Asset Management" (hereinafter referred to as the Policy) defines the basic principles, goals, conditions and methods of processing personal data, lists of subjects and personal data processed in the Limited Liability Company "KBF Asset Management" (hereinafter - LLC "KBF UA"), functions of LLC " KBF UA" when processing personal data, the rights of personal data subjects, as well as the requirements for the protection of personal data implemented in LLC "KBF UA".
1) Labor Code Russian Federation;
2) the federal law dated July 27, 2006 No. 152-FZ "On Personal Data";
3) Federal Law No. 149-FZ of July 27, 2006 “On Information, Information Technologies and Information Protection”;
4) Decree of the President of the Russian Federation of March 6, 1997 No. 188 “On Approval of the List of Confidential Information”;
5) Decree of the Government of the Russian Federation of September 15, 2008 No. 687 “On Approval of the Regulations on the Specifics of Personal Data Processing without the Use of Automation Tools”;
6) Decree of the Government of the Russian Federation dated July 6, 2008 (as amended on December 27, 2012) No. 512 “On approval of requirements for material carriers of biometric personal data and technologies for storing such data outside personal data information systems”;
7) Decree of the Government of the Russian Federation dated November 1, 2012 No. 1119 “On approval of requirements for the protection of personal data during their processing in personal data information systems”;
8) Order of the FSTEC of Russia dated February 18, 2013 No. 21 “On approval of the composition and content of organizational and technical measures to ensure the security of personal data during their processing in personal data information systems”;
9) Order of Roskomnadzor dated September 05, 2013 No. 996 “On approval of requirements and methods for depersonalization of personal data”;
10) Federal Law No. 75-FZ of 07.05.1998 “On Non-State Pension Funds”;
11) Federal Law of November 29, 2001 No. 156-FZ “On Investment Funds”;
12) Federal Law No. 111-FZ of July 24, 2002 “On investing funds to finance the funded part of labor pensions in the Russian Federation”;
13) Other regulatory legal acts Russian Federation and regulations authorized state authorities.
1) PD processing is carried out in KBF UA LLC on a legal and fair basis;
2) PD processing is limited to the achievement of specific, predetermined and legitimate purposes;
3) processing of PD that is incompatible with the purposes of collecting PD is not allowed;
4) it is not allowed to combine databases containing PD, the processing of which is carried out for purposes that are incompatible with each other;
5) only PD that meet the purposes of their processing are subject to processing;
6) the content and volume of the processed PD corresponds to the stated purposes of processing. The redundancy of processed PD in relation to the stated purposes of their processing is not allowed;
7) when processing PD, the accuracy of PD, their sufficiency, and, if necessary, relevance in relation to the purposes of PD processing, are ensured. KBF UA LLC takes the necessary measures or ensures their adoption to remove or clarify incomplete or inaccurate personal data;
8) PD storage is carried out in a form that allows determining the PD subject, no longer than required by the purposes of PD processing, if the PD storage period is not established by federal law, an agreement to which the PD subject is a party, beneficiary or guarantor;
9) processed PD are destroyed or depersonalized upon reaching the goals of processing or in case of loss of the need to achieve these goals, unless otherwise provided by federal law.
10) ensuring compliance with the Constitution of the Russian Federation, legislative and other regulatory legal acts of the Russian Federation, local regulations of KBF UA LLC;
11) exercising the functions, powers and duties assigned by the legislation of the Russian Federation to KBF UA LLC, including the provision of PD to state authorities, to the Pension Fund of the Russian Federation, to the Fund social insurance Russian Federation, to the Federal Compulsory Fund health insurance, as well as to other state bodies;
12) regulation of labor relations with employees of KBF UA LLC (assistance in employment, training and promotion, ensuring personal safety, monitoring the quantity and quality of work performed, ensuring the safety of property);
13) providing employees of KBF UA LLC and their family members with additional guarantees and compensations, including non-state pension provision, voluntary medical insurance, medical care and other types of social security;
14) protection of life, health or other vital interests of PD subjects;
15) preparation, conclusion, execution and termination of contracts with counterparties;
16) ensuring access and intra-object modes at the facilities of KBF UA LLC;
17) Formation of reference materials for internal information support activities of KBF UA LLC;
18) execution of judicial acts, acts of other bodies or officials subject to execution in accordance with the legislation of the Russian Federation on enforcement proceedings;
19) exercising the rights and legitimate interests of KBF UA LLC in the framework of carrying out the types of activities provided for by the Charter and other local regulations of KBF UA LLC, or third parties, or achieving socially significant goals;
20) consideration of the possibility of establishing contractual relations with the subject of PD on financial market by concluding an agreement for the purpose of further provision of services in accordance with the licenses of the Bank of Russia;
21) performance of an agreement, one of the parties to which is the PD subject, and other obligations arising from the agreement;
22) reporting to state bodies in accordance with the requirements of the current legislation of the Russian Federation;
23) providing notification information, including information about new products, services, ongoing promotions, events, congratulations on holidays;
24) promotion of products and services on the market valuable papers through direct contact with clients.
