Open and interval mutual investment funds. What is mutually and how they work: invest with the mind. Potential income above the bank deposit

Most of the current existing investment instruments require considerable knowledge and practical experience in their use. Especially not to do without special knowledge, if you expect to receive a solid profit of profits. But what about those who have no time or desire to "dive into the material"? We advise you to pay attention to mutual investment funds based on the principle of trust capital management.

Putting investment funds are engaged in accumulation of funds that are invested in various projects in order to profit. Creating a Fund, His legal design And direct management is carried out by the management company. It also, in advance, arranged agreement, distributes the income of the fund between depositors proportionally to their shade.

Among all possible areas of investing, mutual investment invest in:

• stocks;
• bonds;
• the property;
• deposit certificates and deposits;
• mortgage;
• loans;
• artistic values, etc.

The activities of investment funds are regulated at the legislative level, which reduces the risks of fraud in this area. At the same time, no one may insure the investor from the risk of reduction or even the loss of invested funds. Putting investment funds in Russia can only predict the profitability of investments in them. This is done on the basis of the superficial analysis of the market and indicators of past reporting periods. But any guaranteed income in this field is extremely rare.

Investing money in PIF provides an investor acquiring part of its assets - an investment share. Most of the funds establish the minimum contribution for such a share, which is measured in fractions of all the assets of the FIF. The investment tax of the Foundation certifies the participation of its owner in the combination of depositors and gives the right to receive a part of the profits. The contributor has the right to require productive trust management of funds, the right of control over the management company, the right to compensate for the cost of the share when the agreement is ruptured and the violation of its conditions. In addition, investment Pai is a valuable paper that you can sell, buy or provide as collateral.

As for the risks of capital loss, then in comparison with other investment options, they are not so great. As a rule, such funds are created by major managers who have experience in investment activities. FIves that declare the conservative principles of their work are close in reliability to banking structures. However, the profitability of investments in them hardly exceeds bank deposits.

Not all funds are distinguished by the conservatism used investment strategies. So, in exchange for higher risks, the investor can receive an annual income equal to 40-60%, and in some cases and 100% of initial investment. In any case, the profitability of the Fund directly depends on the selected tools and the aggressiveness of the principles of work.

Types of mutual investment funds

Any private investorWho wishes to invest in PIF, is obliged to understand their views and understand the differences. Experts share all existing investment funds in Russia for several types:

1. Open dull. In it, investors are endowed with the right of free disposal by their shares. Investments in such funds are characterized by high liquidity and accessibility indicators for the wide masses of the population, due to the minimum amounts for contributions.
2. Interval FIF. In the treaties, temporary intervals are installed in advance in which the owners of PAEV have the right to sell their parts. Similar rules are established for the output of funds.
3. Closed share investment fund.Such funds are valid for a strictly defined period, not less than 5 years. Sale and removal of funds before the expiration of the existence of the FIF is eliminated, but in some cases the sale of mutations to other participants of the Foundation is allowed. Closed FIF - a kind of private investor club created under a specific project. The cost of shares is calculated in millions of dollars, which is why participation in them is available only to wealthy investors.

There is a classification of blows in investment directions. It is distinguished:

1. Funds shares. The predominant direction of investing such funds is stocks. Potentially, such funds have the highest levels of yield, but are characterized by quite large risks. According to the reviews of specialists, the most promising investments in the stock funds will be long-term investments.
2. Bond funds. Different with its conservatism, as bonds suggest a smaller, but stable yield. Ideal for investors who are looking for the most reliable and long-term investment tools.
3. Cash market funds. The main part of the assets of such funds is contained in deposits, thanks to which they are characterized by a guaranteed, but relatively small yield.
4. Indian funds. index Funds It is contained in the shares of companies presented in the stock market. Their main income is earnings on stock indexes. It should be noted that with relatively small risks, it is high enough.
5. . Each such mutual investment fund is the founder of any enterprise. Creating such funds is sent to a specific type of business or commercial structure. According to investors' reviews, investment funds in direct investment funds are characterized by elevated risks at high profitability indicators.
6. Real estate funds. Purpose - investment in a specific construction project. Such mutual mutations are mainly closed. They are created for a long period, which is why the long-term investments are distinguished. A fairly attractive version of an investment characterized by high yield. Enjoying a special attractiveness for wealthy players.
7. Mixed investment funds. Assets of such funds are contained in different financial instruments. They differ in average profitability and average investment periods. Investing in the impact of such a category allows depositors as comfortable as possible and quickly diversify risks.

