A mutual fund is simply the funds of all shareholders added together, with which the management company purchases securities or other assets permitted for mutual funds by Russian law. The owners of all mutual fund property are the shareholders. The management company only carries out trust management exclusively in the interests of shareholders and only within the framework of the law “On Investment Funds” and the regulations of the state regulatory body (Federal Service for Financial Markets, abbreviated as FFMS of Russia).

Moreover, the mutual fund itself is not a legal entity. A mutual fund is called a property complex. In order to protect the funds of shareholders, funds are managed and stored by different companies. The fact is that all securities are accounted for in a special organization - a specialized depository, which not only stores securities, but also controls all operations with the funds of the mutual fund. Any order on the purchase or sale of securities or other expenditure of funds from a mutual fund must be signed not only by the head of the management company, but also by a responsible employee of the special depository.

Companies are jointly and severally liable, and they will answer with their property for any violation of the rules of the mutual fund. If the management company wants to carry out transactions that do not comply with the fund’s investment declaration, the specialized depository will not give consent to them and will block the transaction.

A specialized depository does not have the right to use and dispose of the property of a mutual fund; its task is to keep records of this property and control the actions of the management company. It is important to note that the specialized depository determines the value of the fund’s net assets, the estimated value of the unit and the number of units issued, thereby controlling the management company.

The rights of shareholders to a share of property in a mutual fund are taken into account in a register maintained by a special company - a specialized registrar (legislation allows a specialized depository to perform this function). The register records all information about the owners of investment units and the number of units they own, information about the total number of issued and redeemed investment units. The register also maintains records of the purchase, exchange, transfer or redemption of units by the owner. As you can see, this important function of maintaining the register of shareholders is performed not by the management company itself, but by another organization - a specialized registrar. The correctness of accounting and reporting of the management company is checked by the auditor.

Thus, not one, but four organizations participate in the work of the mutual fund, which guarantees the reliability of the mutual fund. Management companies, special depositories and special registrars are licensed by the Federal Financial Markets Service of Russia, and auditors are licensed by the Ministry of Finance. Each of these organizations has strict requirements.

The principle of separating the management of shareholders’ funds from their storage is a unique mechanism that allows for high security for investors. It is thanks to this principle and strict control by the state that during the entire period of operation of Russian mutual funds there has not been a single case of deception of shareholders, not a single scandal. Truly this is a unique situation for Russia! However, there is a first time for everything, and the first bells already rang when, due to problems of the founders, two management companies were unable to continue their work. We are talking about the companies “Top Capital” and “Oil and Gas Assets”. These cases confirm that the younger the companies, the more dependent they are on funding from founders and the greater their risks.

For settlements on transactions related to the trust management of a mutual investment fund, the management company has separate bank accounts. Shareholders transfer funds for purchased shares to these accounts. The interaction scheme between the parties involved in the work of the fund is as follows:

1. The investor submits an application for the acquisition of investment units to the management company or through the fund’s agent for the acquisition and redemption of units and transfers the money to the fund’s account.

2. The management company sends documents to a specialized registrar, where a register of shareholders is maintained, for crediting shares to the investor.

3. The registrar sends the investor a notice of the acquisition of shares.

4. The management company gives an order to the broker to purchase securities and transfers money. Brokers purchase securities on the stock exchange.

5. The purchased securities are transferred to the fund's account in the depository, where the securities are recorded and stored. 6. The depositary credits the securities to the fund account.

What is a share

When depositing money into the fund, the investor becomes the owner of the share. But the shares are not issued in person - now almost all securities exist in book-entry form, and the rights to investment shares are recorded on personal accounts in the register of investment share owners. The register of fund shareholders, as you already know, is maintained by a specialized registrar or a specialized depository. They record the number of shares of each shareholder and issue shareholders with extracts from the register as confirmation of their ownership rights to the shares.

As stated in the Federal Law “On Investment Funds”, an investment share is a registered security certifying its owner’s share in the ownership of the property that makes up the mutual investment fund. The share gives the right to demand from the management company proper fiduciary management of the mutual investment fund and the right to receive monetary compensation upon termination of the fund's activities.

The investment share also gives the owner the right to demand from the management company the redemption of the investment share and payment of monetary compensation in connection with this.

The owner of investment units can dispose of investment units in the same way as any other security. They can be sold, donated, bequeathed, inherited, left as collateral, etc.

An investment unit has no nominal value, and the number of investment units belonging to one owner can be expressed as a fraction. When an investor becomes a shareholder in a fund, he does not buy a whole number of shares, but simply contributes to the fund any amount of funds not lower than the minimum amount determined by the management company for each fund. A certain number of shares is recorded in the shareholder's account, which is determined by dividing the amount of funds contributed by the shareholder by the estimated value of the share on the day the entry is made in the register (the amount is reduced by the amount of the premium). For example, on a personal account it may be recorded that the shareholder owns 325.23456 shares.

The number of units in open-ended and interval funds is not limited. The management company will issue as many shares as the funds contributed by shareholders throughout the entire life of the fund. In a closed-end fund, the number of shares is limited by the management company for the entire period of its operation.

There are two important indicators for each fund. The first indicator is the estimated value of the share. Based on the estimated value of the share, the management company issues and redeems shares. The shareholder's income depends on changes in the estimated value of the share. The second indicator is the net asset value (NAV) of the fund. NAV characterizes the size of the fund. Net asset value is determined as follows. The value of all fund property (securities, deposits, cash, accounts receivable) is summed up and accounts payable and reserves for future expenses and payments are subtracted.

Based on the value of the fund's net assets, the estimated value of the share is determined. To do this, the NAV of the fund is divided by the total number of issued shares:

Estimated share value = NAV / Number of shares

The calculation of the net asset value and the value of the share is carried out simultaneously by both the management company and the specialized depository of the mutual fund. This is a necessary condition for the accuracy of the calculation, thus the depository controls the management company. After confirmation by a specialized depository of the net asset value and the estimated value of the share, the management company discloses this information to all interested parties.