25) formation of client history;
26) processing of the subject's PD in accordance with the laws and regulations governing the activities of KBF UA LLC in the securities market.
1. The list of PD processed by KBF UA LLC is determined in accordance with the legislation of the Russian Federation and local regulations of KBF UA LLC, taking into account the purposes of PD processing specified in Section 3 of the Policy.
2. Processing of special categories of PD related to race, nationality, political views, religious or philosophical beliefs, intimate life is not carried out at KBF UA LLC.
1) takes measures necessary and sufficient to ensure compliance with the requirements of the legislation of the Russian Federation and local regulations of KBF UA LLC in the field of personal data;
2) takes legal, organizational and technical measures to protect PD from unauthorized or accidental access to them, destruction, modification, blocking, copying, provision, distribution of PD, as well as from other illegal actions in relation to PD;
3) appoints a person responsible for organizing the processing of PD in KBF UA LLC;
4) publishes local regulations that determine the policy and issues of processing and protecting PD in KBF UA LLC;
5) familiarizes the employees of KBF UA LLC, who directly process PD, with the provisions of the legislation of the Russian Federation and local regulations of KBF UA LLC in the field of PD, including the requirements for protecting PD;
6) publishes or otherwise provides unrestricted access to this Policy;
7) stop processing and destroy PD in cases provided for by the legislation of the Russian Federation in the field of PD;
8) performs other actions provided for by the legislation of the Russian Federation in the field of PD.
1. PD processing at KBF UA LLC is carried out with the consent of the PD subject to the processing of his PD, unless otherwise provided by the legislation of the Russian Federation in the field of PD.
2. KBF UA LLC does not disclose PD to third parties and does not distribute PD without the consent of the subject, unless otherwise provided by federal law.
3. KBF UA LLC has the right to entrust the processing of PD to another person with the consent of the PD subject on the basis of an agreement concluded with this person.
4. Employees of KBF UA LLC directly involved in the processing of PD are familiar with the provisions of the legislation of the Russian Federation on PD, including the requirements for the protection of PD, documents defining the policy of KBF UA LLC regarding the processing of PD, local acts on processing PDn.
KBF UA LLC collects, records, systematizes, accumulates, stores, clarifies (updates, changes), extracts, uses, transfers (distributes, provides, accesses), depersonalizes, blocks, deletes and destroys PD.
1) full information about their PD processed by KBF UA LLC;
2) access to their PD, including the right to receive a copy of any record containing their PD, except as otherwise provided by federal law;
3) clarification of their PD, their blocking or destruction if the PD is incomplete, outdated, inaccurate, illegally obtained or not necessary for the stated purpose of processing;
4) withdrawal of consent to the processing of PD;
5) taking measures provided for by law to protect their rights;
6) exercise of other rights provided for by the legislation of the Russian Federation.
1) appointment of a person responsible for organizing the processing of PD in KBF UA LLC;
2) adoption of local regulations and other documents in the field of processing and protection of PD;
3) obtaining the consents of PD subjects for the processing of their PD, with the exception of cases provided for by the legislation of the Russian Federation;
4) ensuring separate storage of PD and their material media, the processing of which is carried out for different purposes and which contain different categories of PD;
5) storage of material media of PD in compliance with the conditions that ensure the safety of PD and exclude unauthorized access to them;
6) implementation internal control compliance of PD processing with the Federal Law "On PD" and the regulatory legal acts adopted in accordance with it, the requirements for the protection of PD, this Policy, local regulations of KBF UA LLC;
7) other measures provided for by the legislation of the Russian Federation in the field of personal data.
The Federal Law of the Russian Federation "On share investment contributions" (FZ-156 of November 29, 2001) distinguishes three types of mutual funds - an open-ended mutual investment fund (OPIF), an interval mutual investment fund (IPIF) and a closed-end mutual investment fund (ZPIF) . Let's consider each type in detail.
The share transferred to the open-ended investment fund, the investor has the right to buy or sell at any time. Similarly, at the expense of incoming and outgoing property, the open-ended investment fund can both expand and decrease. Moreover, this does not require holding meetings of shareholders in order to obtain permission to change capital - an increase or decrease. As a rule, the funds of the fund's shareholders are invested in assets with a high degree liquidity.
Interval fund (IPIF)
The main difference between IPIF and OPIF is that the investor has the right to buy or sell the invested share only in certain time periods - intervals that are announced in advance and usually happen once a quarter.
