A mutual investment fund is one of the most developed and popular form of collective investment among the population, which allows investors to pool their funds under the trust management of a professional company and receive passive income. What types of mutual funds are there, and what investment assets do they use?

1 What is a mutual fund?

A mutual investment fund is not directly a legal entity; rather, it can be described as a "complex of market assets", but in fact, it is an investment portfolio. An investor, investing his money in a mutual fund, concludes an agreement with the management company for a trust management service and becomes the owner of a certain number of investment units.

The classification of mutual funds is based on various criteria for their functioning, the most important of which are the types of investment assets and the degree of accessibility of entering / exiting the mutual fund. According to the degree of availability, the following types of mutual funds are distinguished: open, interval, closed.

Open Fund (OPIF)

An investor can buy and sell a unit of an open-ended fund on any business day. That is, the capitalization of open-ended investment funds can expand or decrease over time without the need to hold meetings of shareholders in order to issue permission to the management company to increase/decrease capital, while the value of the share is calculated daily. As a rule, the management company invests the funds of shareholders only in highly liquid assets.

Interval fund (IPIF)

It is possible to buy/sell shares only during certain periods of time (intervals). Most often, there are four such intervals (once a quarter). The period during which operations with units are carried out lasts 2 weeks. The value of units in IPIF is calculated at the end of each month and at the end of the interval.

Considering that the manager does not need to ensure the redemption of shares every day, they are allowed to acquire securities with lower liquidity. Therefore, stocks often turn out to be significantly undervalued and, accordingly, potentially more profitable. But at the same time, you need to plan your investments, firstly, for a longer period, and secondly, you need to take into account the time factor when redeeming your share.

Closed fund (ZPIF)

An investor can buy shares only at the stage of fund formation or with an additional issue of shares, and redeem a share only at the end of the term of the trust management agreement. The number of shares is fixed, and the redemption and issue of additional shares requires the consent of the shareholders.

The absence of the need to redeem shares in a short time allows the management company to invest investors' capital in low-liquid assets (real estate), venture projects, mortgage bonds. Many closed-end funds list their units on exchanges, meaning they can be bought or sold on the secondary market at any time through a market quote broker.

Any types of mutual investment funds can be converted: for example, a closed mutual fund into an interval one, and an interval one into an open one. All types of mutual funds have their own specific features in work, different profitability and risk level.

2 Types of mutual funds by type of investment assets

Depending on the type of assets in which the fund mainly invests the capital of investors, the following types of mutual funds are distinguished:

1. Mutual investment funds of securities: bonds, shares;
2. Mutual investment funds of mixed investments: index, venture funds; real estate funds; money and commodity market funds; rental and credit mutual funds.

• Equity funds

Shares are the main investment instrument in the structure of assets. It can be like securities of leading enterprises (blue chips) in various sectors of the economy (RAO UES, Lukoil, Gazprom),and second-tier stocks. If at the dawn of the appearance of mutual funds investments were made mainly in blue chips, now managers are increasingly interested in second-tier stocks. Although they are less liquid, their upside potential is much higher than that of blue chips. AND whole line funds focuses on such shares.

If analysts believe that any sector of the economy has above average growth potential, then the fund will focus on securities of a particular industry, for example, shares of telecommunications companies, the fuel and energy complex, shares of electric power companies or companies in the financial sector. Most often, this approach takes place in sectoral mutual funds, so the growth in the value of a share of such a fund is often higher than the average for the entire stock market. However, the risks here are higher.

Some mutual funds are focused on preferred shares, since they provide for the payment of large dividends, respectively, the risks of falling in their value are reduced. In share mutual funds, the level of potential profitability and risks is high, so investments in them can be recommended if the investor chooses a moderately aggressive or aggressive capital investment strategy.

• Bond funds

The main investment asset is debt instruments (bonds, promissory notes). But here, too, there is specialization. There are funds that invest only in government bonds, while others, on the contrary, specialize in investing in corporate bonds. These are relatively reliable investment funds, however, there are certain risks if investments are made in so-called junk bonds, when their issuers, due to poor financial position unable to fulfill their obligations. Bond mutual funds have a low yield and are recommended when choosing a conservative investment strategy.