It is important to note that the estimated value of a share of an open-end mutual investment fund is determined and published by the management company on a daily basis. The estimated value of a unit of an interval mutual investment fund is determined by the management company on a monthly basis, as well as on the last day of each interval for accepting applications from shareholders to carry out transactions with shares.

The value of a fund's assets changes based on two factors: how shareholders deposit and withdraw money from the fund and how the market value of securities in the fund's portfolio changes. And the estimated value of the share depends only on one of these factors – changes in the market value of securities in the fund’s portfolio. Management companies disclose information about the net asset value of funds. A graph or table of changes in the value of the fund’s net assets can be found on the company’s website or requested at the application office. But in this form, these data do not provide an idea of ​​why the NAV of the fund is changing - either the securities in the fund’s portfolio are growing (falling), or shareholders are actively buying (selling) shares.

If you compare the growth of two indicators - the estimated value of the share and the net asset value for any period of time, you can find out whether shareholders are investing money or withdrawing it from the fund. Thus, the NAV dynamics are cleared of the influence of changes in market prices of securities.

If the increase in NAV is equal to the increase in the value of the share for the selected period of time, it means that the value of the fund’s assets changes only due to changes in the price of securities and there is no general trend in the purchase or sale of shares. Shareholders do not join the fund and do not leave it. If the increase in NAV is greater than the increase in the value of the share, it means that the balance of sales of shares is positive - shareholders buy more shares than they sell. This does not in any way affect the results of fund management by the management company and does not in any way affect other shareholders (especially if the fund is large and has many small shareholders). But these data give us an idea of ​​how other shareholders assess the attractiveness of this fund and the current situation on the securities market, as well as how actively the management company attracts shareholders.

How does a shareholder receive income?

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

Owners of shares of open-ended and interval mutual funds are not accrued or paid any income in the form of interest or dividends. The shareholder receives income only when the shares are redeemed by the management company or when the shares are sold on the secondary market (of course, if the value of the shares has increased and covered all the shareholder’s expenses). In closed mutual funds, periodic payments can be established, a kind of analogue of dividends.

Purchase and sale of shares

After submitting an application and receiving money into the fund’s account, the investor opens an account in the register of shareholders, where the shares purchased by him are credited. The register of shareholders is a system of records that keeps records of who owns and how many shares.

Confirmation of the purchase of shares is an extract from the register. When redeeming shares, the shareholder submits an application for redemption of shares to the management company or any agent of the fund. An entry is made in the register of shareholders that the shares have been redeemed, and the shareholder is transferred money to his bank account. The shareholder is also given an extract from the register.

We have now looked at the purchase and sale of shares in the primary market. Mutual fund units are securities and have free circulation on the market. They, like any security (stocks, bonds), can also be bought or sold on the secondary market, either from a friend or through a broker. Imagine that in your city there are no management companies or agents for buying and selling shares. Or you need to sell shares of an interval fund without waiting for the interval opening period. In both cases, secondary circulation of shares will help you.

Secondary circulation of shares differs from primary circulation in that transactions with shares are carried out not through the management company, but with other owners of shares, for example, through brokerage companies. The mutual fund management company does not participate in these operations. Transactions with units in the secondary market can be made both on the exchange and off the exchange.

Buying and selling shares on the stock exchange

In 2003, secondary exchange trading of shares of some mutual investment funds began on the RTS Stock Exchange and the Moscow Interbank Currency Exchange. This means that mutual fund shares are among those securities that are bought and sold on the stock exchange. Exchange trading of shares allows investors to buy shares of investment funds regardless of their territorial location. The organization of exchange circulation of shares also creates additional opportunities for investors who invest in interval funds, since shares can be bought and sold on the exchange at any time, and not only during the opening period of the interval established by the management company. Thus, investors can exit these funds at any time, locking in profits.

Exchange trading is even more important for closed-end mutual funds. The organization of secondary circulation allows investors to sell shares of closed-end real estate funds without waiting for the end of the fund's life. It becomes easier to buy shares. If the minimum amounts for the formation of real estate funds are millions of rubles, then on the stock exchange private investors will be able to buy shares for significantly smaller amounts.

Shares of 10 funds are traded on the RTS exchange under the management of 4 management companies: Interfin CAPITAL, OLMA-FINANCE, Otkritie, Troika Dialog. Shares of almost 80 funds under the management of 39 management companies are traded on the MICEX exchange. The circulation of investment units on exchanges is organized according to the same scheme as trading in shares and corporate bonds. To purchase shares on the stock exchange, you need to contact a broker who has access to these trading platforms, enter into an agreement for brokerage services, open an account with the broker and deposit money into the account. You can make transactions with shares via the Internet and the trading system, as well as by giving instructions to the broker directly or by phone.

Exchange trading of shares is just beginning to develop. Transactions with shares on the stock exchange are still quite rare. The main problem with exchange trading of shares is the small number of sellers and buyers who are ready to make such transactions. The exchange market for shares is illiquid. This means that there are few offers for the purchase and sale of shares at the auction, the difference between the offer and demand prices can be several percent, and the price of transactions differs unfavorably from the price calculated by the management company. All this makes exchange trading of shares unattractive for investors. As the liquidity of the exchange market increases, transactions with shares on the exchange will have their advantages over the purchase and sale of shares through a management company.

With the traditional sale of shares on the primary market, you need to submit an application to the management company, in about a day an entry will be made in the register, then it will take a few more days (up to two weeks) to transfer the money to the shareholder’s account. In the case of an interval fund, this process is extended over an even longer period.

When making a transaction on the stock exchange through an online broker, the operation will take a few seconds, and the money from the sale of shares will immediately go to your account with the broker. And the money will be transferred to your bank account by the broker in a matter of days. Although mutual funds are a long-term instrument, it never hurts to be proactive, especially if force majeure events occur in the stock market, such as a drop in the stock market as a result of negative political news. Exchange trading allows you to provide this operational advantage.

Purchase and sale of shares on the secondary over-the-counter market

Buying and selling shares of interval funds only during the opening period of the interval is not very convenient. Many investors would like to trade interval fund shares on any given day. To do this, some management companies (for example, Uralsib, KIT Finance) organize secondary circulation of shares outside the stock exchange through an investment company or bank. This company (bank) sells and buys back shares from shareholders on any working day. During the opening period of the interval, the company (bank) buys and redeems shares in the management company. But the mutual fund management company itself does not participate in operations on the secondary market. The owner of the shares is another company (bank). To complete the transaction, the investor and this owner enter into a purchase and sale agreement.