In a closed mutual investment fund, an investor has the right to acquire a share only when a fund is formed or an additional issue is made. Present management company the investor can redeem a share only upon the expiration of the term of the agreement on trust management of the fund. In addition, the number of shares in closed mutual funds is fixed. Without the consent of the shareholders, the creation of shares and their additional issue is not carried out.
The Rules of trust management (agreement) must specify the conditions, frequency and procedure for the receipt of income by shareholders. Due to the inability to redeem a share in short time, management companies invest entrusted property in assets with a low degree of liquidity - in mortgage bonds, real estate and venture projects. During the period of validity of the closed-end mutual investment fund, property tax and income tax are not paid. From the moment the share is redeemed, the shareholders shall calculate and pay income tax to the budget.
The legislation allows the transformation of mutual investment funds - from interval to open, from closed to interval.
A special group of mutual investment funds stands out in the financial market - for qualified investors. Such funds can be closed and interval, while the investment units included in them have turnover restrictions. It is not allowed to own shares in this fund by persons who are not included in the list of qualified investors. In addition, the disclosure of inside information about the fund's property is prohibited. However, the fund's shares for qualified investors are listed on the RTS and MICEX exchanges, but they are traded in a special closed regime with restricted access.
In accordance with the Regulations on the composition and structure of assets, mutual funds are divided into 15 categories: stocks, bonds, mixed, index, stock, cash, commodity, hedge, rental, mortgage, real estate, direct investment, venture capital, credit and artistic values. Please be aware that categories such as private equity, venture capital, lending and hedge are for qualified investors only.
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OPIF |
IPIF |
ZPIF |
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bonds |
bonds |
bonds |
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mixed |
mixed |
mixed |
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index |
index |
index |
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monetary |
monetary |
monetary |
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stock |
stock |
stock |
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commodity |
commodity |
|
|
real estate |
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mortgage |
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art treasures |
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credit |
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venture |
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|
direct investment |
Equity mutual funds are the most popular category among private investors, they account for the largest share of the IPIF and OPIF market. At least 50% of the assets included in the mutual fund can be invested directly in shares, but on a quarterly basis, at least 2/3 of the total number of working days. In the stock portfolio, except for shares, it is allowed to have no more than 40% of bonds.
Bond mutual funds - traditionally used during market downturns, they allow you to receive a small but stable income. Debt securities should not exceed 50% of the stock portfolio; no more than 20% of the share of shares is 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 shares and bonds is allowed, but their total amount should not exceed 70%.
Mutual funds index - 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 securities. A discrepancy of no more than 3% is allowed. It is recommended to use index mutual funds for novice shareholders - when comparing the return of the fund with the index for the same period, you can easily determine the performance of the management company.
Mutual investment funds - just like mutual funds of bonds, act as a protective instrument. The profitability of these funds is insignificant, but in comparison with deposits, their degree of liquidity is higher.
Mutual funds - these funds are invested in other mutual funds. Investors are given the opportunity to distribute their investments into several mutual funds. The main disadvantage of this category is the doubling of the costs of investors. 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 stock market in 2009 and currently there are three product markets. The most popular investment 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 - includes 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 investments into a similar asset. Advantages - tax incentives, greater liquidity, protection of the interests of investors and the possibility of additional attraction of shareholders.
Rent mutual funds - income from the lease of 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 an asset category is carried out at the expense of mortgage bonds.
Artistic Mutual Funds, a recently emerged category of funds, is intended for investors who prefer to invest in assets with unsettled value in the financial markets.
Mutual funds credit - offered to banks as an anti-crisis tool to get rid of problem debt. It consists in the transfer of overdue loans for debt management in one mutual fund.
Venture mutual funds are a way to attract shareholders to invest in promising start-ups and new projects.
In addition, specializations of funds are distinguished in some categories. It should be noted that the legislation does not regulate the requirements for attributing one or another specialization to a certain category of mutual funds. However, leading management companies recommend that the asset of the declared specialization in the composition of the fund correspond to 70-75%. Most of these recommendations relate to sectoral mutual funds.
Mutual investment fund is one of the most developed and popular form of collective investment among the population, which allows investors to combine their cash under the trust management of a professional company and receive passive income. What types of mutual funds are there, and what investment assets do they use?
A mutual investment fund is not directly a legal entity; rather, it can be described as a "complex of market assets", but in fact, it is an investment portfolio. An investor, investing his money in a mutual fund, concludes an agreement with the management company for a trust management service and becomes the owner of a certain number of investment units.
The classification of mutual funds is based on various criteria their functioning, the most important of which are the types of investment assets and the degree of accessibility of entry / exit to the mutual fund. According to the degree of availability, the following types of mutual funds are distinguished: open, interval, closed.
