Mutual investment fund is one of the most developed and popular form among the population. collective investment 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. The investor, investing his money in a mutual fund, concludes a service agreement with the management company trust management 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 working day. That is, the capitalization of an open-ended investment fund can expand or decrease over time without the need to hold meetings of shareholders in order to issue a permit 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; cash and commodity market; 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 a number of funds focus on such stocks.

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

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

• 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. It's 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. The stock index reflects in general view the dynamics of the securities market (or any sector). In Russia, the main stock market indices are: the MICEX index and the RTS index. Index mutual funds are classified as passively managed, since the manager must simply monitor the compliance of the structure of the investment portfolio with the structure of the index. This type is characterized by lower costs, which in 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. Funds of funds are the most popular investment instrument in the Western market. 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 rental income. 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!

1. Policy for the processing of personal data in the Limited Liability Company "QBEF Asset Management"

Asset Management" (hereinafter referred to as the Policy) defines the basic principles, goals, conditions and methods of processing personal data, lists of subjects and personal data processed in the Limited Liability Company "KBF Asset Management" (hereinafter - LLC "KBF UA"), functions of LLC " KBF UA" when processing personal data, the rights of personal data subjects, as well as the requirements for the protection of personal data implemented in LLC "KBF UA".

2. The policy has been developed taking into account the requirements of the Constitution of the Russian Federation, legislative and other regulatory legal acts of the Russian Federation in the field of personal data.

Legislative and other regulatory legal acts of the Russian Federation, in accordance with which the policy for the processing of personal data in KBF UA LLC is determined

The personal data processing policy at KBF UA LLC is determined in accordance with the following regulatory legal acts:

1) Labor Code Russian Federation;
2) Federal Law of July 27, 2006 No. 152-FZ "On Personal Data";
3) federal law dated July 27, 2006 No. 149-FZ “On information, information technology and on the protection of information”;
4) Decree of the President of the Russian Federation of March 6, 1997 No. 188 “On Approval of the List of Confidential Information”;
5) Decree of the Government of the Russian Federation of September 15, 2008 No. 687 “On Approval of the Regulations on the Specifics of Personal Data Processing without the Use of Automation Tools”;
6) Decree of the Government of the Russian Federation dated July 6, 2008 (as amended on December 27, 2012) No. 512 “On approval of requirements for material carriers of biometric personal data and technologies for storing such data outside personal data information systems”;
7) Decree of the Government of the Russian Federation dated November 1, 2012 No. 1119 “On approval of requirements for the protection of personal data during their processing in information systems personal data";
8) Order of the FSTEC of Russia dated February 18, 2013 No. 21 “On approval of the composition and content of organizational and technical measures to ensure the security of personal data during their processing in personal data information systems”;
9) Order of Roskomnadzor dated September 05, 2013 No. 996 “On approval of requirements and methods for depersonalization of personal data”;
10) Federal Law of 07.05.1998 No. 75-FZ “On Non-State Pension Funds”;
11) Federal Law No. 156-FZ dated November 29, 2001 “On Investment Funds”;
12) Federal Law No. 111-FZ of July 24, 2002 “On investing funds to finance the funded part of labor pensions in the Russian Federation”;
13) Other regulatory legal acts of the Russian Federation and regulations authorized bodies state power.

Principles and purposes of personal data processing

1. KBF UA LLC, being a personal data operator (hereinafter referred to as PD), processes PD of employees of KBF UA LLC and other PD subjects who are not in an employment relationship with KBF UA LLC.