Price for shares on the secondary

The market is formed as follows: every day the company (bank), which acts as the owner of the shares, sets its price for the share. This price may differ from the estimated value of the share determined by the management company by 1–2%.

When purchasing units on the secondary market, it is important to understand how ownership of the units is transferred and which custodian maintains ownership records for them. Two secondary circulation schemes are used. In the first case, when purchasing shares on the secondary market from the owner company, the shareholder opens a personal account in the register of fund shareholders. The selling company, on the basis of a share purchase and sale agreement, instructs the organization maintaining the register to transfer the shares to the account of the new owner. The same thing happens when selling shares on the secondary market, only now the order to transfer the shares to the new owner’s account in the register is given by the shareholder.

In the second case, the shareholder’s ownership of the shares is registered in the register of owners of investment shares on the personal account of the nominal holder. Another depositary acts as such a nominal holder. The nominee holder of securities is registered in the registry system. He is a depositor (i.e. shares are registered with him), but he is not the owner of these securities. The nominal holder himself keeps track of which of the shareholders owns how many shares. Only professional participants in the securities market - depositories - can be a nominal holder.

Units purchased on the secondary market can be redeemed at the management company during the opening period of the interval. To do this, the shareholder must submit an order to redeem the shares to the depositary - the nominal holder. The depositary, as a nominee holder, submits applications indicating the name of the owner of the investment units to the management company of the mutual investment fund, which carries out the redemption of the investment fund units. Money from the redemption of units is transferred to the account of the unit owner specified in the application for redemption.

Shareholder expenses

When investing in mutual funds, the shareholder incurs certain expenses. They can be divided into two groups: expenses that an investor incurs when purchasing and redeeming shares, and expenses that are reflected daily in the value of shares.

Let's look at the first group of expenses, since they are the most obvious. When purchasing shares, the shareholder immediately bears costs in the form of a so-called premium to the cost of the share. This means that shares are sold to you more expensive by the amount of the premium. You contributed 10,000 rubles to the mutual fund, the premium to the value of the share is 1%, in total you will only have shares in the amount of 9,900 rubles in your account. The surcharge is charged to reimburse expenses associated with the issuance of shares. When submitting an application to purchase shares to a management company, the premium goes to the management company; when purchasing shares through an agent, the premium remains with the agent.

The maximum amount of the premium cannot be more than 1.5% of the estimated value of the investment share. In this case, the size of the premium, as a rule, varies depending on the amount contributed to the fund - the larger the amount, the lower the percentage of the premium. There are funds in which no premium is charged, for example, you deposited 30,000 rubles, and in your account you will have shares worth 30,000 rubles.

Similarly, when redeeming units, a discount is applied to the estimated value of the units. This means that you sell the shares for less than their current estimated value by the discount amount. For example, when selling 100 shares at an estimated cost of 500 rubles. and a 2% discount, the investor would receive the amount of 49,000 rubles. (excluding taxes).

The discount is charged to reimburse the costs of the management company or agent associated with the redemption of shares. The maximum discount cannot be more than 3% of the estimated value of the share. Typically, the discount is smaller the longer your money has been in the fund. After just six months, the size of the discount, as a rule, is significantly reduced. This is one of the reasons to invest in mutual funds for longer periods, at least six months or a year. This is how management companies regulate the investment period by the amount of the discount. Keep in mind that it is the holding period of the shares that will be taken into account. If you made several different purchases at different times, then the holding period for each portion of shares is calculated separately. When redeeming units, no further costs other than the discount (and taxes) will be charged.

The investment period is calculated not only from the date of purchase of shares, but also from the date of exchange of shares of one fund for shares of another mutual fund of the management company. When exchanging shares, the investment period is reset to zero, and the discount will be calculated based on the holding period of the shares of the last fund.

When exchanging units, no surcharges or discounts are charged. Allowances and discounts may vary between agents and management company. As a rule, agents have them a little higher. Premiums and discounts are determined by the management company; they are described in the rules of trust management of the mutual fund, including for each agent.

So, when buying shares you lose due to a premium (up to 1.5% of the amount), when selling shares you lose at a discount (up to 3%). Every day, shareholders lose part of the value of the share and other expenses that are collected by the management company from the fund’s property (i.e. at the expense of the shareholders). This is the cost of managing a mutual fund. They include remuneration for the management company, specialized depository, specialized registrar, appraiser and auditor. For reference: the amount of these expenses, according to the law, cannot exceed 10% of the average annual value of the fund’s net assets. In practice, competition forces managers to reduce management costs, so the average company fee for managing a mutual fund is about 3%, or more precisely, 2.72%. Bond fund management costs are lower, averaging 1.78% for open-end bond funds. Managers' remuneration for managing equity funds is higher. For open equity funds it is 3.24%, for interval equity funds – 3.36%. Sometimes management companies determine their commission only based on the growth of the fund's assets. No growth – the management company receives no income. This method of calculating remuneration makes a company's income directly dependent on its success, and we are confident that competition will force more and more companies to use this particular option for calculating their remuneration.

VAT is charged on expenses. Typically, the rules of the funds indicate expenses already including VAT. But some companies indicate the amount of expenses without VAT. In this case, it is necessary to make an appropriate adjustment when comparing several different management companies in terms of the size of their costs for managing the fund.

It is important that all these costs are already included in the estimated value of the share, which is published by the management company. This means that they will not reduce the estimated value of the share and the investor's return on investment. In fact, the shareholder does not even need to know how much money is spent on managing the fund. The shareholder knows the final result of management - the estimated value of the share and will redeem the shares at this value.

There is no need to necessarily compare funds based on the management company's remuneration - the fund with the highest expenses can also bring greater profitability to the shareholder due to the growth of shares. But this characteristic should not be neglected either. As you know, past income is not guaranteed in the future, but it is inevitable that a larger amount of remuneration will definitely “eat up” a large part of the income.

