value of a share of an open-end mutual fund is determined and published by the management company daily. The estimated value of a unit of an interval mutual fund is determined by the management company on a monthly basis. The value of the share is determined based on current value net assets (NAV) of the fund by dividing the NAV by the number of units issued.

Net asset value is the difference between a fund's assets and liabilities. The fund's assets are property (securities, deposits, cash, accounts receivable, etc.), and liabilities are accounts payable and reserves for upcoming expenses and payments.

If the market value of securities as part of the fund's assets increases, then the value of the share also increases, and vice versa, if the market value of securities as part of the fund's assets falls, then the value of the share also falls. The value of the fund's net assets also changes due to the purchase or sale of units by shareholders, but this does not affect the price of the unit (since the number of fund units changes).

6. How a mutual fund works. Control over the activities of the management company.

A mutual fund is not a legal entity, and its property is managed by a management company. The activities of the management company are strictly regulated and controlled. Firstly, a management company can manage a mutual fund only on the basis of a license to carry out activities for managing investment funds, mutual funds and non-state pension funds, issued by the Federal Commission for the Securities Market (FCSM).

The management company can combine the activities of managing mutual funds only with the activities of trust management of securities, management of pension reserves of non-state pension funds and management of insurance reserves of insurance companies. To prevent the management company from abusing investors’ funds, a separation of funds management from their storage was invented. The funds of shareholders are stored in another organization - a specialized depository, which not only stores them, but also controls the legality of transactions with these funds. This is called the principle of separating the property that makes up a mutual investment fund from the property of the management company itself. For settlements on operations related to the trust management of a mutual investment fund, a separate bank account (accounts) is opened, and to record rights to the securities that make up the mutual investment fund, separate securities accounts are opened in a specialized depository.

A specialized depository is an organization that maintains storage and records of rights to securities that make up a mutual fund. A specialized depository does not have the right to use and dispose of the property constituting a mutual investment fund; it is obliged to monitor the compliance of the management company of this mutual investment fund with regulatory legal acts and rules of trust management of the mutual investment fund. A specialized depository monitors where the management company sends the funds of shareholders in order to comply with the requirements for the composition and structure of the assets of a mutual investment fund in accordance with the fund’s investment declaration. If the management company gives the specialized depository any instructions regarding the fund’s property that are contrary to the law, then the specialized depository does not have the right to execute such instructions. He must act solely in the interests of shareholders. If a specialized depository, in the course of monitoring the activities of the management company, identifies relevant violations, it is obliged to notify the Federal Commission for the Securities Market about this. The specialized depository also maintains a register of mutual fund shareholders, that is, who, when, and how many shares were bought and sold. Or, according to the Rules of a particular fund, this activity is carried out by a specialized registrar.

But control over the activities of the management company does not end there. Every year the management company is audited by an auditor. Audit subject to accounting, record keeping and reporting on the fund's property, the composition and structure of the fund's assets, etc. State regulation of the activities of management companies of mutual investment funds, specialized depositories and state control their activities are monitored by the Federal Commission for the Securities Market (FCSM). The management company is required to submit reports to the Federal Securities Commission.

Thanks to this organization of the work of a mutual fund, shareholders’ money cannot “evaporate” or be spent to the detriment of shareholders. The value of a fund's assets may decline due to a decline in the market price of the securities comprising the fund's assets, but the fund cannot "disappear." Even if the management company goes bankrupt, shareholders will not suffer, and the mutual fund will be transferred to the management of another company.

7. How to become a shareholder. Sale of shares.

The sale and redemption of shares is carried out by the management company and/or agents of the mutual fund. Agents can only be legal entities - professional participants in the securities market who have a license to carry out brokerage activities. The issuance of investment units (entry into the register of unit owners) is carried out on the basis of applications for the acquisition of units. Requests for redemption of investment units are also submitted in the form of applications for redemption of investment units. In the application for the purchase of shares, the investor indicates how much he is contributing, and in the application for redemption - how many shares he intends to sell or how much to receive.

Applications for the acquisition, redemption and exchange of investment shares of an open-end mutual fund are accepted every working day. Applications for the acquisition, redemption and exchange of investment shares of an interval mutual fund are accepted within the period determined by the Fund Rules (within two weeks 1-4 times a year). Applications for the acquisition, redemption and exchange of investment units are submitted to the management company and (or) agents of the mutual fund. When purchasing fund shares for the first time, the shareholder fills out a registered person’s questionnaire and an application for opening a personal account in the mutual fund.

The rules of the fund may provide for the possibility of exchanging fund shares for shares of another fund managed by the same management company. Moreover, shares of an open fund can only be exchanged for shares of an open fund, and an interval fund - only for shares of an interval fund. Switching from fund to fund can be useful for a shareholder if he wants to change his investment strategy. When exchanging units, the redemption of shares of one fund and the acquisition of shares of another occur simultaneously without charging discounts or surcharges to the cost of the unit. There are also no taxes charged.

An application for the purchase of shares can be submitted both before the investor’s funds are transferred to the fund account, and after they are received. The period for issuing investment units (making a credit entry in the register of unit owners) is no more than three days from the date of receipt of funds into the fund account (if the application for the purchase of shares was accepted earlier) or from the date of submission of the application (if money was received into the fund account earlier) .