Open Fund (OPIF)
An investor can buy and sell a unit of an open-ended fund on any working day. That is, the capitalization of an open-ended investment fund can expand or decrease over time without the need to hold meetings of shareholders in order to issue permission to the management company to increase / decrease capital, while the value of the share is calculated daily. As a rule, the management company invests the funds of shareholders only in highly liquid assets.
Interval fund (IPIF)
It is possible to buy/sell shares only during certain periods of time (intervals). Most often, there are four such intervals (once a quarter). The period during which operations with units are carried out lasts 2 weeks. The value of units in IPIF is calculated at the end of each month and at the end of the interval.
Given that the manager does not need to ensure the redemption of units every day, they are allowed to purchase securities that have lower liquidity. Therefore, stocks often turn out to be significantly undervalued and, accordingly, potentially more profitable. But at the same time, you need to plan your investments, firstly, for a longer period, and secondly, you need to take into account the time factor when redeeming your share.
Closed fund (ZPIF)
An investor can buy shares only at the stage of fund formation or with an additional issue of shares, and redeem a share only at the end of the term of the trust management agreement. The number of shares is fixed, and the redemption and issue of additional shares requires the consent of the shareholders.
The absence of the need to redeem shares in a short time allows the management company to invest investors' capital in low-liquid assets (real estate), venture projects, mortgage bonds. Many closed-end funds bring their shares to the exchanges, that is, they can be bought or sold on the secondary market at any time through a broker for market quotes.
Any types of mutual investment funds can be converted: for example, a closed mutual fund into an interval one, and an interval one into an open one. All types of mutual funds have their own specific features in work, different profitability and level of risk.
Depending on the type of assets in which the fund mainly invests the capital of investors, the following types of mutual funds are distinguished:
Shares are the main investment instrument in the structure of assets. It can be like securities of leading enterprises (blue chips) in various sectors of the economy (RAO UES, Lukoil, Gazprom),and second-tier stocks. If at the dawn of the appearance of mutual funds investments were made mainly in blue chips, now managers are increasingly interested in second-tier stocks. Although they are less liquid, their upside potential is much higher than that of blue chips. And a number of funds focus on such stocks.
If analysts believe that any sector of the economy has above average growth potential, then the fund will focus on securities of a particular industry, for example, shares of telecommunications companies, the fuel and energy complex, shares of electric power companies or companies in the financial sector. Most often, this approach takes place in sectoral mutual funds, so the growth in the value of a share of such a fund is often higher than the average for the entire stock market. However, the risks here are higher.
Some mutual funds are focused on preferred shares, since they provide for the payment of large dividends, respectively, the risks of a fall in their value are reduced. In share mutual funds, the level of potential profitability and risks is high, so investments in them can be recommended if the investor chooses a moderately aggressive or aggressive capital investment strategy.
The main investment asset is debt instruments (bonds, promissory notes). But here, too, there is specialization. There are funds that invest only in government bonds, while others, on the contrary, specialize in investing in corporate bonds. It's relatively reliable investment funds However, there are certain risks if investments are made in so-called junk bonds, when their issuers cannot fulfill their obligations due to poor financial situation. Bond mutual funds have a low yield and are recommended when choosing a conservative investment strategy.
In the asset structure of such funds, there are different ratios of shares and bonds. Mutual funds that use conservative strategies invest the bulk of their funds in bonds, and mutual funds with an aggressive work strategy invest in stocks. Some funds use a balanced approach strategy and constantly review their investment portfolio according to certain criteria.
These are mutual funds, the asset structure of which, in fact, is tied to a specific stock index. Most index mutual funds in Russia are equity funds. The stock index reflects in general view the dynamics of the securities market (or any sector). In Russia, the main stock market indices are: the MICEX index and the RTS index. Index mutual funds are classified as passively managed, since the manager must simply monitor the compliance of the structure of the investment portfolio with the structure of the index. This type is characterized by lower costs, which in long term provides higher returns. Therefore, these mutual funds are recommended for investors with an investment horizon of 2–3 years or more.
These are mutual funds that invest money in shares of other mutual funds. The main task of managers is to analyze and select the best mutual funds. Funds of funds are the most popular investment instrument in the Western market. For Russian market it's relatively new investment product, which allows shareholders to entrust their savings simultaneously to a number of management companies that demonstrate the best rates of return in their market segments, which ensures maximum diversification of investments and reduces market risks by increasing the types of assets, the number of strategies and managers.
The main investment asset is real estate. Moreover, investments in real estate through mutual funds are more accessible and less risky due to the presence of control of the state regulatory body over their activities. Among real estate mutual funds, there are varieties. First of all, it is necessary to allocate rental funds that invest in commercial real estate, with income in the form of rent. Some mutual funds specialize in the construction of facilities different types real estate (residential mass, individual, commercial). These are closed types, and investments in them are of a long-term nature.