The final results of the shareholder’s investment will be influenced by the increase in the estimated value of the share during the investment period, taking into account the withheld premiums and discounts.

Other possible costs are associated only with transferring money to the mutual fund bank account and will be charged by your bank. But even on these expenses you can save if you deposit money into the fund through the bank where the account of this mutual fund is opened.

Investment share

Warehouse receipt

Investment share- (In accordance with Federal Law N 156-FZ “On Investment Funds” dated November 29, 2001) a registered security certifying its owner’s share in the ownership of the property constituting a mutual investment fund, the right to demand proper trust management from the management company mutual investment fund, the right to receive monetary compensation upon termination of the trust management agreement of the mutual investment fund with all owners of investment shares of this mutual investment fund (termination of the mutual investment fund).

An investment share of an open-end mutual investment fund also certifies the right of the owner of this share to demand from the management company the redemption of the investment share and payment in connection with this of monetary compensation commensurate with his share in the right of common ownership of the property constituting this mutual investment fund on any working day .

An investment share of a closed-end mutual investment fund also certifies the right of the owner of this share to demand from the management company the redemption of the investment share and payment in connection with this of monetary compensation commensurate with his share in the right of common ownership of the property constituting this mutual investment fund, in cases provided for by this Federal Law, the right to participate in the general meeting of owners of investment shares and, if the rules of trust management of this mutual investment fund provide for the payment of income from the trust management of the property constituting this mutual investment fund, the right to receive such income.

In fact, the shares of a closed mutual fund are redeemed upon expiration of the fund’s validity period. In order to provide shareholders with the opportunity to “enter” and “exit” at any time convenient for them, management companies organize exchange trading of shares for their funds.

Each investment share certifies the same share in the right of common ownership of the property constituting the mutual investment fund, and the same rights.

An investment unit is not an issue-grade security. The rights certified by the investment share are recorded in non-documentary form. The number of investment units issued by management companies of open-ended and interval mutual investment funds is not limited. The number of investment units issued by the management company of a closed-end mutual investment fund is indicated in the rules of trust management of this mutual investment fund.

The investment unit has no nominal value. The number of investment units owned by one owner can be expressed as a fraction.

The issue of securities derived from investment units is not permitted.

Investment shares are freely circulated upon completion of the formation of a mutual investment fund. Restrictions on the circulation of investment shares may be established by federal law. Accounting of rights to investment shares is carried out on personal accounts in the register of owners of investment shares and, if provided for by the rules of trust management of a mutual investment fund, in securities accounts of depositories, for which, for these purposes, personal accounts of nominal holders are opened in the register of owners of investment shares. In this case, depositories, with the exception of depositories that record rights to investment shares traded through a trade organizer, do not have the right to open securities accounts for other depositories that perform the functions of nominal holders of securities of their clients (depositors).

Notes

see also

Links

Wikimedia Foundation. 2010.

See what “Investment share” is in other dictionaries:

Legal dictionary

Investment share- 1. An investment share is a registered security that certifies its owner’s share in the ownership of the property constituting a mutual investment fund, the right to demand proper trust management from the management company... ... Official terminology

INVESTMENT UNIT- a registered security certifying the right of the investor, upon presentation by him to the management company, of a demand for the redemption of an investment share to receive funds in the amount determined based on the value of the property of the share investment... ... Encyclopedia of Russian and international taxation

1) part of the property complex constituting a mutual investment fund, the trust management of which is carried out by the management company for the purpose of their growth and in the interests of third party investors who have acquired the right to individual investment fund: 2) registered... ... Encyclopedia of Lawyer

INVESTMENT UNIT- (English investment share) – a registered non-issue security certifying: its owner’s share in the ownership of the property constituting a mutual investment fund (UIF); the right to demand from the company managing it proper... ... Financial and credit encyclopedic dictionary

A registered security certifying the right of the investor upon presentation of a demand for redemption of the I.p. to the management company. to receive funds in an amount determined based on the value of the mutual investment fund’s property as of the date... ... Encyclopedic Dictionary of Economics and Law

investment share- according to the Decree of the President of the Russian Federation On additional measures to improve the efficiency of the investment policy of the Russian Federation dated July 26, 1995, a registered security certifying the right of an investor upon presentation to the management company... ... Large legal dictionary

Investment share- – a registered security certifying the right of its owner to demand from the management company the redemption of the investment share owned by him in accordance with the rules of the fund... Stocks and bods market. Glossary of basic terms and concepts

Investment share (In accordance with Federal Law No. 156 Federal Law on Investment Funds dated November 29, 2001) a registered security certifying its owner’s share in the ownership of the property constituting a mutual investment fund ... Wikipedia

INVESTMENT UNIT- INVESTMENT UNIT... Legal encyclopedia

What is a mutual fund? What does the rating of mutual funds look like? What does buying an investment share give?

If you have ever read or at least leafed through articles on the topic of passive income, you have probably come across the abbreviation “PIF”. A mutual fund is a mutual investment fund based on the trust management of investors' money.

Any citizen who has the money to purchase one investment share has the right to become a member of the fund. This document gives him the right to receive profits in the future when the value of his share increases.

About, how mutual funds work and how to invest in mutual funds In order to get maximum profit, I, Denis Kuderin, an investment expert, will tell you in detail in a new publication.

The most patient readers will receive a review of profitable mutual funds and reliable management companies with the most favorable terms of cooperation, as well as tips on how not to lose money when investing.

So, go ahead!

1. What is a mutual fund

Investment funds are organizations with shared ownership that aim to preserve and increase the assets of participants. This is a form of collective investment that allows everyone to earn money on effective financial instruments.

Why do private individuals need to give money to some fund? Why not invest directly, independently and without intermediaries? The reason is that not every person has the skills to invest competently.

The level of financial literacy of the average citizen of the Russian Federation is close to zero. Even if he has savings, he often has no idea what to do with them.

The most creativity can do is put money into a bank deposit. But you yourself know that the profitability of such a deposit does not always cover inflation.