2. The processing of PD in KBF UA LLC is carried out taking into account the need to ensure the protection of the rights and freedoms of employees of KBF UA LLC and other PD subjects, including the protection of the right to privacy, personal and family secrets, based on the following principles:

1) PD processing is carried out in KBF UA LLC on a legal and fair basis;
2) PD processing is limited to the achievement of specific, predetermined and legitimate purposes;
3) processing of PD that is incompatible with the purposes of collecting PD is not allowed;
4) it is not allowed to combine databases containing PD, the processing of which is carried out for purposes that are incompatible with each other;
5) only PD that meet the purposes of their processing are subject to processing;
6) the content and volume of the processed PD corresponds to the stated purposes of processing. The redundancy of processed PD in relation to the stated purposes of their processing is not allowed;
7) when processing PD, the accuracy of PD, their sufficiency, and, if necessary, relevance in relation to the purposes of PD processing, are ensured. KBF UA LLC takes the necessary measures or ensures their adoption to remove or clarify incomplete or inaccurate personal data;
8) storage of PD is carried out in a form that allows determining the subject of PD, no longer than required by the purposes of processing PD, if the period of storage of PD is not established by federal law, an agreement to which the subject of PD is a party, beneficiary or guarantor;
9) processed PD are destroyed or depersonalized upon reaching the goals of processing or in case of loss of the need to achieve these goals, unless otherwise provided by federal law.

3. PD are processed by KBF UA LLC in order to:

10) ensuring compliance with the Constitution of the Russian Federation, legislative and other regulatory legal acts of the Russian Federation, local regulations of KBF UA LLC;
11) exercising the functions, powers and duties assigned by the legislation of the Russian Federation to KBF UA LLC, including the provision of PD to state authorities, to the Pension Fund of the Russian Federation, to the Fund social insurance Russian Federation, in federal fund mandatory health insurance, as well as to other state bodies;
12) regulation labor relations with employees of KBF UA LLC (assistance in finding employment, training and promotion, ensuring personal security, monitoring the quantity and quality of work performed, ensuring the safety of property);
13) providing employees of KBF UA LLC and their family members with additional guarantees and compensations, including non-state pension provision, voluntary medical insurance, medical care and other types of social security;
14) protection of life, health or other vital interests of PD subjects;
15) preparation, conclusion, execution and termination of contracts with counterparties;
16) ensuring access and intra-object modes at the facilities of KBF UA LLC;
17) Formation of reference materials for internal information support activities of KBF UA LLC;
18) execution of judicial acts, acts of other bodies or officials subject to execution in accordance with the legislation of the Russian Federation on enforcement proceedings;
19) exercising the rights and legitimate interests of KBF UA LLC in the framework of carrying out the types of activities provided for by the Charter and other local regulations of KBF UA LLC, or third parties, or achieving socially significant goals;
20) considering the possibility of establishing contractual relations with a PD subject in the financial market by concluding an agreement in order to further provide services in accordance with the licenses of the Bank of Russia;
21) performance of an agreement, one of the parties to which is the PD subject, and other obligations arising from the agreement;
22) reporting to state bodies in accordance with the requirements of the current legislation of the Russian Federation;
23) providing notification information, including information about new products, services, ongoing promotions, events, congratulations on holidays;
24) promotion of products and services on the securities market through direct contacts with clients.
25) formation of client history;
26) processing of the subject's PD in accordance with the laws and regulations governing the activities of KBF UA LLC in the securities market.

List of PD processed by KBF UA LLC

1. The list of PD processed by KBF UA LLC is determined in accordance with the legislation of the Russian Federation and local regulations of KBF UA LLC, taking into account the purposes of PD processing specified in Section 3 of the Policy.
2. Processing of special categories of PD related to race, nationality, political views, religious or philosophical beliefs, intimate life is not carried out at KBF UA LLC.

Functions of KBF UA LLC when processing PD

PA "KBF UA" when processing PD:

1) takes measures necessary and sufficient to ensure compliance with the requirements of the legislation of the Russian Federation and local regulations of KBF UA LLC in the field of personal data;
2) takes legal, organizational and technical measures to protect PD from unauthorized or accidental access to them, destruction, modification, blocking, copying, provision, distribution of PD, as well as from other illegal actions in relation to PD;
3) appoints a person responsible for organizing the processing of PD in KBF UA LLC;
4) issues local regulations that determine the policy and issues of processing and protecting PD in KBF UA LLC;
5) familiarizes the employees of LLC KBF UA, directly involved in the processing of PD, with the provisions of the legislation of the Russian Federation and local regulations of LLC KBF UA in the field of PD, including the requirements for protecting PD;
6) publishes or otherwise provides unrestricted access to this Policy;
7) stop processing and destroy PD in cases provided for by the legislation of the Russian Federation in the field of PD;
8) performs other actions provided for by the legislation of the Russian Federation in the field of PD.