3 Mixed investment funds

In the asset structure of such funds, there are different ratios of shares and bonds. Mutual funds that use conservative strategies invest the bulk of their funds in bonds, and mutual funds with an aggressive work strategy invest in stocks. Some funds use a balanced approach strategy and constantly review their investment portfolio according to certain criteria.

• Index mutual funds

These are mutual funds, the asset structure of which, in fact, is tied to a specific stock index. Most index mutual funds in Russia are equity funds. stock index reflects in general terms the dynamics of the securities market (or any sector). In Russia, the main stock market indices are: the MICEX index and the RTS index. Index mutual funds are passively managed, since the manager must simply monitor the compliance of the structure investment portfolio index structure. This type is characterized by lower costs, which in the long run provides higher profitability. Therefore, these mutual funds are recommended for investors with an investment horizon of 2–3 years or more.

• Mutual funds of funds

These are mutual funds that invest money in shares of other mutual funds. The main task of managers is to analyze and select the best mutual funds. On Western market Funds of funds are the most popular investment vehicle. For Russian market this is a relatively new investment product that allows shareholders to entrust their savings simultaneously to a number of management companies that demonstrate the best rates of return in their market segments, which ensures maximum diversification of investments and reduces market risks by increasing the types of assets, the number of strategies and managers.

• Real estate funds

The main investment asset is real estate. Moreover, investments in real estate through mutual funds are more accessible and less risky due to the presence of control of the state regulatory body over their activities. Among real estate mutual funds, there are varieties. First of all, it is necessary to allocate rental funds that invest in commercial real estate, with income in the form of rent. Some mutual funds specialize in the construction of objects of various types of real estate (residential mass, individual, commercial). These are closed types, and investments in them are of a long-term nature.

We will not consider other types of mutual funds, since they are not designed for individuals. In conclusion, it should be noted that the presence of a large number of types and types of mutual funds allows you to choose the option that suits you, in accordance with your goals, requirements for the level of return and risk. Good luck!

Mutual investment funds are among the most accessible and stable financial instruments on the Russian market. They allow any willing citizen to receive income from investing in certain assets. What are the specifics of the activities of these financial institutions? What kind of income can be expected by working with mutual funds?

What is a PIF?

What is a mutual fund, or a special form of investment Money in the order of collective participation of contributors. It is supposed to transfer finances to the trust management of a special organization and subsequent profit, if the work of the partners is successful.

Investment in mutual funds is carried out through the purchase of certain shares - "shares". At the same time, investors remain their owners, the management company only carries out the necessary financial transactions.

What do mutual funds provide?

The main purpose for which investors go to mutual funds is to make a profit. Mutual investment funds allow even those investors who do not have significant experience in the field of investment to earn money - the entire volume of the relevant work is undertaken by the management company. The specialists of this organization, relying on their skills and competencies, find best options to invest the money they have at their disposal. The management company works for a percentage of financial transactions carried out using the capital of investors.

Legal status of mutual funds

What are mutual funds? It can be noted that they are not legal entities. At the same time, management companies of mutual funds should be such. Mainly, such a difference in legal statuses is due to the fact that both subjects of legal relations - mutual funds and management companies - do not overpay taxes. In the case of the considered scheme of their interaction, only the proceeds received by investors in the sale of shares, as well as the fees prescribed by law from the proceeds of the management company as a business entity, are subject to transfer to the treasury under the considered scheme of their interaction.

How funds work

The mutual fund operates on the basis of internal rules. They fix the conditions under which investors transfer financial resources under the management company. The relevant organization must have a license confirming its right to manage property owned by mutual funds. This document is issued by the Federal Commission on the Securities Market. One management company can create several mutual funds.

As soon as the relevant structure receives a license from the state, it must conclude several agreements - with a depository, a registrar, an independent appraiser, and an auditor. The rules that we mentioned above should be entered into the registers of the FCSM. Also, a special document is subject to registration in the relevant state structure - the prospectus for the issue of shares. As soon as the management company settles all the formalities, it can begin financial activities.

The first stage of activity of the management company is the initial placement of shares. In the course of this line of work, the management company must collect a minimum amount of capital. If this was not possible, then the mutual fund should be liquidated, and the funds transferred to the depositors.