We will not consider other types of mutual funds, since they are not designed for individuals. In conclusion, it should be noted that the presence of a large number of types and types of mutual funds allows you to choose the option that suits you, in accordance with your goals, requirements for the level of return and risk. Good luck!
Mutual funds are different: open, closed, interval. The difference lies in how often the funds can issue and redeem units. This gradation is introduced by the Federal Law "On Investment Funds". In article 12 of the law it is written as follows: "the term of the contract of trust management of a unit investment fund." This refers to the "frequency of issuance and redemption of units", this is a typical criterion for the division of mutual funds in the scheme.
Open-ended mutual investment funds (OPIF) - can redeem and sell shares (or shares) at the request of investors on any working day of the fund. From an investor's point of view, this is the most convenient type of fund. Typically, shares (shares) of such funds are sold and bought at a cost net assets fund per share (share). The main advantage of open-ended funds is liquidity: investors know they can sell or buy shares or units at or close to the fund's net asset value on any fund business day.
Investments in open-ended mutual fund - an analogue of a bank deposit "on demand" - funds can be withdrawn at any time. In a bank, this deposit usually has the lowest yield, in an open-ended investment fund it is higher, as for a term deposit, and investments are not connected with a period. However, short-term fluctuations in the market and the price of a share may provoke the shareholder to act imprudently. Therefore, when investing in open-ended investment funds, one should not focus on short-term changes in the value of a share; portfolio managers will take all necessary steps to balance the securities portfolio. In addition, premature redemption of shares only increases the costs of paying various kinds of remuneration.
Interval mutual investment funds (IPIF) - have a number of properties inherent in open-ended funds. For example, to sell and redeem shares (shares) without the consent of all investors. But at the same time, there may be a provision in their rules that limits the number of shares (shares) they can buy or sell, as well as the time periods when buying and selling are possible. Most often, four intervals per year are set, i.e. once a quarter. In any case, the law provides for at least one payment per year for shares of this type of fund. The value of units of such funds is calculated at the end of each month and at the end of the interval. The time interval during which operations with fund units are possible lasts two weeks.
When using the services of an interval fund, an investor must clearly define for how long he is ready to place his money. For example, if you do not need the money within six months, you can choose a fund that repays and issues shares 2 times a year. Thus, after six months, you can freely redeem investment units. The number of intervals is determined by the MC and is reflected in the Rules of the Fund. For interval mutual funds, the possibility of selling/purchasing (issuing/redeeming transactions) units outside the interval allows exchange circulation, which increases their attractiveness in the eyes of shareholders.
Since the manager of an interval fund does not need to ensure that shareholders can redeem shares every day, such funds are allowed to buy less liquid securities, which are often undervalued, potentially profitable. More precisely, unquoted securities must be related to the rest of the securities in the fund's portfolio. For example, controlling stakes in closed JSCs (at least 75% of the shares). For the shareholder, this is a hidden benefit.
In comparison with an open fund, a shareholder needs to plan their investments. This is explained by the fact that, firstly, investing in interval mutual funds is of a long-term nature, and, secondly, the time factor must be taken into account.
Closed-end mutual funds (ZPIF) - are more like joint-stock companies. They usually carry out an initial public offering of shares or units through a public sale. After that, they can carry out additional releases shares (shares) only with the consent of the existing investors of the fund during the general meeting. From open and interval closed-end mutual funds differ in the following: firstly, by the object of investment (if it is a closed real estate mutual fund), and secondly, by the possibility of "entry and exit". ZPIF settles with shareholders at the end of its validity period.
Closed-end mutual investment funds can be sold ahead of schedule on the stock exchange. This significant innovation was introduced by the law "On Investment Funds". Exchange circulation of units is designed to increase the availability and liquidity of units of interval and closed mutual funds. Although shares can already be purchased in 228 cities in Russia, there are still many settlements that are not covered by share sales networks. Conclusion: the shares of any mutual fund on the stock exchange makes them available to a resident of any locality where there is at least one broker, and thanks to Internet trading and the conclusion of contracts by mail, even the presence of a broker in any locality is no longer necessary.
For closed mutual funds, secondary circulation is generally the only way to ensure the liquidity of their shares, as well as for interval mutual funds. In addition to accessibility and liquidity, exchange circulation can provide cost savings, since exchange commissions (of a broker, trading system, clearing organization, depository) are still significantly less than the average allowances and discounts.
Mutual funds in Russia are divided into:
At first, choosing a mutual fund for a private investor was not burdensome, since there were only funds for stocks, bonds, and mixed investments. Now we can say that specific differences greatly facilitate the process of choosing a mutual fund for an investor. Looking at the name of the fund, you can roughly imagine the structure of its portfolio. If the name includes an equity fund, then the structure of the fund's portfolio consists mainly of shares (for OPIF and IPIF - 50% of shares, while the share of bonds can reach 40%). As a general rule, such funds offer high returns with a significant level of risk, due to market fluctuations, the return on stocks can be higher than that of bonds.