Keeping money at home means losing 5-10% per year of its value, or even more. The cost of goods and services increases almost monthly. At the same time, not everyone’s salaries are growing. What should I do?

Give money to those who know how to use it wisely and ultimately receive a profit that exceeds both inflation and interest on bank deposits. The assets of depositors are managed by the management company. It consists of professional financiers who are aware of which areas of investment will give maximum profit in the current economic situation.

It is more profitable to invest money in funds for another reason: the larger the capital, the more income it brings. In mutual funds, deposits are placed in a common pot and managed as one asset. This is much more profitable than operating with single deposits.

Mutual investment fund– a property complex based on trust management of assets in order to increase their value.

Every owner investment share has the right to part of the mutual fund's property and repayment of its share. That is, he has the right to sell his share at the current price and withdraw money from the fund.

The management company undertakes to manage the assets of investors - to invest them in order to multiply them. The choice of investment instruments depends on the type of fund. The investor has the right to choose a mutual fund based on his personal preferences.

The funds work with stocks, bonds, precious metals, money markets, startups and other areas. For their work, management companies receive remuneration in the form of a fixed amount or a percentage of income.

Let me explain with an example

You and three of your friends have decided to buy a young apple tree from the owner of an orchard, so that in a few years, when the tree begins to bear fruit, you can enjoy the delicious fruits, rather than buying apples at the market. This tree is your investment fund.

The owner of the garden will take care of the apple tree and receive several kilograms of fruit from each harvest. You and your friends will fairly divide the rest of the apples among you.

The owner of the garden (management company) is interested in ensuring that the tree grows healthy and produces a generous harvest. Therefore, he takes care of the apple tree, fertilizes the soil around it, protects it from pests, and waters it.

When you want oranges instead of apples, you will sell your share to friends or the owner of the orchard and buy an orange tree. Perhaps in another garden - that is, in another mutual fund.

The first mutual funds appeared in the United States in 1924, but investing in funds managed by professional managers reached a real boom in the 50s.

In Russia, mutual funds appeared at the dawn of the emergence of a market economy in the 1990s. Now there are hundreds of independent funds and the same number of management companies in the country. The activities of mutual funds are strictly regulated by law and government agencies.

Let's list all the advantages of mutual funds:

• a huge selection of investment instruments and directions;
• control at the federal level;
• higher income compared to bank deposits;
• relatively low risks;
• professional asset management;
• transparent structure of the organization;
• current financial transactions of funds are not subject to tax;
• low entry threshold - in some funds, shares cost from 1000 rubles;
• At any time, the shareholder has the right to sell his share and withdraw the money.

There are also disadvantages. The risk, although low, is still there. If you make a mistake in choosing a mutual fund, you will not receive any income. At the same time, the management company will still take money for its work.

Although the activities are controlled by the state, there are no legal requirements regarding the profitability of the funds.

Another way to jointly own property is.

2. What are the types of mutual funds - an overview of the TOP 3 types

There are several classifications of mutual funds.

They are divided by type of management, availability of deposits, and area of ​​activity.

All mutual funds operate according to the same scheme:

1. Participants contribute their share to the common pot - they buy shares according to their available funds.
2. The management company (MC) invests money in promising investment projects.
3. Profit from turnover is distributed among shareholders.

Funds can be open, closed and integrated. Decide right away which structure suits you best.

Type 1. Open-end mutual fund

Open-end funds practice free sale and purchase of investment units. You can become a member of the fund at any time if you have the desire and resources. The number of shareholders is not limited in any way. Such structures invest their assets in highly liquid and reliable instruments.

View 2. Closed mutual fund

Closed-end funds are designed for strictly defined periods. Shares are sold to participants immediately after the opening of the mutual fund, after which sales cease. You cannot withdraw funds before the end of the investment period, but you can sell shares to other participants.

Closed mutual funds usually specialize in a specific area of ​​investment. For example, they invest money only in real estate (often at the construction stage) or in innovative projects.

Sometimes it is a kind of private club created for specific projects. The cost of shares in such funds often amounts to millions of rubles, so only wealthy investors become shareholders.

View 3. Interval mutual fund

Interval funds sell and redeem investment units strictly within certain periods. This happens at least once a year. Such organizations work mainly with securities - they trade professionally on stock exchanges.

By area of ​​investment, mutual funds are divided into:

• equity funds;
• bonds;
• real estate;
• money market;
• credit;
• index.

The most popular type is securities funds.

The table shows the main criteria for distinguishing between open-ended, closed-end and interval-type funds:

Read other articles about passive income - “” and “”.

3. How to invest in mutual funds - step-by-step instructions for beginners

Every investor should first decide on the purpose of investment. Decide for yourself what kind of income you need - fast, stable, reliable, as high as possible? Only then choose a fund. And remember - the higher the income, the higher the risks.

Decide on the timing of the investment and the amount of assets. Mutual funds do not guarantee a fixed annual profit; they are not banks. Success depends on many variables - market conditions, professionalism of the management company, economic situation.

If you have already solved all the preliminary questions, proceed to investing. Here's a step-by-step guide.

Step 1. Choosing a management company

Managers will take care of all the management of assets and making a profit. Professional companies rarely engage in direct deception of investors. The law prohibits such structures from making unreasonable promises to investors.

Each company usually has several mutual funds. Diversification - the distribution of funds in different areas - reduces risks and allows you to use different investment strategies.

When choosing a management company, pay attention to the following parameters:

• number of funds under management – ​​the more, the better;
• commission size;
• total profitability;
• management policy - choose companies that combine high-risk and conservative instruments;
• time on the market;
• company rating in reputable agencies (“AAA” is the highest indicator in the National Rating Agency, “A+++” is the maximum reliability in RA Expert).

Also take a closer look at how profits are distributed. If a company is too generous in rewarding investors, it may be that it is less interested in making a profit than in attracting new participants.

In such organizations, income is generated not from promising investments, but from a constant influx of money. What does it look like? That's right - a financial pyramid. Stay away from such companies.

Step 2. Opening a bank account

Money is transferred to the fund through a bank account. The company will transfer funds to the same account when you decide to repay your investment share.

When choosing a bank, pay attention to the percentage that the institution takes for financial transactions to the account of the management company. The smaller it is, the better, of course.