Conditions for processing PD at KBF UA LLC

1. PD processing at KBF UA LLC is carried out with the consent of the PD subject to the processing of his PD, unless otherwise provided by the legislation of the Russian Federation in the field of PD.
2. KBF UA LLC does not disclose PD to third parties and does not distribute PD without the consent of the subject, unless otherwise provided by federal law.
3. KBF UA LLC has the right to entrust the processing of PD to another person with the consent of the PD subject on the basis of an agreement concluded with this person.
4. Employees of KBF UA LLC directly involved in the processing of PD are familiar with the provisions of the legislation of the Russian Federation on PD, including the requirements for the protection of PD, documents defining the policy of KBF UA LLC regarding the processing of PD, local acts on processing PDn.

List of actions with personal data

KBF UA LLC collects, records, systematizes, accumulates, stores, clarifies (updates, changes), extracts, uses, transfers (distributes, provides, accesses), depersonalizes, blocks, deletes and destroys PD.

Rights of PD subjects

PD subjects have the right to:

1) full information about their PD processed by KBF UA LLC;
2) access to their PD, including the right to receive a copy of any record containing their PD, except as otherwise provided by federal law;
3) clarification of their PD, their blocking or destruction if the PD is incomplete, outdated, inaccurate, illegally obtained or not necessary for the stated purpose of processing;
4) withdrawal of consent to the processing of PD;
5) taking measures provided for by law to protect their rights;
6) exercise of other rights provided for by the legislation of the Russian Federation.

Measures taken by KBF UA LLC
to ensure the fulfillment of the obligations of the operator when processing PD

Measures necessary and sufficient to ensure that KBF UA LLC fulfills the obligations of the operator, provided for by the legislation of the Russian Federation in the field of PD, include:

1) appointment of a person responsible for organizing the processing of PD in KBF UA LLC;
2) adoption of local regulations and other documents in the field of processing and protection of PD;
3) obtaining the consents of PD subjects for the processing of their PD, with the exception of cases provided for by the legislation of the Russian Federation;
4) ensuring separate storage of PD and their material media, the processing of which is carried out for different purposes and which contain different categories PDn;
5) storage of material media of PD in compliance with the conditions that ensure the safety of PD and exclude unauthorized access to them;
6) internal control of compliance of PD processing with the Federal Law "On PD" and the regulatory legal acts adopted in accordance with it, the requirements for the protection of PD, this Policy, local regulations OOO KBF UA;
7) other measures provided for by the legislation of the Russian Federation in the field of personal data.

What are mutual funds, what is the difference between open, closed and interval mutual funds.

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Various types investors suggest the formation of funds that differ in the strategy of managing the fund and the composition of the securities that it includes. This approach allows everyone potential client to find exactly the Fund, the level of profitability and the degree of risk in which will be optimal and acceptable for the consumer.

Exists standard classification Mutual funds, which are divided into:

• open
• Closed
• Interval
Each of them has its own individual characteristics.

Open mutual funds

The main difference between open mutual funds can be called free circulation of its shares. They can be bought or sold any day. The minimum steps required for this include a visit to the management company or contacting agents and submitting an appropriate application. At the same time, transactions for the acquisition or sale of shares require a certain time. The term for consideration of an application and a decision on it is usually no more than 10 banking days.

Such mutual funds may be of the greatest commercial interest for mobile people who have a great potential for activity and are constantly looking for various new ways of promising investment of their capital. Convenient to consolidate financial investments in these mutual funds, when situations may arise that require urgent withdrawal of funds and cashing out of units.

Closed mutual funds

The main purpose of closed-end funds is usually capital accumulation for the implementation and promotion of any project. An example is the construction of facilities and development. It is necessary to invest in a closed mutual fund at the formation stage, and it will be possible to withdraw them only after the completion of all project activities. As a rule, these terms are set in advance and are at least several years.