Equity mutual funds are the opposite of bond funds in terms of objectives, risk, and return. On these grounds, equity funds are second only to venture capital funds.
Investing in Russian stocks for a short period of time is very risky. If we consider the results of the work of equity funds in the long term, then they usually show a stable income, for example, for 10 years. Investments in stock mutual funds with a properly created strategy and a diversified portfolio for a long period of time are less risky than short-term investments without any strategy and portfolio.
The mutual fund of bonds contains mainly bonds in the portfolio and is characterized by a relatively low income with minimum level risk. From the name it is clear that the priority in investing is aimed at investing in bonds. As the least risky investment, bond funds are an excellent and more efficient alternative to a bank deposit. Investing in a bond fund is primarily suitable for short-term investment strategies.
Mutual investment funds of mixed investments are characterized by an optimal risk / return ratio. It is generally accepted that such funds combine stocks and bonds in a portfolio. Thus, the balance of the two main types of assets in the portfolio is ensured, depending on the situation on the market. Therefore, they are the "golden mean" between mutual funds of shares and bonds. They perform better than bond funds at a much lower risk than equity funds.
Equity funds, bonds, mixed investments are the most popular types of funds. Let's take a look at the new types of funds, starting with the money market fund.
Money Market Fund - these are funds that must keep at least 50% of their assets on deposits, the rest is invested in bonds, usually short-term. Thus, this type of fund becomes less risky than bond funds, but also less profitable. Managers believe that the return on money market funds should correspond to interest rate on bank deposits. Fund's advantage over bank deposit: if the depositor of the bank cannot withdraw the amount from his term deposit without loss of interest, then in a mutual fund the shareholder can redeem the shares at any time without loss of income.
Fund of funds - from the name it is clear that the fund invests money in mutual funds. It is generally accepted that such a fund can only invest in other funds. (Reminds me of a nesting doll). When purchasing fund units, an investor buys several funds at once. But the question arises, why pay a commission to the Criminal Code. There is diversification not only in terms of assets, but also in terms of managers. If there are several funds of different management companies in the fund of funds, then the probability increases that if several managers make a mistake, there will still be those who guessed correctly with the market movement.
Of course, this type of fund did not originate in the Russian Federation - this is a Western idea. The investor's costs in funds of funds should be minimal: for the management company of the fund of funds, and for those funds that it buys into its fund of funds portfolio. At the moment, in the mutual fund market, the costs of funds are far from being minimal. They are also organized for marketing purposes, so that you can somehow position yourself among 400 mutual funds.
Venture funds or funds of particularly risky investments can only be of a closed type. Specially attracted to major players market of collective investments, while the minimum "entry" is calculated in millions of rubles. Funds of this type are engaged in particularly risky operations, and can bring in excess profits to shareholders. But they are designed not for individuals, but for corporations that finance certain projects that are considered promising.
Real estate fund - investing in permitted categories of real estate and assets of a property nature. This type of fund can only be closed in terms of investment terms and generally contain almost all the same assets as other funds. Basically, these are shares in authorized capitals Russian societies with limited liability, engaged in the design, construction of buildings and structures, engineering survey for the construction of buildings and structures, activities for the restoration of objects cultural heritage(monuments of history and culture). This list also includes real estate activities, real estate and (or) rights to real estate; objects under construction and reconstruction real estate; design and estimate documentation.
Under real estate, it is legally established: land, subsoil plots, isolated water bodies and all objects that are connected to the land in such a way that their movement without disproportionate damage to their purpose is impossible. Also buildings, structures, residential and non-residential premises, forests and perennial plantings, condominiums, enterprises as property complexes. An exception is real estate, the alienation of which is prohibited by the legislation of the Russian Federation. Index funds may contain cash, including foreign currency, and the securities for which the index is calculated.
Mortgage funds can only be of a closed type and can consist of cash, including foreign currency, government securities of the Russian Federation and constituent entities of the Russian Federation. Mortgage funds are closest to real estate funds. In general, mortgage funds invest in cash claims on mortgage-backed obligations. It should be noted that, in fact, the real division of funds by types of assets occurred only after the entry into force of the FCSM Resolution No. 31/ps. "On Approval of the Appendix on the Composition and Structure of Assets of Joint-Stock Investment Funds and Assets of Mutual Investment Funds".
