A mutual investment fund is a separate property complex consisting of property transferred into trust management of a management company by the founder (founders) trust management subject to the condition of combining this property with the property of other founders of trust management, and from the property received in the process of such management, the share in the ownership of which is certified by a security issued by the management company.

A mutual fund is essentially the amount cash contributed by shareholders to the management company. With this money the management company makes a purchase securities and other assets. When depositing funds into a money fund, the investor becomes the owner of the share. Any fund has two indicators, the estimated value of the share and the cost net assets fund; The profitability of the share largely depends on these indicators. The shareholder's income is derived from the increase in the value of his shares. Do not forget that over time the price of a share can either rise or fall.

It’s not a complicated way to invest at all - you transfer your money to a professional investor, a trustee. He does not become the owner of your money or property, he manages it in your interests. The manager naturally receives a reward for his work.

Trust management is divided into two categories: collective or individual.

With collective trust management, the funds of many clients are combined into a common portfolio, which is managed by the company, and with individual trust management, the company manages the funds of each client individually.

Collective investing is beneficial for those who do not have a lot of capital, but want to receive income for trading on stock market.

Article 11. Agreement on trust management of shares investment fund

1. The terms of the trust management agreement for a mutual investment fund are determined by the management company in standard forms and can be accepted by the founder of trust management only by joining the specified agreement as a whole.

Joining a mutual investment fund trust management agreement is carried out by purchasing investment shares of the mutual investment fund issued by the management company that carries out the trust management of this mutual investment fund.

Owners of investment units bear the risk of losses associated with changes in market value property constituting a mutual investment fund.

3. The management company carries out trust management of the mutual investment fund by performing any legal and actual actions in relation to its constituent property, and also exercises all rights certified by the securities constituting the mutual investment fund, including the right to vote on voting securities.

The management company has the right to bring claims and act as a defendant in claims in court in connection with the implementation of activities for the trust management of a mutual investment fund.

4. The management company makes transactions with the property constituting the mutual investment fund on its own behalf, indicating that it acts as a trustee. This condition is considered met if, when performing actions that do not require written documentation, the other party is informed about their performance by the trustee in this capacity, and in written documents after the name of the trustee the note “D.U.” and the name of the mutual fund is indicated.

5. The management company, if provided for by the rules of trust management of a mutual investment fund, has the right, in the manner established by regulatory legal acts federal body executive branch on the securities market, transfer your rights and obligations under the trust management agreement for a mutual investment fund to another management company.

mutual investment funds, the rules of trust management of which provide for one of the conditions specified in this paragraph, are called, respectively, open-end mutual investment funds, interval mutual investment funds and closed-end mutual investment funds.

“When I first purchased shares four years ago, I only knew that there was a change in management in the company, but I didn’t know who directly managed the funds. Moreover, the name of the person who manages the fund would not tell me anything, so when choosing a mutual fund, I was guided by independent fund ratings,” says Anna A., a client of Solid Management Management Company. Likewise, she has no idea about the identity of her portfolio manager Anatoly V., who has been investing in mutual funds "KIT Fortis" for many years. Stories for our market collective investment more than typical. If the brand of the management company is still important for the shareholder, then only a few people think about the personality of the manager who will directly manage the selected fund. But how correct is this? What role does a portfolio manager actually play? And how justified is the opposite situation - when money is transferred to a fund only because it is managed by some well-known character?

“This is the biggest question in investment management: should the manager be paid and for what? What added value does it create? - says Executive Vice President of Gazprombank Anatoly Milyukov. “Statistically, index funds perform better than actively managed funds, but the popularity of the latter remains unchanged.” According to Miliukov, managers are nevertheless needed, and their qualifications matter. But private investor Alexander Sh. stated that, as a matter of principle, he does not buy shares of funds, since he does not intend to pay managers “for anything.”

Hide and seek with shareholders

It is naive to think that each mutual fund has its own manager. Sometimes one person manages an entire line of funds, plus money in trust accounts. But the larger the company and its funds, the less common this practice is. If the volume of money under management is large, then the management company hires several portfolio managers - 10 or even 20, each of them receives a certain amount of assets to work with. Often, one manager is responsible for one strategy - say, for bonds.