And the best option is when the management company and the bank are part of the same financial group (for example: Alfa Capital Management Company - Alfa Bank). In this case, you will not be charged any money for the transfer.

Step 3. We fill out an application for multiple purchases of shares

The next stage is a visit to the management company with a passport and mutual fund details. Submit an application for the regular purchase of investment shares and become a full participant in the fund. If you are doing this for the first time, you need to fill out a registration form.

An agreement is concluded between the investor and the management company. I think there is no need to remind you that before signing any official documents, you need to carefully read them inside and out.

Step 4. We transfer money to the account of the management company

All that remains is to transfer the money to the management company’s account. Indicate the application number, date, your last name and initials in the payment purpose.

Each fund has its own minimum amount. In mutual funds aimed at private investors, this is 3-5 thousand rubles. There are organizations where the minimum contributions are 100,000 and above.

Step 5. We receive a notification about the transfer of shares to the investment account

During a personal visit, you will receive a notification about the receipt of funds in your investment account in 5-7 days. If this document arrives by mail, you will have to wait 10-14 days, depending on the efficiency of the postal service.

Read about another passive way to earn money in the article “”.

4. Rating of mutual funds with favorable terms of cooperation - review of the TOP 3 popular ones

Let's move on to a review of the most promising companies and funds under their management.

Compare, choose, purchase investment units.

The Uralsib management company was founded in 1996. The group manages mutual funds and non-state pension funds. The total number of shareholders at the time of writing is 52 thousand people. Invests in the most reliable and profitable areas.

Deposit sectors:

• energy;
• Natural resources;
• growth stocks;
• Eurobonds;
• gold;
• global commodity markets.

The cost of a share ranges from 5 to 25 thousand rubles. The shareholder has the right to independently choose the background and determine the direction of investment. The largest mutual fund from the management company today is Uralsib First. Designed for investors focused on long-term asset growth.

Otkritie is a brokerage company engaged in securities, stock exchange operations, and investing. The company's clients who wish to become shareholders of mutual funds have the right to choose funds from the most promising investment areas. The most popular instruments are stocks, bonds, foreign market funds, stock indices.

The cost of a share in various funds ranges from 900 to 2,500 rubles. Available mutual funds are “Raw Materials”, “Eurobonds”, “Foreign Property”, “Foreign Shares”. Recommended investment periods are from 1 year or more.

The management company Gazprombank works with individuals, insurance companies, non-state pension funds, cultural and educational organizations. At the time of writing the article, the company manages 11 open mutual funds, 6 closed and 1 interval. Included in the TOP 3 largest management companies in Russia. Has the highest reliability rating of AAA, assigned by the National Rating Agency.

5. How not to lose money when investing in mutual funds - 5 useful tips

Some tips for novice shareholders.

Follow them, and the risk of losing funds will be significantly reduced.

Tip 1. Keep an eye on the stock market

You need to buy and sell investment shares on time. The best time to buy mutual funds is after prices fall. Don’t be afraid of temporary price fluctuations: if you want to get the maximum profit, count on long-term investments.

Tip 2. Choose the most reliable mutual funds

If you want to sleep peacefully, choose reliable funds with a conservative investment strategy. Which mutual funds are the most stable? These are bond funds, mixed funds and funds of funds.

The advantage of mutual funds is their information openness. All interested parties have the right to familiarize themselves with data on the size of assets, the current value of the share, and investment operations. Do not neglect the client’s right to information and do not hesitate to ask questions to managers and operators.

If you want to reduce risks, divide your assets into different mutual funds or even different management companies. If you have a lot of eggs and a lot of baskets, the likelihood of losing your savings will be reduced to a minimum.

Tip 4. Improve your investor skills

Passive income is definitely great. But if you want to earn more, become a qualified investor. Read specialized literature. For example, “Rich Dad's Guide to Investing” by Robert Kiyosaki or “The Intelligent Investor” by Benjamin Graham.

A mutual fund is a unique form of collective investment of funds with subsequent receipt of profit. The funds of many investors are pooled into a single fund and some assets are purchased with it. They are bonds, shares, deposits, real estate, that is, the standard gentleman's set of financial instruments permitted by law. The activities of the fund's employees are aimed at obtaining maximum profit using the funds received under management, so that the fund's assets increase and shareholders can receive the profit they are entitled to.

Pros of a mutual fund

Starting capital may be small. Some funds are ready to accept a contribution in the amount of one thousand rubles. You don't have to study the market on your own. This is already being done by specially trained people working in the fund.

How it works

Not any organization, much less can create a mutual fund. This is a licensed activity. The license is issued by the Federal Service, which is responsible for control over the financial markets of the Russian Federation. This body both issues a license and controls the subsequent activities of the mutual fund. The inspection takes place at least once every three years. That is why the fund must conduct all operations correctly and work within the framework of the law.

As soon as a license is obtained, the fund can begin to attract investors (shareholders). These can be both citizens and organizations. Each person can buy shares for a certain amount of funds, and this amount is at the disposal of the managers. The fund, with the money of investors, can buy securities that are in free circulation and, by making such transactions, receives a profit, which leads to an increase in the value of the fund’s assets, which means the value of the shares increases.

Pai - what is it?

An investment share is a registered unit that records the fact that the investor has invested a certain amount of money in the fund. In other words, the investor thus fixes his own right to a share of the mutual fund’s property. Documentary ownership is formalized through an entry on the depositor’s personal account, which is opened in the mutual fund register. The number of shares an investor will own will likely be a fraction.

Change in unit value

The value of shares, like the value of any other asset, is subject to investment risks. The share does not have a nominal price, but its estimated value is calculated at certain intervals. Thus, open-end mutual funds calculate the price of the unit every working day (on holidays and weekends the cost is equal to the price for the last working day).

An interval mutual fund does this on the last day of the interval (the period when you can redeem and purchase shares) and the last working day of the month. Closed-end mutual funds calculate the cost on the last working day of the month and the day following the last day for submitting applications for the purchase of additional shares. All operations for the purchase/sale of shares of this fund are carried out based on their price on the last day when applications were accepted.