The possibilities of managers in connection with investment activity in a closed mutual fund are unusually wide and incomparably free compared to similar activities in other types of funds. However, this does not create the prerequisites to confidently guarantee the participants of the fund either a certain level of income, or even its availability in the future.

The share of closed-end funds in the total mass is insignificant, since the entrance fee at the formation stage usually amounts to an impressive amount that not everyone can afford.

Interval mutual funds

Interval mutual funds differ from others in that they allow make various transactions with shares at certain intervals that are set initially. Usually the schedule of such intervals, which are usually two weeks long, provides for the possibility of buying and selling units four times a year.

Interval mutual funds are distinguished by a high level of financial risk and high potential income. This is due to the fact that the managers of such funds get the opportunity to invest the funds of the fund, not exceeding 50% of its total capital, in low-liquid securities. Such securities are characterized by significant potential financial growth along with high risk. The condition that it is impossible for fund participants to make transactions with shares every day gives managers ample opportunities for long-term investment of funds, which can bring good dividends. In addition, this helps to achieve stability in the work of the fund, as it does not allow participants to withdraw funds during financial market fluctuations.

For managers of interval mutual funds, the prospect of investing all available funds in securities is opened up, since there is no need to have a reserve capital every day to cash out shares of participants at their request.

You may not even realize that the funds themselves are divided into several types, with different potential returns, investment periods and minimum amounts of entry into the fund. Therefore, to begin with, you should learn more about them. And only then make a choice. After all, the profitability will depend on your choice.

Funds of funds. For those who can not decide on a choice. The manager will do everything for you. The money is distributed among several mutual funds in a certain proportion. The downside is double spending. You pay a fee to a fund of funds, which in turn bears the cost of buying other mutual funds. And this ultimately reduces the overall profitability.

Funds venture investments. Characterized high risks. Money is invested in promising projects at the start-up level. In 80% of cases, the owners of shares are in the red. However, the remaining 20% ​​bring such a profit that repeatedly covers the losses incurred.

Direct investment funds. I invest directly in the shares of a particular enterprise (company) that are not listed for public sale.

Real estate funds. I invest money in construction, or the purchase of real estate for its further sale or lease.

mortgage funds. Invest in buying mortgages mortgage loans. Profit is formed by paying interest on the mortgage of borrowers from the main debt.

Cash funds. They allow you to securely place funds for a short period of time. Almost the same bank deposits with similar returns. The remuneration is not taken from the shareholder.

Real estate, mortgage, private equity and venture capital funds are used only in closed-end mutual funds. And as a rule, their average profitability is much higher than that of the rest. But …. the minimum cost of entry into such funds starts from several hundred thousand rubles. Therefore, they are inaccessible to most ordinary investors with their small starting capital.

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 changes in financial markets countries, - decrease 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 collective investment(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 interval fund the investor has the opportunity to buy or sell his share only at certain times - in the so-called "interval opening periods". The interval opens at least once a year (usually 2-4 times a year) for a period of two weeks. The 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:

• fund money market;
• 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. An investment share has no nominal 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 report on investment investments fund. 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 price securities as part of the fund's property. 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 for future 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 that make up 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 subject to accounting, record keeping and reporting on the property of the fund, the composition and structure of the fund's assets, etc. State regulation activities of management companies of unit 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 take place simultaneously without the collection of discounts and surcharges to the value of the unit. There are also no taxes.

An application for the purchase of shares can be submitted as before transfer to the fund account Money investor, and after their receipt. 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 the entry 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. Pay monetary compensation in connection with the redemption of an investment unit of an open-end mutual investment fund, it 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 targeting private investors set small amounts- an average of 5000 rubles. In mutual funds created to manage the assets of insurance companies and non-state pension funds, the minimum amounts are hundreds of thousands of rubles and more.

8. Expenses and taxes of the shareholder.

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. The maximum amount of the premium may not exceed 1.5 percent of the estimated value of the investment unit. 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 average annual cost Fund's net assets (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 of the Russian Federation currently pay tax at a rate of 13%. Non-residents - 30%. The management company is 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 the Federal Law "On Investment Funds" and regulatory legal acts 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 disseminated 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.