Often the names of managers giving comments appear in newspapers, magazines and even on television programs. However, alas, if you liked how smoothly and intelligently one of them speaks, this is not always a reason to donate money to his fund. In private conversations, market participants admit that a person who distributes comments left and right every day, in fact, simply physically cannot be an operational manager. “In most management companies, operational managers are not exposed,” adds Sergei Khestanov, managing director of Finam Management Management Company. - Comments are given by certain people, their circle is limited, and fund managers often change. Investing money in promoting the latter is a thankless task.”

However, who actually manages the fund’s funds and what is the contribution of these people to the increase in the value of the share?

The squad didn’t notice...

To begin with, in order to have some starting point, it was decided to conduct a mini-research. To do this, we took three stock funds: “Aton - stock fund”, “Alfa capital - shares” and “LUKoil - fund one” and compared the dynamics of their returns with each other and with the MICEX index. The comparison was made for the period from the beginning of 2004 to April 2008. These three funds were not chosen by chance. “LUKoil - Fund One” last year became the leader in the withdrawal of funds by shareholders, and the Uralsib Management Company, under whose management it is located, has experienced repeated changes in management since the beginning of 2006: among others, such prominent people as the chief executive director for work with private assets Alexey Chalenko, deputy general director of the management company Natalia Plugar and general director Dmitry Ershov.

Alfa Capital is another company that has been recent years which replaced both the top management (after Anatoly Milyukov it was led by Valery Petrov, and then Mikhail Khabarov), and the composition of managers. Since the end of 2006, the Alfa Capital - Shares fund has been managed by Andrey Kilin, who moved there from Aton Management. Accordingly, Aton also experienced changes in the investment block and management: at the beginning of 2008, the now ex-head of the management company, Vadim Soskov, left the company. So all three funds we took had plenty of chances to respond to personnel changes (not just to changes in portfolio managers).

However, a comparison of the value of shares with the MICEX index does not allow us to draw clear conclusions. The Alfa Capital - Shares fund periodically beats the MICEX index: this was the case both before Kilin and after his arrival. “Aton - Equity Fund” behaves in exactly the same way - as if nothing had changed. And even the leapfrog in Uralsib affected the profitability of the mutual fund LUKoil - Fund One only in mid-2007, when there were no personnel changes, and since then the fund, alas, has been losing to both the index and its competitors. It turns out that it makes no difference who exactly runs the mutual fund?

“Over my 15 years in the investment management business, I have come to the conclusion that the portfolio manager itself is very important,” says Alexander Kochubey, managing director of Renaissance Investment Management. “But in large management companies a whole team of managers is built around the portfolio, and if one of them leaves, the business continues.” This means that in addition to the command, a clear acceptance process is also necessary investment decisions. It is its presence that ensures the stability of results in the management company, despite personnel changes. “And if you see that a mutual fund that was number one last year has slipped to last place this year, this does not necessarily mean that some star manager has left there. It’s just that the same investment process is not built in this management company,” notes Milyukov.

The Investment Committee is beautiful

Some time ago, the largest and not so large management companies loudly declared that the manager, they say, does not make important decisions on his own, but this happens “at the investment committee.” The portfolio manager can only execute the decisions as accurately as possible, which will supposedly ensure an excellent result. However, in reality the situation is naturally different from the picture that is presented to the public.

“The role of the investment committee is often exaggerated,” admits Kochubey. - By and large, it only gives all interested parties the opportunity to express their opinions. But portfolio management is not mathematics; a good manager has intuition and certain feelings, according to which he makes transactions. Total control over his actions cannot exist in reality.”

But what about the funds that shoot up from time to time, outperforming all kinds of benchmarks? On which committees are their “brilliant” decisions made? Here we will have to return to the topic of differences between small and large funds. The fact is that such shots are usually the work of small mutual funds. The management companies that manage such mutual funds are themselves small, and there is simply no one to assemble an investment committee for them, and the manager has complete freedom. “In small management companies, the head of the company is often also an asset manager,” Kochubey reveals. - He is, so to speak, his own product: clients come to this management company to invest with this person. This is the so-called one manager model. If such a manager leaves the company, it loses the entire business.”

Large companies, naturally, understand that the departure of a manager will hit their business very hard, and they are trying to protect themselves from this. “It is possible to insure yourself against the departure of managers and their mistakes by making the investment process as technologically advanced as possible,” says Milyukov. - This means that all managers of a given company must buy and sell securities in the portfolio according to certain rules. This is done primarily in order to avoid one of the main risks of a portfolio manager - not being in the money during a market rise. Shareholders may forgive you for a fall, but they will never forgive you if the fund misses out on growth. This is why management companies usually restrict their managers from entering cash even more than the requirements of the Federal Financial Markets Service for the composition and structure of assets. In addition, management companies usually further limit the list of securities that can be purchased from mutual funds. This list is compiled based on the recommendations of analysts and is actually approved by the investment committee. Thus, even the most stellar manager in any management company will be limited in his actions.”

