A mutual fund allows members to earn income from investing in securities, real estate and other assets. Main Feature investing in mutual funds is a low level of risk compared to investing in stocks and bonds. The investor acquires a share in the property of the fund, while the management of the fund itself is carried out by a separate company - a professional market participant. If you have chosen the mutual fund and management company correctly, there is nothing to worry about: you will be able to receive a stable income and increase your savings. About all the nuances of the work of mutual funds in Russia and their classification - further.
The definition of mutual funds is given in Law No. 156-FZ of November 29, 2001 "On Investment Funds". According to the normative act, a mutual fund is a separate property complex consisting of property transferred to the company by the founder on the condition that this property be combined with the property of other founders, as well as property received as a result of the management itself. The share in the ownership of the property is certified by a security issued by the management company (MC). Simplifying, we can describe the process of the fund as follows. The investor transfers his funds to the management company, which invests them in those assets that it considers the most promising. The management company can purchase shares or bonds, invest in real estate, etc. Profit from the investment of funds of shareholders in certain assets is distributed among the participants of the mutual fund in proportion to the number of shares. The investor has a security that confirms his right to receive part of the fund's property.
Investing in mutual funds is beneficial for those investors who do not have sufficient knowledge of financial instruments, and therefore are afraid to make their own decisions regarding investing in stocks, bonds and other assets. In addition, you can invest in mutual funds with even a small amount of savings - from 1000 rubles or more.
The main advantage when investing in mutual funds is relative safety: the activities of the management company are controlled by government agencies. Besides, cash and the assets of the fund are separated from the property of the management company, therefore, even its bankruptcy will not harm the participants of the mutual fund. Investing in a mutual fund is also beneficial in terms of taxation. Income tax investors pay only upon withdrawal from the fund, regardless of changes in the value of the investment portfolio.
At the same time, speaking about the "pluses" of such an investment, one cannot fail to mention the "minuses". In fact, the management company plays the role of an intermediary, and it charges a certain fee for its services, which does not depend on whether the private investor received profits or losses. There are 3 types of MC remuneration:
By law, mutual funds are forbidden to advertise the expected return: they have the right to show only their previous results, on the basis of which investors can draw appropriate conclusions.
To understand which funds you can choose to invest in, it is important to understand their extensive classification, which we will discuss below.
Mutual funds are classified according to several principles. Depending on the method of buying and selling a share, there are 3 types of mutual funds:
Open funds hold their assets in a highly liquid form: they invest in government securities (at least 35% of total assets must be bonds); in securities of other states; into municipal and corporate securities (stocks and bonds Russian enterprises). When investing in corporate securities, the value of shares and bonds of one issuer cannot exceed 20% of the value of all fund assets. Also, open mutual funds can place investors' funds on bank accounts, but in such a way that the share of all funds placed in one bank does not exceed 20% of the total assets of the fund.
If we compare open, closed and interval mutual funds, then the first ones turn out to be convenient for the investor due to the opportunity to freely dispose of their funds. However, as in the case of deposits, maximum income can only be obtained by investing in long term, i.e. in closed and interval mutual funds.
According to the areas of investment, mutual funds are divided into funds of stocks, bonds, mixed investments, money market, venture funds(funds investing in innovative developments), hedge funds (managed by highly qualified investors, not common in Russia), real estate funds, etc. Only qualified investors can invest in venture capital, hedge funds, private equity funds, real estate funds and loan funds (this is a condition enshrined in legislative level). As a rule, such funds are closed. The concept of a “qualified investor” has appeared in Russia since 2007: such stock market participants can invest in more risky funds.
It's no secret that recently the population has been actively campaigning to invest in mutual funds: not always large and not always reliable, more often highly profitable, allowing you to make a profit of 50 to 100% per annum. We will talk about whether to trust such promises and how to choose a fund for investment in the next article.
Mutual funds vary in type valuable papers, which are purchased with the funds of the fund and are included in its composition:
Mutual funds of shares. Mutual investment funds, as the name suggests, consist of shares of companies (open joint stock companies). Shares are acquired by the management company with money contributed to the fund by shareholders. When the price of the shares included in the mutual fund grows (according to the results of trading on the stock exchanges), the price of the shares of the mutual fund also grows. When the share price falls, the shares become cheaper. A task management company buy stocks that are about to rise in price and sell shares that are about to fall in price. The profitability of the mutual fund depends on how well the management company guesses (calculates) which shares to sell and which to buy. Shares bring dividends, but these dividends are not paid to shareholders, they are included in the NAV and increase the price of the share - as a result, the shareholder receives these dividends when the shares are redeemed as part of the share price. The right to vote on voting shares also does not pass to shareholders, it is disposed of by management companies.