Control over the work of funds

The activities of mutual funds are subject to state control. The main body that implements it is the FCSM. Thus, in the course of developing measures to regulate the activities of mutual funds, the legislator formed some rules that the relevant investment structures must comply with.

For example, assets owned by mutual funds must be managed by one company and held by another. At the legislative level, norms have been established that require detailed disclosure of information about investments. Reports of mutual funds also require a high degree of detail.

Is income guaranteed?

The specifics of the activity of mutual funds does not guarantee income for investors. The company that manages the mutual fund is obliged to redeem the units as soon as the investor so requests, but there are no legal requirements regarding profitability in relation to the structures in question. That is, despite the fact that mutual funds are positioned as financial instruments for investors who do not have extensive professional investment experience, it is assumed that capital owners are aware of all the associated market risks.

Essence of shares

Let's take a closer look at what investment shares are. When the investor transfers funds to the mutual fund, he, in fact, acquires a stake in the organization. Thus, the investment share of a mutual investment fund is a personified security, which indicates that its owner is among the owners of the property of the mutual fund. This citizen has the right to expect that the MC will properly manage the investment fund. He is also entitled to compensation in the event that the trust management contract is terminated.

The share does not have a minimum value. Its monetary value is expressed in terms of the fund's net asset value. That is, the cost of one taken share is a multiple of the total amount of funds of the mutual fund, divided by the number of shares. The price of the respective shares varies depending on the results of the investment. A share also cannot be considered an issue type of securities, like shares. At the same time, financial instruments of the corresponding type cannot be derivatives of units. The total number of shares in the capital of a unit investment fund is not limited by law.

Fund types

Consider what are mutual funds. There are several criteria for their classification. According to one of the most common, mutual funds can be divided into 3 types: open, closed, and interval. What are their specifics?

An open-end mutual fund is a financial institution that is considered the most common in its category. Their main feature is the free purchase and sale of shares. The amount of capital, as well as the number of investors are not limited. The type of mutual funds under consideration is characterized by investing in assets that are highly liquid.

Closed-end mutual funds are characterized by the fact that they sell the resulting shares when the fund is established. These structures do not redeem shares, except for precedents when a depositor makes claims to the rules of the Criminal Code. The corresponding funds are formed, as a rule, for a fixed period, which is negotiated with investors in advance. A closed-end mutual fund is a structure that often has an industry specialization. For example, its activities may be related to the real estate or innovation market. However, for example, the First Mutual Fund of Startups is open. Although its industry specialization is just the same innovation.

There are interval mutual funds. The peculiarity of their activity is that the sale of shares, as well as their redemption, is carried out at fixed intervals. At the same time, interval funds mainly work with shares. Therefore, in the potential such mutual funds (reviews of many investors confirm this) can be more profitable than, for example, open mutual funds.

There is another common criterion for classifying mutual funds - the scope of investment. Thus, the "First Mutual Fund of Startups", as we noted above, carries out activities in the field of innovation. But there are also mutual funds operating in the real goods market, in the industrial sector.

For example, funds, in the bond segment, invest money mainly in the corresponding state-issued, corporations, work with bank deposits and currency. Their assets are usually not formed from shares. Mutual funds belonging to this category are considered by many analysts as not the most profitable, but very reliable, due to the nature of bonds, which require the obligatory payment of appropriate dividends to depositors by their issuers.

In turn, mutual funds characterized by a risky investment strategy are those that work with shares. But at the same time, the yield in them can be incomparably higher than in funds that invest money in bonds. It can be noted that within this category of mutual funds there are additional grounds for classifying institutions. So, there are funds that specialize in investing in shares of large companies - "blue chips", and there are those that prefer to invest in the assets of newcomers.

There are mixed mutual funds. It is difficult to characterize them as leading activities in a particular segment. But at the same time, many of them combine the best qualities of funds specializing in stocks, namely high yields, and at the same time the characteristics of mutual funds investing in bonds, in particular stability. Investing in such institutions is recommended for investors for whom the relevant financial market is completely new.