Benefits of mutual impassors

According to the reviews of professional investors, we will highlight the main advantages of investing in mutual funds:

• Transparency of investment activity. In addition to the rigid state control over the activities of the effects, an important factor Trust to them is the transparency of their activities. Anyone can find free access financial reports organizations, which excludes fraud.
• Trust management allows capital investments to any investment tools, even without the presence of the necessary knowledge. Professional management Maximum reduces risks.
• By investing in the Foundation, which has different assets in the directions, the investor is able to expand the possibility of profit within one project.
• Availability of mutual effects. Establishment minimum sizes for deposits makes the investment in them as much as possible simple way Investment. Such investments are available today for most potential investors.
• Investment shares have high liquidity, in view of which investors most open impacts have the opportunity to bring their funds to any period of the Fund's existence.

How to choose a blow?

The most common mistake when choosing an investment fund from beginners russian investors is the fact that they pay attention to the indicators of the profitability of the institution. According to objective opinion, major players, the amount of profitability is relative, since it is predicted, and not calculated. Using such an approach in choosing a fund, a high probability of investing in a face with an aggressive strategy that will be able to show stable high results only as an exception.

According to experts, when choosing a Fund it is important to proceed from the tasks, goals and priorities in investment activities. In view of this, consider aspects that should affect the choice of investor:

1. The main goal of any investment activity is profit. If the target point is large income, it must be borne in mind that it will necessarily be associated with large risks of the loss of investment. If desired, minimize possible losses, investors need to be focused on the stock funds. If there is a desire to minimize risks - bond funds are perfectly suitable.
2. Terms of investment. Speaking of short-term investments, you will have to choose between bond funds and the funds of the money market. More long-term investments Possible in the funds of real estate or shares.
3. Capital size. The main rule: the smaller the amount of investments, the already the circle is possible for the choice of mutual effects. As a rule, minimum amounts for contributions are investing in the money market, stocks and mixed funds.
4. Rating. The Internet is shot by all sorts of ratings of mutual effects, depending on different criteria - yields, volumes of assets attracted funds, etc. Choosing between them, use only proven and authoritative sources.
5. License availability. Before investing, see the documents of the foundation you have chosen, which is licensed investment activities. Be sure to check the presence of trust management rules.

In any case, regardless of the foundation you have chosen, you must pay a report in the essence of your actions, given possible consequencesThe above. Not understanding the mechanisms of work, the input conditions, control control schemes, will make sense to invest in whatever fund. Studying the details of the activities of the mutages and choosing several investment funds for investment, you will create the conditions under which your capital will definitely make a profit, even if the attachments are made to the simplest but conservative and reliable mutiys.

The Pass Foundation is simply folded together the funds of all shareholders, which the management company acquires securities or other assets permitted by mutual funds by the legislation of Russia. Owners of the entire property of the FIF are shareholders. Management Company Only carrying out confidence governance exclusively in the interests of shareholders and only within the framework of the Law "On Investment Funds" and the Resolutions of the State Regulatory Authority ( Federal Service According to financial markets, the abbreviated FSFR of Russia).

At the same time, the PIF itself is not legal entity. A mutual investment fund is called property complex. In order to secure shareholders, the management of the means and their storage are carried out by different companies. The fact is that all securities are taken into account in a special organization - a specialized depositary, which not only stores securities, but also controls all operations with the means of the share fund. At any disposal about buying or selling securities or other consumption of cash funds, the signature is not only the head of the management company, but also the responsible employee of the Special Depository.