Important, but not the main one

The presence of the listed restrictions is no secret, so even among specialists in the collective investment market there is an opinion that the work of a manager is not so difficult. “In most open-end mutual funds, outstanding results, once shown, are not repeated. According to the law of conservation of energy, a rise is followed by a fall, and over long time intervals - from two to three years and longer - the results of all mutual funds turn out to be approximately the same, - Khestanov is full of skepticism. - Moreover, the profitability shown for the year is usually a random thing. I don’t believe that some portfolio manager who worked well in some company suddenly worked poorly in the same or another company a year later, and vice versa. It’s no secret that the set of solutions for mutual fund managers is approximately the same. It is only important to take these actions at the right moment. But the choice of moment is an individual thing. Each portfolio manager gets used to a certain pattern of actions, and if the market helps him, his fund performs well, but as soon as the market behaves differently, his fund loses. In fact, anyone can manage a portfolio similar to that of a mutual fund. And managers are replaceable people. Moreover, I think the future belongs to robots that will manage assets in accordance with certain strategies.”

Robots are indeed becoming more widespread - according to Olga Zakharyashcheva, director of the consulting and personnel agency Screen-NAUFOR, most management companies use them to one degree or another, just not everyone openly declares it. However, the managers themselves are firmly convinced of their necessity. Moreover, a portfolio manager with less than three or four years of experience, according to some market participants, simply cannot seriously manage the fund. And so that the importance of a portfolio manager is not in doubt, they give an example of what his mistake can lead to. This is the story of the same trader from Societe Generale who caused a multi-billion dollar loss to his bank (the trader managed client funds). But even without terrible examples, justifying the existence of managers is quite simple. “The manager still has a certain freedom in terms of choosing the moments for making transactions,” notes Miliukov. - And here the qualifications and experience of a portfolio manager play a very important role. It’s just that this role is not the main one.”

In other words, the manager always acts within certain specified frameworks (the larger the management company, the more serious these frameworks are), but his accuracy, attention, understanding of the market and consistency in actions mean a lot. Moreover, the more unique the product provided to the client, the more important the personal qualities of the portfolio manager. " Human factor in asset management is always in first place, says Sergei Arkhipov, vice president of the investment and financial group CTrust. - It is no secret that in trust accounts, for example, a significant part of the securities can be purchased on the over-the-counter - in fact, the voice market under specially agreed conditions. And who, in the absence of a manager, will make these transactions, negotiate, bargain? Next, we give the securities to repo - but how can a robot (or an inexperienced employee) evaluate and carry out this transaction? The manager is especially important in managing a bond portfolio. The debt market is very narrow, everyone knows each other here, and a lot simply depends on personal authority: some will be given money as security for securities, but others will not. As for the stock market, the machine simply cannot calculate all the risks. The manager must select securities himself based on the risk-return ratio and choose the moment to buy.”

How should a shareholder act, given that he will most likely never meet his manager? A good indicator is the stability of the fund’s results over several years; this means that a change of managers, from which no management company is immune, should not affect profitability. At the same time, according to Alexander Kochubey, large management companies strive to standardize the management process: limit portfolio risk, strengthen control over the actions of managers. And as soon as financial product is standardized, its profitability becomes close to the market average, and the difference between funds is minimal.

Despite the huge number of methods to increase your capital, and with very good interest rates, an experienced investor will never invest all his money in highly profitable instruments. High profit – high risk, this is an axiom. The higher the planned return, the higher the probability of losing all your investments - you have to pay for everything. Investment professionals are sure to invest a fairly large share of their funds in conservative instruments in order to have, although not too high, but almost guaranteed income. And we are, of course, not talking about bank deposits(there the interest usually does not even cover inflation), but about “renting money” to professionals in the stock and bond market. What is more profitable and reliable - collective investments (mutual funds) or individual investments (trust management)? Let's try to figure it out.