Functions of mutual funds

It will be useful to consider what functions are typical for mutual funds. They can be classified into social and economic. The functions of the first type are:

• providing citizens with the opportunity to the usual sources of income - wages, deposits, even if they do not have specialized knowledge in the field of investment;
• promotion of financial education of the population (with time, the investor begins to understand the laws of the market that affect the success of investments);
• creation of jobs for financiers, as well as related specialists, lawyers, programmers, secretaries, sales managers.

Among the basic economic functions of mutual funds:

• increase in the capitalization of various business sectors, the financial market, which ultimately contributes to the growth of the country's economy;
• assistance to entrepreneurial initiatives, both direct (stimulating financiers with experience to open their businesses in the form of management companies) and indirect (forming investors' attitudes to earn money by improving their knowledge and skills in the field of investment);
• providing additional tax revenues to the budgets of various levels - at the expense of deductions from the income of depositors, as well as fees from the management company provided for by law.

Consider now the advantages and disadvantages of investing in mutual funds.

Advantages and disadvantages of investing in funds

Let's start with the advantages of investors working with mutual funds. The most important advantage that any mutual fund has is that the capital is managed by experienced experts. If this criterion is not met, then the management company simply will not receive a license from the FCSM. This department puts forward certain requirements for the professional qualifications of the owners of the management company, certifies them in the prescribed manner. Mutual funds are usually opened by investors with experience, confident in their abilities and skills.

Investments in the respective type of funds are very affordable. The minimum investment amount in most mutual funds is about 2-3 thousand rubles, sometimes even less. The expected return on them can be comparable to the profit from placing deposits in banks on the terms established for very large deposits - from several hundred thousand rubles.

In terms of the level of security, investing in mutual funds is comparable to the same bank deposits, which are characterized by very high state protection, in terms of a number of criteria. Control over the activities of funds is carried out by a separate department, and the procedures that make up the activity of mutual funds involve very strict monitoring. Strict state supervision is complemented by legislative requirements, for example, those that require the management company to place funds in a separate depository.

Among the significant advantages of mutual funds is soft taxation. Current transactions are not subject to fees. Payment of the necessary taxes is required only when the share is sold by the investor. In turn, the conditions of the UK on commissions are usually quite acceptable for depositors - as a rule, 3-4% of the capital turnover is taken.

Mutual funds also have disadvantages. First of all, a mutual fund cannot guarantee returns. At the same time, the success of the company in the past does not directly predetermine the high probability of repeating investment results. It often happens that a well-promoted and popular mutual fund, which deservedly received such a status, chooses not the most optimal investment strategy, as a result of which investors are left with nothing. It may also be related to new market conditions. In addition, even if the activity of the management company is unprofitable, the client still needs to pay it for services by deducting a commission.

Among the notable shortcomings of mutual funds is the relatively low rate of withdrawal of funds by the depositor. As a rule, the investor has to wait about a week for cashing out. At the same time, he may have expenses associated with the need to issue special investment certificates.

Experts on mutual funds

What are the opinions of experts regarding the activities of Russian mutual investment funds? Despite these shortcomings, analysts generally consider mutual funds to be reliable, transparent and affordable investment instruments. Specialists note that the activities of mutual funds are characterized by a very high degree of openness, due not only to the requirements of the law, but also to the client orientation of these institutions.

The most important thing, according to experts, is that the mutual fund is managed by professionals. There are financial instruments that assume that the profitability will depend directly on the actions of the investor. In the case of mutual funds, they can entrust their capital to experienced people.

Experts note that investors generally trust mutual funds. So, for example, after the end of the crisis of 2008-2009, when the expected investors from mutual funds occurred, many citizens began to return to interaction with funds as soon as possible. The dynamics of investment in many mutual funds exceeded the figures recorded before the crisis.

How much can you earn on mutual funds?

What is the expected return on investment in mutual funds? As we noted above, funds are divided into several categories - some, due to the desire to invest in shares of dynamically growing businesses, can be more profitable, others that prefer to invest in blue chips provide less profit. Moreover, in the first case, the probability that the investor will be left with nothing is, of course, higher.

It is extremely important how qualified the management company will approach investment issues. Mutual funds that are opened by experienced market players, as a rule, are more profitable and stable than those founded by beginners - despite the fact that there are strict requirements for their qualification at the level of the state regulator.