Equity mutual funds are the most risky type of mutual funds. Returns range from negative to high positive. The maximum profitability and maximum losses among mutual funds are in share mutual funds. These funds are quite different from each other: for example, some invest mainly in blue chips, which have minimal risk, others - in second-tier stocks, with the maximum risk of loss, but also the maximum possible return.
Mutual funds of bonds. Bond mutual funds are the least risky investments, 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%, although there are mutual funds of bonds earning 15-25% per annum (you can see, for example, in this rating, scroll down to the heading BOND FUNDS), but so high the yield is most likely caused by the inclusion of shares in a mutual fund - the share of shares in a mutual fund of bonds can reach 50%.
The advantage of a mutual fund of bonds over a bank deposit is that you can withdraw money from the fund at any time without losing interest earned, while to receive interest on bank deposit money must be kept in the account for a certain fixed period, and interest will be lost if the money is withdrawn before the expiration of this period. However, this advantage has practically disappeared due to the alignment of yields on bonds and deposits, from which you can withdraw money at any time, about this in the article "The time for bonds has passed."
Bond mutual funds can be used as a safe haven for capital during a down market. To do this, you need to initially invest in mutual funds of shares of such management companies that manage a whole line of mutual funds (the majority of them), among which there are mutual funds of bonds. The management company should allow money to be transferred from a mutual fund to a mutual fund without any deductions from the shareholder. Then, in times unfavorable for the market, you can simply transfer all capital from a share mutual fund to a bond mutual fund, and not take money from mutual funds in general, for which you have to pay both a management company discount and a tax to the state.
Mixed mutual funds. Mixed mutual funds (mutual investment funds) are hybrids of mutual funds of shares and mutual funds of bonds, i.e. they consist of both types of securities. Such funds have the most flexible strategies: they can be 100% stocks during a market up and 100% bonds during a down market. During periods of uncertainty in the market, when it is not clear where the market will move tomorrow, such funds are the best option for investing capital.
Even though mixed mutual funds can perform exactly the same as stock mutual funds (there are no restrictions on the share of shares in a mixed fund), the latter, as a rule, still perform better. Mixed funds try not to take risks like equity funds in order to meet the expectations of their shareholders, who choose such funds for a compromise of medium return and medium, and by no means high risk.
Funds of funds. The Fund of Funds invests the funds of shareholders in mutual funds of all categories of different management companies. Such a mutual fund is suitable for investors who want to avoid possible management errors on the part of a single management company. In fact, the funds of this mutual fund are managed by several management companies - all of which shares of mutual funds are included in this fund of funds.
Mutual funds also differ in the freedom of the shareholder to choose the time for buying and selling shares:
Open mutual funds. If the mutual fund is open, you can buy, exchange and redeem shares on any business day. Of the three types - open, interval, closed - this type is the least risky, because. you can redeem the share when there are fears of a strong fall in its price.
Open mutual funds tend to invest primarily in blue chips and the most reliable bonds.
We can say that these are mutual funds for novice investors who are not accustomed to market risk, providing the shareholder with maximum control.
Interval mutual funds. Units of an interval mutual fund can be bought, exchanged and redeemed only at certain fixed intervals several times a year (usually two weeks four times a year). These are more risky mutual funds, because it is impossible to redeem a share when there are fears of a strong fall in its price, if the interval is not "open", i.e. the period when it is possible to make transactions with shares has not come.
Interval mutual funds give managers the opportunity to invest 100% of the funds of the mutual fund in securities for the period until the next interval of purchases / redemptions of units - for the whole quarter, because. shareholders cannot redeem shares during this period, and the mutual fund does not need cash. This increases the yield of the mutual fund. Also, interval mutual funds can invest in riskier and therefore more profitable stocks, which can well "fail" in a short period and this will not cause an outflow of funds from the mutual fund - shareholders simply will not be able to withdraw them. In general, interval mutual funds give more freedom to managers - professional investors, protecting their actions from the actions of non-professional investors - shareholders.
In 2006, interval mutual funds showed the highest yield among open and interval mutual funds. For example, the mutual fund Almaz Management Company of Rosbank earned its shareholders 110% per annum. The highest score among open mutual funds was 80%.
Closed mutual funds. Closed mutual funds invest in such assets that cannot be partially sold in order to redeem the shares of one or more shareholders, but it is only possible to sell all the property of the mutual fund and redeem all the shares. A closed mutual fund itself is similar to a company, a business. You put money into it and you can't withdraw it for several years. At this time, your money is used
For the purchase of real estate, commercial use which ensures the capital growth of the mutual fund (real estate mutual funds).
Or, at the expense of shareholders, shares in the authorized capitals of companies whose shares are not traded on the exchange - closed joint-stock companies, CJSC (venture mutual funds) are acquired.