What is mutual fund and trust management

Let's start with the terms. In fact, both methods of conservative investment are based on the principle of trust management, the only difference is in the methodology. In the case of mutual funds (mutual investment funds), the company manages all the money of all investors jointly, according to its own strategies. Essentially, this is one huge investment portfolio, and profits or losses are distributed among investors in proportion to the size of their deposits. As for individual trust management, here your investments work according to their own program. You are assigned a specific manager who, together with you, develops and adjusts an investment scheme that is beneficial to you, depending on your goals - money from different investors does not mix.

Mutual funds

Collective investment organizations have been known for over a hundred years under the name mutual funds, unit trusts or mutual investment funds. The main essence of a mutual investment fund is the combination of many small and medium-sized investments of clients (and there may be several thousand of them) into a single large financial unit, the unified management of which in the securities markets can bring large profits.

Operating with such large funds gives the mutual fund confidence and sustainability of development, and the opportunity to diversify investments. Large amounts, invested in many securities, balance each other, and with strong fluctuations in rates, small losses in one place are compensated by profits in another.

How to invest in mutual funds

A mutual fund is not a legal entity - it is a voluntary association of investors, each of whom contributes a certain amount to the fund, purchasing a certain number of shares (parts of the mutual fund) with it. Each shareholder (investor) is the holder of a certain part of the mutual fund, and if the fund’s capital increases, the value of this part also increases - it can be sold (redeemed your shares) and make a profit, or it can be left for further growth. The investor does not receive dividends or interest on shares purchased by the fund, nor does he profit from quick speculative transactions on the day market. All these funds remain part of the mutual fund, and new securities are purchased with them. This is how the total capital of the fund grows.

Mutual Fund Management Company

Fund management, that is, its increase total cost(and the value of individual shares), acquisition and sale of shares, bonds, maintaining financial statements– all this is taken care of by the management company. The management company is continuously engaged in analytical activities, acquiring the most valuable assets. at the moment assets and getting rid of unpromising ones, selling shares to new investors and buying them back from investors who decided to leave the mutual fund. For your services management organization takes a certain remuneration in the amount of several percent of the total value of the mutual fund - and regardless of the profitability or unprofitability of the mutual fund. In addition, managers take so-called discounts and allowances - commissions for the purchase and sale of shares.

Types of mutual funds

• Open - the most common form of mutual funds and the most popular. Open-end funds sell and redeem shares on demand, every working day; absolutely anyone can become a shareholder. To ensure high liquidity of assets (so that at any time some of the securities can be quickly sold), open mutual funds They keep depositors' money in government and municipal bonds, shares and bonds of reliable Russian and foreign companies, partly in foreign currency bank accounts.
• Limited – otherwise they are called interval mutual funds. The opportunity to buy a share in such a fund or sell an existing one opens only at a certain time - usually once a year. Interval funds generally show b O greater profitability - managers are calm about the safety of capital, which will not decrease during the year due to investors selling shares, and are more free in making decisions. Profit is obtained from not only ordinary, but also preferred, voting and other shares with annual payments, as well as from investments in real estate (including for renting it out).
• Closed ones are the most profitable, but also the longest-term projects (up to 15 years). In most cases, shares of such a mutual fund can be purchased only when it is formed, and sold only after the completion of the project. As a rule, closed-end funds are organized to implement a business plan, and most often this is the construction of residential and commercial real estate(shopping and business centers, residential complexes).

Advantages of investing in mutual funds

• Ease of investment. There is virtually no effort required from you in choosing a strategy, purchasing securities on your own, and monitoring rates - all this is done by the specialists of the mutual fund management company. Investment process in mutual fund no more difficult than opening a bank account.
• Low entry threshold. In most open-end funds, the minimum investment does not exceed 3-5 thousand rubles, and additional shares can be purchased at any time later.
• State control. The activities of mutual funds are strictly regulated by law. For example, funds do not have the right to purchase risky financial instruments (futures, options) and shares of unreliable companies, and the percentage of funds invested in government bonds of the same year or shares of one company must not exceed a certain level.
• Investment security. The funds of the fund itself are separated from the funds of the management company and are stored in a depository; transactions with them are completely transparent and controlled.
• Ease of taxation. The current activities of the mutual fund for trading transactions with securities and receiving dividends are not subject to tax, and the investor only pays income tax when selling (redeeming) your shares.