In our country, mutual investment funds were created according to a foreign model to improve investment activity in the securities market. The model of contract funds was chosen as the basis (the management company enters into an agreement with the investor). The advantages of such a model in Russian conditions are, firstly, that the contract fund model combines simplicity and reliability at the same time. Also, the fact that the contract fund can be created without forming a legal entity, which avoids double taxation, which is subject to check investment (ChIFs) and non-state pension funds(NPF) in Russia. Secondly, since the contract fund is not a joint-stock company (which must be a legal entity), it does not have a board of directors, board or directorate, it does not need to conduct general meetings shareholders. This means that there are no difficulties that now in Russia often put a joint-stock company with a significant number of shareholders in a difficult position. This design has other positive effects, in particular, the fact that the fund itself does not need a staff of managers and employees. True, the management company has them and still require funds for their maintenance. But since the management company is allowed to manage several funds at the same time, this reduces management costs.
Mutual investment fund (PIF) 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 for the purpose of making 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 are managed by the management company. Investors who bought shares in a mutual fund are called shareholders, and the shares themselves are called shares. The owners of the funds of the fund are the shareholders, not the management company.
Mutual investment funds (UIFs) enable private investors (shareholders) who do not have special skills to work independently in the stock market, invest their money in securities of various companies.
A mutual fund is a fund (common pool) that is collected by investors (shareholders) in a pool (therefore, a share) and transferred to a management company so that it invests these funds (therefore, the fund is an investment) in the most attractive assets from its point of view in order to generate income for its investors.
PIF 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 shares in the course of their sale, which is determined as the difference in the price of the share upon purchase and redemption, is subject to taxation.
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 in Federal Commission on the securities market. 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 FCSM the “Rules of a Unit Investment Fund” and the “Prospectus for the Emission of Investment Units”. After that, no later than 180 days later, the management company may start the initial placement of investment units. If she was unable to collect the required minimum amount for the fund, the fund is liquidated. Investors get their money back. All expenses for collecting the initial capital of the fund are covered by the management company from its own funds.
The FCSM of Russia has established state control over the activities of mutual funds. A scheme of work was developed that excludes abuses 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 multilateral cross-control of organizations that are responsible for the activities of mutual funds. There are very high requirements for the disclosure of information necessary for investors to make an informed decision. A modern reporting system is in place. Thanks to the competent organization of the work of mutual funds, from the very beginning there was not a single case of deception of investors and fraud.
The money not used for the purchase of securities is kept on a special settlement account of the Mutual Fund in the bank and on a special account of the Mutual Fund with a broker, who carries out stock trading as directed by the management company. Neither the management company, nor the depository, nor the broker, even 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 PIF. The management company only invests the funds of the mutual fund in securities, and the depository only stores and records them.
By accepting money for trust management, the management company undertakes 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 profitability of the fund in the future. When you invest in a mutual fund, you bear the market risk. Profit or loss from trading securities on the stock exchange is received by shareholders, and the management company receives a small percentage for its work (usually in the region of 3-4% per year) of the amount of all funds in a mutual investment fund.
When you invest in a mutual fund, you buy units (shares) of this fund. Investment share - a registered security that certifies the share of its owner in the ownership of the property constituting the 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 nominal value. Cumulative monetary value A mutual fund is called the net asset value (NAV) of that fund. The mutual fund is divided into shares and the price of one share is equal to the NAV divided by the number of shares. The price of a unit changes only when the price of shares and bonds included in the mutual fund changes. The share does not have the usual types of income inherent in other securities (interest or dividends). The number of investment units owned by one owner may be expressed as a fractional number.
An investment share is not an equity security. Issuance of derivatives from investment units of securities is not allowed. The rights certified by the investment share are recorded in non-documentary form. The number of investment units issued by management companies of open and interval unit investment funds is not limited.
Mutual funds are divided into several types according to two criteria:
- in the 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 primarily in government bonds, corporate bonds, bank deposits and foreign currencies. Their assets may not include shares, and the value of bonds and other debt instruments (with the exception of government securities) should not exceed 30% of the value of the assets of such funds. The yield of such mutual 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. The obligatory companion of low risk is low profitability. The yield in mutual funds of bonds is approximately the same as that of bank deposits, 8-12%,
Mutual funds of shares invest the funds of investors primarily in shares, and therefore this type of fund is one of the most risky. In the fund's portfolio, the value of shares of companies, units (shares) of investment funds and depositary receipts for shares must be at least 50% of the value of assets. In addition to shares, the portfolio can also contain bonds, but not more than 40%. These mutual funds differ quite a lot: 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. Returns range from negative to high positive.
Mutual investment funds are funds whose assets consist of stocks and bonds. Such funds have the most flexible strategies: they can be 100% stocks during a market up and 100% bonds during a down market. The ratios between shares and bonds in the portfolio of mutual funds of mixed investments are established by management companies independently. From such funds, it is only required that the value of securities (stocks and bonds) should be at least 70% of the value of the assets of mutual funds. During periods of uncertainty in the market, when it is not clear where the market will move tomorrow, such 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 underlying indexes. Which one is indicated in the title (as a rule, these are RTS or MICEX indices). The advantage of this type of funds is low costs, since the composition of the portfolio is reviewed 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 not very profitable either.