The value of the shares is calculated simply: the price of the mutual fund's net assets (NAV) is divided by the number of shares. Information about them can be viewed in the register of fund investors. The net assets of a mutual fund are determined by deducting the amount of the fund's liabilities from its assets (funds in the fund's deposits and accounts).

Profitability Guarantee

There is no guaranteed return on mutual funds, like other financial instruments. Everything is determined by the amount of supply and demand for stock assets. And mutual funds cannot provide guaranteed returns. Moreover, the information about the mutual fund cannot provide any guarantees regarding the profitability of the management company’s work in the future. This is described in more detail in Article 51 of the Federal Law “On Investment Funds”. However, the future investor must understand that only low-yield instruments, such as bonds, can guarantee profit. You just need to minimize the risks at the selection stage, and then the profitability of mutual funds will help increase your funds.

How is profit generated in the fund?

If an investor decided to invest one hundred thousand rubles in the fund, and the cost of one share at that moment was four thousand rubles, then he will be able to purchase twenty-five shares. Let’s say that after some time the fund’s assets have risen in price, and the cost of one share begins to equal six thousand rubles. The cost of all shares acquired by the investor in this case began to be one hundred fifty thousand rubles. So he was able to earn fifty thousand rubles without taking into account commissions and taxes. This is how each of the shareholders can receive their profit using mutual fund shares.

Rules for successful investing

The essence of the rules is simple. You should invest for the long term. A mutual fund is a long-term investment instrument (from two years). Therefore, all invested funds should lie quietly for the next two to three years and generate profit. Such investing is good because it is not affected by short-term fluctuations to which the stock market is so susceptible. This provides a higher level of profitability.

This also leads to the second rule: you should invest free funds that will not be needed in the near future. Investments for a short period of time are possible and, perhaps, even profitable. But this approach does not guarantee income from each investment in a mutual fund. You should invest in reliable mutual funds, reviews and ratings of which indicate the possibility of making a profit.

Rating of mutual funds

It is not difficult to obtain information about the performance of a particular fund. It is in the public domain. But when studying it, it is worth considering a number of points.

• What is the rating of the management company in terms of the volume of funds raised over the last year? Two years? Three? When studying the rating of mutual funds, you should understand that the investor invests funds for a long period of time, and the security of the investment and the success of the investment will depend on the ability of the management company to manage investors’ funds.
• What is the management company's net asset value rating? This value indicates how much funds of fund participants are managed by this management company. And the higher it is, the higher the popularity of the management company, and therefore the greater the trust in it.
• What is the rating of mutual funds by the volume of funds raised? It is better to check this indicator for a year and for three years.
• What is the mutual fund's rating based on net asset value?
• What is the mutual fund's profitability rating? It is this rating that attracts the attention of investors in the first place. This indicator ranks funds according to the amount of profitability they were able to achieve over a certain period of time. For example, the management of Sberbank mutual funds led to the fact that the Sberbank - Global Internet fund produced a return for the year of 49.91%.

How to buy shares?

There is nothing complicated here. It is enough to be in the office of the management company or contact its intermediary. The role of intermediary is often played by investment companies or banks. There you will be asked to fill out and sign the following documents:

• Application for opening a personal account. When a management company has several funds, and the investor decides to make contributions to more than one fund of this company, then accounts must be opened for each contribution.
• Registered person's profile.
• Application for the purchase of investment shares.

All documents are drawn up and signed in triplicate, and when working with an intermediary - in four. Of course, there is a bit of hassle with the papers. After a couple of days, the management company will receive an order to purchase shares with all the details.

Sale of shares

This action is similar to purchasing. You will also have to visit the office of the management company and write a statement, in this case about repayment. Usually, only a passport is required from the documents, but information about the number of shares owned by the investor and the personal account number are sometimes required. Therefore, it is better to go with a full package of documents.

It is worth remembering that sales and purchases from different mutual funds are carried out in different ways, or rather, at different times. Open-end funds, which are the majority, will allow the investor to sell on any business day, interval - at the time the interval opens, closed - when a mutual investment fund is formed or additional shares are placed. But there may be exceptions.

Sales and purchases of shares using a broker

Transactions with shares through a broker have their advantages.

• The purchase of shares of closed-end and interval funds is possible on any day when the exchange is open.
• It is possible to avoid premiums when purchasing and discounts when selling shares.
• Speed ​​of execution of an investor's request.
• There is no need to get to the management company's office.

However, there are also disadvantages. Not every mutual fund lists its shares on an exchange. Promstroybank, Metropol, Interfin Capital, Uralsib are examples of management companies listed on the stock exchange. Sberbank Asset Management, whose mutual funds are listed on the stock exchange, is also one of the largest management companies. Such shares do not have the highest liquidity and therefore the spread will be high. Instead of premiums and discounts, there will be commissions for the exchange and the broker (even if they are several times lower), as well as a fee, although not always, for depository services.

Mutual Fund. Banks

Many banks offer the “Deposit plus Mutual Fund” service. Thus, when placing funds, the investor places part of them at interest in the form of a deposit, and the rest is used to purchase shares of mutual investment funds managed by the management company of the same bank. Whether this is good or bad depends on the work of the management company. After all, if it performs well, the return on the shares will exceed the interest on the deposit, which, of course, will bring joy to the investor. Otherwise, the investor will regret the lost profit that he could have received when he placed all his available funds in the form of a deposit with interest.

Taxation

You will only have to pay when the shares are redeemed. And this is the only payment that needs to be “gifted” to your favorite tax office. Profit is easy to calculate - it is the difference between the current value of shares and the cost of purchasing them. Typically, the calculation and withholding of this tax from individuals is the responsibility of the management company. This means that the investor does not have to fill out a tax return on his own. For residents the tax will be 13 percent, for non-residents - 30 percent.

Shareholder expenses

There are two main types of commissions practiced in mutual funds.

• A commission that increases the cost of a share upon purchase (purchase premium). It should not exceed one and a half percent of the estimated value of one share. Some management companies do not charge it at all.
• A commission that reduces the price of a share upon sale (sale discount). It should not exceed three percent of the estimated cost.