Since the share is a non-documentary security, ownership of the shares is confirmed by issuing an extract from the register of shareholders. An extract from the register of shareholders is either sent to the shareholder by mail or issued at an application acceptance point. Within one day after making an entry on the personal account, the registrar must serve or send to the registered person a notice of the transaction on the personal account. Redemption of investment shares (entry of an expense entry into the register of unit owners) is carried out within no more than 3 days from the date of receipt of the application for redemption of shares. Payment of monetary compensation in connection with the redemption of an investment unit of an open-end mutual investment fund is carried out no later than 15 days from the date of redemption of the investment unit. And the payment of monetary compensation in connection with the redemption of an investment unit of an interval mutual investment fund is carried out no later than 15 days from the date of the deadline for accepting applications for the redemption of investment units, during which the application was submitted.

Almost every mutual fund has a minimum amount that a shareholder can invest. This amount ranges from several hundred rubles to millions. Mutual funds targeting private investors set small amounts - an average of 5,000 rubles. In mutual funds created to manage the assets of insurance companies and non-state pension funds, the minimum amounts are hundreds of thousands of rubles and more.

8. Expenses and taxes of the shareholder.

To reimburse expenses associated with the issuance and redemption of investment units, the rules of trust management of a mutual investment fund may provide for surcharges to the estimated value of investment units when issuing them and discounts from the estimated value of investment units when they are redeemed.

The premium for the purchase of shares, if there is one, actually reduces the number of shares that is recorded in the register for the shareholder. And the discount reduces the amount of funds issued to the shareholder upon redemption of shares. These are direct expenses of the shareholder. Maximum size the premium cannot be more than 1.5 percent of the estimated value of the investment share. The maximum discount cannot be more than 3 percent of the estimated value of the investment unit.

At the expense of the property constituting a mutual investment fund, remunerations are paid to the management company, a specialized depository, a specialized registrar, an appraiser and an auditor, as well as other expenses associated with the management of a mutual fund. Their amount does not exceed 10% of the fund’s average annual net asset value (NAV). In fact, these are also expenses of shareholders, but they are already taken into account in the estimated value of the shares at which shares are bought and sold.

The investor is required to pay tax on the income received in the mutual fund. And income arises exclusively at the time of sale of the share. If the investor continues to own shares even for several years, he is free from taxes. Individuals income tax is paid on the income received. Resident individuals Russian Federation currently pay tax at a rate of 13%. Non-residents - 30%. The management company is a tax agent - that is, it calculates and collects taxes from shareholders when they sell shares and then transfers the collected taxes to the budget.

The tax base from which the tax is calculated is determined as the difference between the amount received from the sale of shares and the amount of expenses for the acquisition of these shares. But you can also use the so-called property tax deduction. When determining the size of the tax base, individual shareholders have the right to receive a property tax deduction in the amount of:

• the entire amount received from the sale of shares when holding the shares for three years or more (in other words, the shareholder is exempt from tax);
• in the amount of 125,000 rubles when holding shares for less than three years (in other words, when selling shares to a management company for an amount up to 125,000 rubles, the shareholder is also actually exempt from tax).

To take advantage of a tax deduction, you need to submit an application for the appropriate deduction to the management company.

9. Information about the mutual fund available to the investor.

One of the biggest advantages of mutual funds is their transparency. All information related to the activities of the management company and mutual investment fund must be disclosed in accordance with the Federal Law “On Investment Funds” and the regulatory legal acts of the Federal Securities Commission.

Management companies publish and present to all interested parties (primarily investors) information about their activities in managing mutual funds. Open-end funds publish data on the size of assets and share value daily, interval funds - once a month. Monthly, quarterly and annual reviews of the performance of mutual funds allow the investor to determine how the NAV and value of the unit in the fund he has chosen are changing, and to compare the results achieved by the fund with other funds. Once a quarter, a certificate is published on the composition and structure of assets, which gives an idea of ​​what securities the money of shareholders is invested in.

The most useful document, which contains almost all the information an investor needs about a mutual fund and which must be read before purchasing shares, is the Mutual Fund Trust Management Rules. Management companies publish the Fund Trust Management Rules and present them to all interested parties upon their request.

Before purchasing shares, you should pay attention to the following important information contained in the Fund Rules:

• type of fund (open, interval, closed);
• if the fund is interval, then the deadline for accepting applications for the purchase/redemption of shares;
• minimum investment amount;
• the amount of the premium when purchasing shares and the amount of the discount when selling shares - when submitting applications to the management company and each of its agents;
• the period from the date of redemption of the shares during which payment of monetary compensation is made;
• The Fund Rules indicate all fund agents to whom you can submit applications for the purchase/sale of shares.

The Fund Trust Management Rules also contain information about the management company’s remuneration and expenses to be reimbursed from the fund’s property.

At the request of persons interested in becoming shareholders, the management company presents a number of other documents, including: a certificate of the NAV of the mutual fund and the estimated value of the investment unit, rules for maintaining the register of shareholders, balance sheet of the fund’s property, accounting. balance sheet and profit and loss statement of the management company, report on the increase (decrease) in the value of the fund’s property, etc.

When disseminating information, management companies are also subject to certain requirements: they are prohibited from making any guarantees, promises or assumptions about the future profitability of mutual funds under their management, as well as making statements about future investments containing guarantees of the safety of investments and the amount of income. Moreover, the information disseminated must contain the provision that the value of shares may increase and decrease, past investment results do not determine future returns, and the state does not guarantee the return on investments in mutual funds.