The Fund of Funds invests the funds of shareholders in mutual funds of all categories of different management companies, as well as in stocks and bonds different companies. Them the main task- identify successful funds and make a good portfolio out of them. The value of their investments in units (shares) of other mutual funds, including foreign ones, must be 50% or more of the value of the fund's assets, and the value of debt instruments in their portfolio must not exceed 40%. A clear disadvantage is that investors in them bear double costs. The advantage is that with a small amount of investment, funds are distributed among several funds.
Industry mutual funds invest investors' money in certain sectors of the Russian economy (electricity, oil, metallurgy, banking, telecommunications, etc.). They can generate very high returns during periods of strong growth in an industry, but can also be negative if the industry as a whole is struggling.
Mutual investment funds of especially risky (venture) investments 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. Typically, such investments are made in the field of the latest scientific developments and high technologies. Investing in venture capital funds can bring huge returns, but there is a risk of losing everything that was invested in them.
Mutual private equity funds invest in promising industries and companies by acquiring significant, including controlling, shareholdings and taking an active part in management.
Mortgage mutual funds at their own expense acquire from banks and other organizations the rights of claim on credits and loans provided to various citizens for the purchase of housing. Based on issued to citizens mortgage loans banks or the Agency for Home Mortgage Lending issue mortgages, indicating 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 the loan fees that borrowers bring to the bank every month. Using this technology, banks receive back issued loans, and mortgage mutual funds acquire the opportunity to receive profit on acquired mortgages.
Credit mutual funds, like mortgage mutual 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. It is usually inaccessible to a wide range of people. It can include a wide variety of instruments: stocks, bonds, precious metals, derivative financial instruments.
Real estate mutual funds are mutual investment funds that invest in real estate, property rights, in objects under construction commercial real estate and apartments, in order to generate income primarily in the form of growth market value these objects and their subsequent resale. Among the advantages are tax, protection of the interests of investors, greater liquidity.
Rental mutual funds are engaged in the acquisition and operation of ready-made commercial real estate in order to generate income. Their peculiarity lies in the fact that the value of real estate and real estate lease rights must be at least 50% of the value of the funds' net assets.
Mutual investment funds 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 commodities in the fund's portfolio should not be less than 50%.
By availability, mutual funds are divided into 3 types: open interval, closed.
Open mutual funds. are the most common type today. Units can be bought and sold on any day. However, the process itself does not take place every second, but generally lasts up to 10 business 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 redeem them only a few times a year at set intervals, usually two weeks 4 times a year. Most interval funds are mutual funds of shares or mixed investments. The yield of such funds is usually higher than open ones.
Closed mutual funds sell shares during the formation of the fund. As a rule, shares are not redeemed until the end of the fund (unless the shareholder does not agree with changes in the rules of the fund's management). They are created for a fixed period of 1 to 15 years. This term agreed in advance and cannot be changed. For the most part are real estate funds, private equity, venture capital investment, land. They occupy a leading position in terms of the amount of attracted funds.
Which mutual fund to choose depends on the purpose of investment.
To accumulate funds for an expensive purchase (car, expensive household appliances, etc.), a bond fund is suitable.
For the task of accumulating significant funds that are supposed to be spent over a long period of time (for the education of children, the purchase of an apartment) - a mixed mutual fund.
With a long-term investment strategy ( pension savings) the best will be a mutual fund of shares.
A mutual 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 FCSM certificates.
2. Availability, since the amount of investment can start from 1 - 3 thousand rubles.
3. High share liquidity (for open funds).
4. Strict control over activities by the state.
5. Transparent infrastructure: shareholders' funds are separated from the funds of the management company and are stored in a specialized depository.
6. No taxation of current operations. Payment income tax or income tax is made only by the investor and only when the share is sold.
7. Small costs. For their work, managers in total cannot take more than 5 percent of the commission.
It is important for investors to be careful and remember important rule: "Past returns on a mutual fund do not guarantee future returns." On the contrary, it often turns out that in the long run, managers fail to maintain a consistently high return on investment. Mutual funds also have other disadvantages:
1. Greater risk compared to fixed income instruments (deposits, bonds).
2. Low liquidity. The withdrawal procedure is approximately 7 days.
3. Additional costs for registration and storage of investment certificates.
4. Constantly paid remuneration to the management company, even at times 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.
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 the same management company.
Sberbank - Promising Bond Fund;
Alfa Capital Bonds Plus;
Gazprombank - Bonds Plus;
Raiffeisen - Bonds;
Sberbank - Ilya Muromets Bond Fund;
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 value of net assets, a report on the increase in the value of the fund's property, and the balance sheet of the fund's property. This is one of the safest ways to invest money, capable of giving a good financial result over a long period of time.