Disadvantages of investing in mutual funds

• Not the highest return compared to many less conservative investment vehicles. The average return on mutual funds, depending on the fund’s strategy, its type (stock fund, bond fund, mixed fund) and market position, rarely exceeds 30% per annum.
• A large number of additional costs. The management company charges the investor commissions when issuing a share and upon its redemption, payment for the registration and storage of an investment certificate (shareholder certificate), as well as regular remuneration of the management company, regardless of profitability.
• Restrictions on the type and quantity of securities purchased, which does not allow mutual fund funds to be invested in the most highly profitable financial instruments. In addition, in the event of a prolonged market decline, it is allowed to sell not all of the fund’s assets, but only part of it, which may not save the funds of shareholders.

Trust management

Trust management companies (TM) have been known since the Middle Ages under the name “trusts” (from the English trust). In the broad sense of the word, this is a company to which an investor transfers a certain amount so that specialists can save and increase this money. The main difference between trust management and mutual funds is the individual approach and much greater freedom of action for both the client and the investment manager. Today, an investor has two options to put his money into trust management - a classic trust company and an individual investment account(IIS).

How does trust management work?

Companies providing trust management services may be specially created investment organizations or management companies, which, among other things, can manage mutual funds. In any case, only licensed participants in the securities markets (stocks, bonds) and derivatives (options, futures) have the right to accept money for trust management. Before transferring your finances to management, you and the portfolio manager assigned to you draw up your individual portfolio - a set of stocks and bonds in which your funds will be invested - and also choose a strategy (conservative, moderate, aggressive, more profitable or more reliable). After this, you can at any time receive information about the state of your assets, profits and value dynamics.

Advantages of trust management

• Individual asset management scheme. Regardless of the strategies chosen by other clients of the company, your funds will be managed exactly as you need them.
• Greater freedom to choose investment instruments. Depending on your decision, the money can be invested in futures, options, margin trading and even foreign exchange market. If you agree to increase the degree of risk, the return on investment will also increase - the law does not limit trust management companies in their choice financial instruments.
• Low additional costs. When withdrawing part of the funds or the entire investment, you pay the remote control company only a certain percentage of the profit. If the profit is zero, this is a problem for the management company.

Disadvantages of trust management

• High levels of risk. Unfortunately, this is a very strict pattern - the higher the possible profit, the greater the possibility of being left without income at all, or even losing basic finances.
• Quite a high entry threshold. No portfolio manager will undertake to manage an amount of several thousand rubles; the minimum investment should be several thousand or tens of thousands of dollars. Moreover, even with such an investment in trust management, in most cases you will be offered to choose from several ready-made strategies and several packages of securities for purchase. Only a client with an amount of several hundred thousand dollars can receive a truly unique investment strategy developed personally for him.
• In case of investments in individual investment accounts(IIS) the validity period of the contract may be quite long, and it will not be possible to withdraw money earlier, moreover, if early termination agreement, you lose the right to a tax deduction.

Difficulty of choice

To summarize all that has been said, the choice of a mutual fund or a mutual fund for saving funds and making a profit depends on your goals. On the one hand, mutual investment funds are more stable than mutual funds due to their large consolidated capital. Also, due to the large amount of funds, serious diversification of investments is possible - several million dollars are easier to distribute among several dozen different financial instruments than an investment of five thousand dollars. On the other hand, the use of a single investment strategy for several thousand investors does not provide any opportunity to influence the fate of their deposit, even if the market situation is clearly difficult.

An individual (to a certain extent) approach to your investments in trust management companies allows you, if necessary, to change your strategy and manage the risks of your investments. Hard government regulation Mutual funds allow you to ensure the relative safety of your finances, but this also prevents you from fully realizing all the highly profitable opportunities available to trust management specialists.

The best option, as in all other cases, would be diversification - the distribution of funds allocated by you for conservative investment between the mutual fund and the management company. Of course, if the amount of finance is very small, it is most convenient to invest it in a large, reliable mutual fund with a history. But if you have a fairly large amount at your disposal, distribute it between two or three mutual funds (with different strategies) and several trust management accounts. The main thing is to remember: not a single mutual fund and not a single management company gives guarantees of profitability; by law they are allowed to name only profit figures for previous years. The world of finance is unpredictable, you can make millions or lose everything. Invest wisely.

A mutual investment fund (MUIF) is a collective investment mechanism popular in the world, through which the funds of many investors are combined into a fund specially created for this purpose and transferred to the management of a licensed Management company for the purpose of generating income.
The management company invests the fund's assets in various securities market instruments and manages them exclusively in the interests of shareholders, taking care of preserving and increasing the fund's assets.