Remunerations for the management company, appraiser, auditor, registrar, depository also belong to the expenses column. But they all lie within a few percent and are taken into account when calculating the value of shares.

Main players

1. Uralsib. Mutual funds: “Uralsib First”, “Uralsib Perspective Investments”, “Uralsib Eurobonds”, “Uralsib Financial Sector”, etc. Recently, there have been few positive reviews about Uralsib funds, and all of them are concentrated on non-core forums. The Uralsib management company, whose mutual funds initially showed very good returns, is now being sharply criticized by investors. Many investors believe that they could achieve much better results in terms of profitability on their own.
2. VTB mutual funds: “VTB - Eurobond Fund”, “VTB - Stock Fund”, “VTB - Balanced Fund”, “VTB - MICEX Index”, “VTB - Telecommunications Fund”, etc. VTB funds vary in profitability, but many complaints are received for customer service. Therefore, when considering VTB mutual funds as an investment instrument, you need to be prepared for this.
3. Sberbank's main management company is Sberbank Asset Management. Mutual Funds: “Sberbank - Natural Resources”, “Sberbank - Financial Sector”, “Sberbank - Europe”, “Sberbank - America”, “Sberbank - Gold”, etc. This management company has proven itself to be reliable, which is not surprising.

A few questions about mutual funds

Is it possible to donate shares? Yes, it's possible. It is enough to conclude a standard agreement in ordinary written form.

Can shares be inherited? Yes, they can, in general order. The Civil Code of the Russian Federation describes in detail how this is done.

Conclusion

So, mutual funds are a great way to invest and increase your funds. The main thing is to choose a worthy fund. When comparing a mutual fund and how to invest, a novice investor should choose the first option. After all, in addition to the advantages described above, there are additional ones:

• You can invest a small amount of money and get the benefits of the most profitable instruments (index portfolio, real estate and others).
• An investor, when investing money in mutual funds, trusts management to professionals (in this regard, a fund is similar to trust management).
• Although investing in a mutual fund does not allow you to use all the opportunities of the securities market yourself, the investor frees up his time for other things. And this, you see, is also a huge plus.

In other words, if an investor does not like to deal with all the intricacies of the securities market, but wants to invest money, then investment mutual funds are exactly the tool that will allow not only to preserve, but also to increase savings.

We got our first glimpse of .

It's time to figure it out what is an “investment share”, what properties this type is characterized by, what types of investment shares are usually divided into.

The concept of “investment share” is one of the basic ones that is mandatory for everyone who wants to invest in mutual funds and who is intrigued by the topic of collective investments.

What is an “investment share”?

Moving away from some traditions, we will formulate our own (non-strict) definition of the concept of an investment share.

An investment share is one of the types of securities.

In a number of ways they are very similar to the same ones.

For example, like shares, investment units are classified as registered securities: each share has a strong link to the name or title of its owner.

These rights are recorded on undocumented based on special register of investment unit owners.

Features of issuing an investment unit

The acquisition of investment shares is carried out through a mutual fund property management agreement.

These agreements are bilateral and are concluded between the management company and the owners of investment shares.

A mutual fund is considered valid as long as at least one trust management agreement concluded in the fund remains valid.

Otherwise, the mutual fund will cease its operation.

There are strict legal restrictions regarding the ability of certain entities to purchase investment units.

Types of investment units

It was noted above that any investment share “ennobles” its owner with a certain set of rights.

In addition to the basic rights, various types of investment shares “offer” additional opportunities and powers to their owners.

Depending on the volume and nature of the rights granted, it is possible to divide investment shares into types.

In law enforcement practice, it is customary to distinguish the following types of investment units: open, closed, interval and share.

Proposed classification of investment units has normative support. We will discuss further what specific additional rights the listed shares certify.

Units of open mutual funds

In addition to the rights and powers indicated above, investment shares of OPEN mutual funds guarantee their owner the opportunity on weekdays to demand from the management company to repay the share + in this regard, monetary compensation.

The amount of compensation paid must be proportionate to the share of the owner of the property share in the general right of the corresponding mutual fund.

Units of closed mutual funds

An investment share of a CLOSED mutual fund, as in the previous case, gives its owner the right to claim the share and pay monetary compensation in proportion to his share in the mutual fund’s property.

Such a requirement can be presented only in cases specifically provided for by law.

Owners of the designated units also have the right to attend general meetings of unit owners and receive from the trust management of the mutual fund's property, if the payment of such income is permissible in accordance with the rules of trust management of the mutual fund.

Owners of shares of exchange-traded mutual funds have the same right.

There are legal restrictions regarding the issuance of investment units in excess of the amount provided for by the rules for managing such a fund.

Units of interval mutual funds

The securities (units) of an INTERVAL PIF are very similar in their characteristics to the shares of an open mutual fund.

The only thing is that the possibility of presenting demands for redemption of a share and paying the corresponding monetary compensation can be exercised by the owner of a share of an interval mutual fund only during the period stipulated by the rules of trust management.

The exercise of this right must be ensured at least once a year.

Units of exchange-traded mutual funds

The most extensive rights are granted to their owners by investment shares of the most “mysterious” - EXCHANGE-TRADE - mutual funds.

In terms of submitting claims for redemption of shares and payment of monetary compensation, these shares are identical to shares of open mutual funds (this can be done on weekdays).

The rules of trust management of a mutual fund may establish a deadline for making such claims.

If such a period is established, the owner of the shares also has the right to demand from the management company the allocation of part of the common property.

Shares of exchange-traded mutual funds can also be sold on the exchange on weekdays.

Investment share: conclusion

The article provides primary information about investment shares, explains in detail what an investment share is, gives a definition of this concept, examines in detail the properties and characteristics of an investment share, provides a classification of investment shares, and touches on a number of other issues...

The topic, however, is far from exhausted. For example, we did not say a word about the possibility of purchasing FRACTIONAL parts of investment shares.

Beyond the scope of the article are the issues of issuing investment shares to the so-called qualified ones, and many other things that it would be useful to know about before starting to invest in mutual funds.

These are probably the topics of our future publications. That's all for today, good luck!