On open mutual funds specializing, for example, in bonds, the average yield is about 10-12% per annum. Funds that invest in stocks can provide more returns - on the order of 20%, sometimes more. Closed mutual funds in terms of profitability occupy a middle position between them. The Startup Mutual Fund, judging by some public data, recorded profits of several tens of percent per annum. But it depends on how much the main asset of this mutual fund increases - the capital of innovative companies. Some mutual funds of Sberbank, judging by public data, have a yield of more than 30% per annum.

Experts in the field of financial markets recommend working with several mutual funds at once, thereby diversifying investments. It also has the potential to increase profits. It makes sense, analysts believe, to compare mutual funds in terms of commissions and other expenses that are not directly related to the receipt of investment proceeds. You can also pay attention to the characteristics of the management company from the point of view of the founders. If the management company is opened by a major market player, as in the case of c, then its reliability is higher than that of firms that have recently appeared in the corresponding segment. Thus, an integrated approach to assessing the prospects for cooperation with a particular fund is optimal for a contributor.

Prospects for mutual funds

How promising can such a financial instrument as a mutual investment fund be considered? In general, experts assess it as having a very great potential due to the fact that the Russian economy, in many ways, belongs to the category of developing countries.

Many sectors in the national economic system of the Russian Federation are not saturated. Moreover, in connection with the well-known events in the foreign policy arena, new opportunities are opening up for many businesses, in particular in the field of import substitution. Even those industries that have traditionally been viewed as saturated (eg, food processing, some segments of engineering and the production of consumer goods) can receive additional incentives for growth. Therefore, financiers have a place to invest and, accordingly, management companies that own mutual funds too.

It is known that the profitability of similar structures in Europe as a whole is lower than in the Russian Federation. Therefore, experts assess the prospects of the funds as positive also in terms of the investment attractiveness of the Russian market for foreign partners. On the other hand, foreigners are quite attentive to the stability of national economic systems as a whole. The high yield of certain financial instruments, such as mutual funds, may certainly be of interest to them. But no less important factor for a foreign investor will be the stability of the economy as a whole, the strategic prospects for interaction with a particular market. Therefore, the attractiveness of Russian mutual funds will directly depend on how successfully the economic system countries in all other segments.

growing market

One way or another, according to many signs, the mutual fund market in the Russian Federation is growing, with prospects for a further increase in capacity. The past crisis has shown that investors generally trust funds. As the economic situation improves at the current stage of development of the national economy of the Russian Federation, it is possible that citizens will acquire new incentives for investing in assets with the assistance of managing companies of mutual funds. Most importantly, mutual funds are no longer perceived in the Russian Federation as an exotic financial instrument. Citizens are generally open to mutually beneficial cooperation with these financial institutions.

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.

Mutual Funds - definition, basic principles of work

The definition of mutual funds is given in Law No. 156-FZ of November 29, 2001 "On investment funds". According to normative act, a mutual investment fund is a separate property complex consisting of property transferred to the company by the founder with the condition of combining this property with the property of other founders, as well as property received as a result of the management itself. The share in the property right is certified by a security, the issuer of which is 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 about financial instruments, and therefore are afraid to make decisions on their own 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.

Pros and cons of investing in mutual funds

The main advantage when investing in mutual funds is relative safety: the activity of the management company is controlled government bodies. In addition, the funds and 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. Investors pay income tax 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 profit was received private investor or losses. There are 3 types of MC remuneration:

• premium when buying a share (up to 1.5% of the share value);
• discount when selling a share (up to 3% of its value);
• percentage of the value of the net assets of the fund (from 0.5 to 5% per annum of the value of assets).

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 Classification

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:

1. Open: The management company has the right to sell and buy shares at any time, therefore, investors can invest and withdraw their funds when it suits them.
2. Interval: redemption and sale of shares are carried out only in specific, predetermined periods. For example, during the week 4 times a year.
3. Closed (for example, mutual funds investing in real estate). You can sell a share only at the end of the life of the fund.

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 (shares and bonds of 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 in 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, the maximum income can only be obtained when investing for a long time, 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 that invest 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 at the 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 in recent years 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.