Unlike banks, which pay shareholders only the agreed percentage, mutual funds give shareholders all earned profits, minus management fees.
Mutual funds are a transparent and understandable instrument for the non-professional investor. Mutual funds provide an opportunity for investors who have even small amounts money, invest in the securities market. By purchasing a share, an investor receives a security that provides rights to a whole set of securities included in the mutual fund’s portfolio.

What are the guarantees for the reliability of mutual funds?

Multi-level control over the activities of the Management Company by the Specialized Depository, the Auditor, the Central Bank of the Russian Federation (formerly the FSFM/FCSM of Russia), as well as the division of functions of property management and storage, eliminate the possibility of misuse of shareholders' funds. The assets of the funds are completely liquid, that is, the funds of mutual funds are usually invested in such securities that can be sold on leading trading platforms. In other words, of all the existing opportunities for investing money in the securities market, mutual funds offer the most protected legislative mechanism for the investor.

What types of mutual funds are there?

There are four types of mutual funds in Russia: open, interval, closed and exchange-traded.
An open-ended fund allows investors to apply for the purchase and redemption of units on any working day. Such a fund is created for an unlimited period and can operate for years and decades.
An interval fund allows you to purchase and redeem shares only during the opening period of the interval - within strictly defined periods specified in the Fund Rules, but not less than once a year.
A closed-end fund is created for a specific period of time.
An exchange-traded mutual fund allows you to demand from an authorized person the purchase of a share on any working day or gives the right to sell a share on the exchange under certain conditions.

Why transfer funds to professionals for management?

From the point of view of an investor who has decided to work in the stock market, investing funds with the help of mutual funds immediately solves a number of problems that would certainly arise if the investor decided to act independently.
Firstly, success no longer depends on his own knowledge of finance. Using a mutual fund, invest on financial market Anyone can, even if they don't know the difference between stocks and bonds.
Secondly, by investing in mutual funds, the investor minimizes the time he will spend on independently managing his funds and maintaining document flow.
Thirdly, the investor reduces his investment management costs. In the case of investing in a mutual fund, investors' costs are fixed; they pay the management company a fee, the upper limit of which is determined by the rules of trust management.

What document regulates the acquisition and redemption of shares?

The conditions for the acquisition, redemption and exchange of investment units are contained in the Fund Trust Management Rules, officially registered by the Central Bank of the Russian Federation. The text of the Fund Rules can always be obtained from unit sales offices, as well as on the website of the BCS Management Company on the page of each mutual fund.

Where and how can I purchase and redeem shares?

You can purchase, redeem or exchange shares of mutual funds of the management company at the nearest sales office. You can also make transactions with shares remotely by sending necessary documents by mail.

Is it possible to sell only part of the shares?
Yes, shares can be redeemed either in full or in part. In the application for redemption of shares, the investor indicates the number of shares that he wants to redeem.

What taxes are paid?

In accordance with the law, a mutual fund does not pay income tax because it is not a legal entity. Taxation arises only at the time of sale of investment shares owned by the owner. WITH individuals- owners of investment shares are subject to personal income tax. Legal entities - owners of investment shares pay income tax.

Taxation of personal income
The tax is levied on the positive difference between the amount received from the redemption of shares and the amount used to purchase them. The tax rate for individuals - residents of the Russian Federation is 13%.
For individuals - tax residents those states with which the Russian Federation does not have Agreements on the avoidance double taxation, tax is withheld at a rate of 30% from the client's income. At the same time, these Agreements have been signed with more than 80 countries and the tax rate is determined taking into account the country and the corresponding Double Taxation Agreement (in some cases, tax is not withheld or paid in Russia).
The management company BKS is tax agent for clients selling shares on the primary market, and independently calculates and withholds the amount of tax on the shareholder’s income in accordance with tax legislation.

Taxation of profits legal entities
Russian legal entities and foreign legal entities with a permanent establishment in Russia attribute profits from the sale of investment shares to financial results year and pay tax independently at a rate of 24%.
For legal entities - tax residents of those states with which the Russian Federation does not have Double Taxation Agreements, tax is withheld at a rate of 20% and paid by the tax agent of Management Company BKS independently. At the same time, these Agreements have been signed with more than 80 countries and the tax rate is determined taking into account the country and the corresponding Double Taxation Agreement (in some cases, tax is not withheld or paid in Russia).