The third investment option for a closed mutual fund is land (land mutual funds).
If the mutual fund copies any index, i.e. does not make independent decisions when choosing securities, then such a mutual fund is called an index mutual fund.
Index mutual fund. An index mutual fund copies some index with its composition. Which one is indicated in the name of the mutual fund (as a rule, these are the RTS or MICEX indices). The fund manager monitors changes in the composition of the index and makes appropriate changes to the portfolio of the mutual fund.
Index mutual funds are an example of passive fund management, as the manager does not have to make decisions about which securities to buy or sell for the fund. The real market index is used as a cheat sheet. Passive control is cheaper than active control; the management company's remuneration for such mutual funds is lower. In fact, such a mutual fund is controlled by the market. If a mutual fund buys securities only in a certain sector of the economy, then such a mutual fund is called: Industry or sector mutual fund.
Branch (sectoral) unit investment fund. The funds of an industry-specific mutual fund are invested in securities of any one sector of the economy, for example, only in electric power or only in financial companies. By choosing such a fund, the shareholder, as it were, limits the freedom of the fund manager to make decisions regarding the composition of the mutual fund portfolio within the framework of one industry, assuming responsibility for choosing the industry. If the selected industry shows poor results, then the low income is already on the conscience of the shareholder, and not the management company (unless, of course, this income corresponds to the income of the industry, and not below it).
The Federal Law of the Russian Federation "On share investment contributions" (FZ-156 of November 29, 2001) distinguishes three types of share investment funds- open-end mutual investment fund (OPIF), interval mutual investment fund (IPIF) and closed-end mutual investment fund (CPIF). 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-end mutual investment fund, an investor has the right to acquire a share only when the fund is formed or 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, 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 the 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 of redemption of the share by the shareholders, the 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.
On the financial market a special group of mutual investment funds is allocated - 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 limited 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 |
||
|
mortgage |
||
|
art treasures |
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|
credit |
||
|
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 tool. 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 that are 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.
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) Federal Law of 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 information systems personal data";
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 of 07.05.1998 No. 75-FZ “On Non-State Pension Funds”;
11) Federal Law No. 156-FZ dated November 29, 2001 “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 scope 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, in Pension Fund 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 of the activities of OOO KBF UA;
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) considering the possibility of establishing contractual relations with a PD subject in the financial market by concluding an agreement in order to further provide 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 government 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, holiday greetings;
24) promotion of products and services on the securities market through direct contacts 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) issues 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 OOO KBF UA;
7) other measures provided for by the legislation of the Russian Federation in the field of personal data.
What is a mutual fund? This is a unique form of investment that provides ample opportunities to increase the personal savings of individuals.
An important advantage is the diversification of risks even with small deposits.
A mutual fund is property complex of assets, which is managed by a management company that seeks to increase the value of the property.
A mutual investment fund is not an independent organization, but only a set of property (assets) that is under management.
Investors do not receive dividends, their profit is the difference in the value of assets. Profit is shared between all shareholders and depends on the number of shares.
A share is a security giving the right to own part of the fund's property and receive funds upon its redemption.
According to the Bank of Russia, as of December 31, 2016, the number of unit holders was 1.5 million people. The value of net assets is increasing and at the end of the year amounted to 2.5 trillion. rubles.
The total cost of mutual funds amounted to 2.7 trillion. rubles. Almost half of all assets are investments in real estate and mortgage-backed securities.
According to the areas of investment, the following types of mutual funds are distinguished.
Depending on when you can buy or sell shares, mutual funds are:
Open funds allow investors to buy and sell their shares on any business day. This type of mutual funds is dominated by highly liquid assets.
Interval (adjacent) – conducting such transactions strictly on certain days, usually one to four intervals are provided per year. They are also dominated by less liquid assets.
A closed-end fund is different in that investors can purchase shares only during the period of its formation or with an additional issue of shares, and sell them only when the contract with the management company expires. It opens for a strictly specified period - from one year to 15 years. Usually this type is created for a certain circle of investors. His assets include illiquid assets.
AT federal law dated November 29, 2001 No. 156-FZ “On Investment Funds”, the main definitions are given, relating to mutual funds, as well as the conditions for calculating the value of shares, the rules for the implementation of trust management, etc.
Typical rules for trust management are described in the Decrees of the Government of Russia of July 25, 2002 N 564, of August 27, 2002 N 633, of September 18, 2002 N 684.
The activities of the management company and the functioning of mutual funds are regulated by various resolutions of the Federal Commission for the Securities Market, orders of the Federal Financial Markets Service and instructions of the Bank of Russia.
The government approaches the creation of mutual funds with particular care: a complete regulatory and legal framework has been provided, designed to prevent dishonest practices.
And disadvantages.