The Federal Law of the Russian Federation "On share investment contributions" (FZ-156 dated November 29, 2001) distinguishes three types of mutual investment funds - an open-ended mutual investment fund (OPIF), an interval mutual investment fund (IPIF) and a closed-end mutual investment fund (ZPIF) . Let's consider each type in detail.

Open Fund (OPIF)

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.

Closed fund (ZPIF)

In a closed mutual investment fund, an investor has the right to acquire a share only when a fund is formed or an additional issue is made. 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 a 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 the share is redeemed, the shareholders shall calculate and pay income tax to the budget.

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

A special group of mutual investment funds stands out in the financial market - for qualified investors. Such funds can be closed and interval, while the investment units included in them have turnover restrictions. It is not allowed to own shares in this fund by persons who are not included in the list of qualified investors. In addition, the disclosure of inside information about the fund's property is prohibited. However, the fund's shares for qualified investors are listed on the RTS and MICEX exchanges, but they are traded in a special closed regime with restricted access.

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

Classification of mutual funds by investment objects - categories:

OPIF	IPIF	ZPIF
bonds	bonds	bonds
mixed	mixed	mixed
index	index	index
monetary	monetary	monetary
stock	stock	stock
	commodity	commodity
		real estate
		mortgage
		art treasures
		credit
		venture
		direct investment

Equity mutual funds are the most popular category among private investors, they account for the largest share of the IPIF and OPIF market. At least 50% of the assets included in the mutual fund can be invested directly in shares, but on a quarterly basis, at least 2/3 of the total number of working days. In the stock portfolio, except for shares, it is allowed to have no more than 40% of bonds.

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

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

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

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

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

Commodity mutual funds - appeared on the stock market in 2009 and currently there are three commodity market. 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 investing in a similar asset. Advantages - tax incentives, greater liquidity, protection of the interests of investors and the possibility of additional attraction of shareholders.

Rent mutual funds - income from the lease of real estate objects leased from a shareholder. This category is a type of real estate mutual fund. Periodic profit payments are possible.

Mortgage mutual funds - the formation of an asset category is carried out at the expense of mortgage bonds.

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

Mutual funds credit - offered to banks as an anti-crisis tool to get rid of problem debt. It consists in the transfer of overdue loans for debt management in one mutual fund.

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

In addition, specializations of funds are distinguished in some categories. It should be noted that the legislation does not regulate the requirements for attributing one or another specialization to a certain category of mutual funds. However, leading management companies recommend that the asset of the declared specialization in the composition of the fund correspond to 70-75%. Most of these recommendations relate to sectoral mutual funds.

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

This is largely due to the changes taking place in the country's financial markets - a decrease in interest rates on bank deposits, depreciation of the dollar. Savers are becoming more receptive to information about new ways to save and grow their money.

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

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

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

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

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

2. What are mutual funds?

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

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

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

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

3. Investment share.

An investment share is a registered security. A share certifies the right of its owner to a share of the property constituting a unit investment fund. Investment share does not have face value, and the number of investment shares belonging to one owner can be expressed as a fractional number, which depends on the amount invested by the shareholder in the mutual fund. An investment share is a non-documentary security - the rights to investment shares are recorded on personal accounts in the register of investment share holders. Investment unit holders bear the risk of losses associated with changes in the market value of the property constituting the unit investment fund.

4. What is the shareholder's money invested in?

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

Venture (particularly risky) investment funds, among other things, may contain CJSC shares, shares in authorized capitals LLC (representing more than 50% of votes), promissory notes. In funds of funds, along with shares and bonds, there are shares of mutual investment funds, and in real estate funds - real estate, rights to real estate, etc. Index funds contain only cash and securities, the quotes of which are included in the calculation of any stock index.

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

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

5. Income of the shareholder.

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

No interest or dividend income is accrued or paid to the unit holders. The shareholder receives income only when his shares are sold back to the management company (of course, if the value of the shares has grown and covered all the expenses of the shareholder).

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

The net asset value is the difference between the assets and liabilities of a fund. Fund assets are property (securities, deposits, cash, accounts receivable etc.), and liabilities - accounts payable and reserves upcoming expenses and payments.

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

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

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

The management company may combine the activities of managing mutual funds only with the activities of trust management of securities, management of pension reserves of non-state pension funds and management of insurance reserves of insurance companies. So that the management company could not abuse the funds of investors, a separation of the management of funds from their storage was invented. Shareholders' funds are stored in another organization - a specialized depository, which not only stores them, but also controls the legality of transactions with these funds. This is called the principle of separation of property constituting a mutual investment fund from the property of the management company itself. For settlements on transactions related to trust management of a unit investment fund, a separate bank account (accounts) is opened, and for accounting for rights to securities constituting a unit investment fund, separate depo accounts in a specialized depository.

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

But the control over the activities of the management company does not end there. The management company is audited annually. Auditor's check accounting, accounting and reporting on the property of the fund, the composition and structure of the fund's assets, etc. are subject to state regulation of the activities of management companies of mutual investment funds, specialized depositories and state control over their activities are carried out by the Federal Commission for the Securities Market (FCSM). The management company is obliged to submit reports to the FCSM.

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

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

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

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

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

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

Since the share is a non-documentary security, the ownership of the shares is confirmed by the issuance of an extract from the register of shareholders. An extract from the register of shareholders is either sent to the shareholder by mail or issued at the point of acceptance of applications. Within one day after making an entry on the personal account, the registrar must serve or send to the registered person a notice of the transaction on the personal account. Redemption of investment units (making an expense entry in the register of unit holders) is carried out within a period of not more than 3 days from the date of receipt of the application for redemption of units. Payment of monetary compensation in connection with the redemption of an investment unit of an open-end mutual investment fund is carried out no later than 15 days from the date of redemption of the investment unit. And the payment of monetary compensation in connection with the redemption of the investment unit of the interval unit investment fund is carried out no later than 15 days from the date of the deadline for accepting applications for the redemption of investment units, during which the application was submitted.

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

8. Expenses and taxes of the shareholder.

In order to reimburse the expenses associated with the issuance and redemption of investment units, the rules of trust management of a unit investment fund may provide for increments to the estimated value of investment units when they are issued and discounts from the estimated value of investment units when they are redeemed.

The purchase premium, if any, actually reduces the number of shares that is recorded in the register per shareholder. And the discount reduces the amount of money issued to the shareholder when the shares are redeemed. These are the direct costs of the shareholder. Maximum size the premium may not exceed 1.5 percent of the estimated value of the investment share. The maximum amount of the discount cannot be more than 3 percent of the estimated value of the investment share.

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

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

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

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

To take advantage of the tax deduction, you need to apply for the appropriate deduction to the management company.

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

One of the biggest advantages of mutual funds is their transparency. All information related to the activities of the management company and unit investment fund must be disclosed in accordance with federal law"On investment funds" and normative legal acts of the FCSM.

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

The most useful document, which contains almost all the information an investor needs about a mutual fund and which you should definitely read before buying shares, is the Rules for Trust Management of a Mutual Fund. Management companies publish the Fund's Trust Management Rules and present them to all interested parties at their request.

Before buying shares, please pay attention to the following important information contained in the Rules of the fund:

• fund type (open, interval, closed);
• if the fund is an interval fund, then the deadlines for accepting applications for the acquisition / redemption of shares;
• minimum investment amount;
• the amount of the allowance for the purchase of shares and the amount of the discount for the sale of shares - when submitting applications to the management company and each of its agents;
• period from the date of redemption of shares, during which the payment of monetary compensation is carried out;
• the Rules of the fund specify all the agents of the fund to whom you can apply for the purchase / sale of shares.

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

At the request of persons interested in becoming shareholders, the management company also presents a number of other documents, including: a certificate of the NAV of the mutual fund and the estimated value of the investment share, the rules for maintaining the register of holders of shares, the fund's property balance sheet, bookkeeping. balance sheet and income statement of the management company, report on the increase (decrease) in the value of the fund's property, etc.

When distributing information, management companies are also subject to certain requirements: they are prohibited from giving any guarantees, promises and assumptions about the future profitability of mutual funds under their management, as well as making statements about future investments containing guarantees of investment security and income. Moreover, the dissemination of information should contain a provision that the value of shares can increase and decrease, the results of investments in the past do not determine future income, and the state does not guarantee the profitability of investments in mutual funds.