Companies carry solidarity, and they will answer their property in any violation of the rules for the work of the Passion Fund. If the management company wants to carry out transactions that do not correspond to the investment declaration of the Fund, a specialized depositary will not give them agreement and blocks the transaction.

A specialized depositary is not entitled to use and dispose of the property of the Passion Fund, its task is to keep records of this property and monitor the actions of the Management Company. It is important to note that a specialized depositary determines the cost pure assets Foundation, the calculation value of the shade and the number of outlines issued, thereby controlling the control company.

The rights of shareholders to the share of property in the PIF are taken into account in the registry, which is conducted by a special company - a specialized registrar (legislation allows the specialized depository to perform this function). The registry records all information about the owners of investment benefits and the number of owners belonging to them, information about the total number of issued and redeemed investment fells. The registry also stores records of acquiring, exchange, transfer or repaying the owner of PAEV. As can be seen, this important function on maintaining the register of the owners of PAEV is not carried out by the Managing Company itself, and the other organization is a specialized registrar. The correctness of the accounting and reporting of the management company checks the auditor.

Thus, not one, but four organizations, which guarantees the reliability of the share fund, is participating in the work of the FIF. Managing companies, special administrations and special institutions have licenses of the Federal Financial Markets Service of Russia, and auditors - licenses of the Ministry of Finance. Each of these organizations have strict requirements.

The principle of separation of management of shareholders and their storage is a unique mechanism that allows you to ensure high security for investors. It is thanks to this principle and hard control by the state for all the time of work of Russian mutual funds there was not a single case of deception of shareholders, not a single scandal. Truly for Russia is a unique situation! However, everything ever happens for the first time, and the first calls have already been rated when, due to the problems of the founders, two management companies could not continue work. We are talking about "Top Capital" and "Oil and Gas Assets". These cases confirm that the younger than the company, the more they depend on funding from the founders and the more their risks.

For calculations on operations related to the trust management of the Pass Investment Fund, the management company has separate bank accounts. These accounts shareholders list funds for purchased PAI. The scheme for the interaction of the parties participating in the Fund, as follows:

1. The investor submits an application for the acquisition of investment benefits into a management company or through the Foundation Agent for the acquisition and repayment of feud and transfers money to the fund.

2. The management company sends the documents to a specialized registrar, where the register of the owners of Pass is being conducted, to enroll the share in the investor.

3. The registrar sends a notice to the Investor about the acquisition of shares.

4. The management company is disposed of a broker for the acquisition of securities and translates money. Brokers acquire securities on the stock exchange.

5. Acquired securities are transferred to the fund of the Fund in the depositary, where the securities is recorded and storing. 6. The depositary credits securities to the Fund's account.

What is Pai.

When making funds to the Foundation, the investor becomes the owner of the share. But the PAIs are not issued in the hands - now almost all securities exist in a misunderstanding form, the accounting of rights to investment pairs is carried out on the personal accounts in the register of owners of investment fells. The registry of share shareholders, as you already know, conducts a specialized registrar or a specialized depositary. They fix the number of shares of each shareholder and issue statements output from the registry as a confirmation of their ownership of PAI.

As stated in the Federal Law "On Investment Funds", the Investment Pai is a personal valuable paper certifying the share of its owner in the right of ownership of the property that makes a share investment fund. Pai gives the right to demand from the management company of proper trust management of the Pass Investment Fund and the right to receive monetary compensation With the termination of the Fund's activities.

Investment Pai also gives the right to the owner to demand from the management company of the repayment of the investment share and payments in connection with this monetary compensation.

The owner of investment benefits can dispose of investment pays as well as any other valuable paper. They can be sold, give, make, inherit, leave pledge, etc.

Investment Pai does not have a nominal value, and the number of investment feces belonging to one owner can be expressed by a fractional number. When an investor becomes a shareholder in the Foundation, he does not buy any integer part of the feud, but simply contributes to the fund any amount of funds not lower than the minimum amount determined by the management company for each fund. At the expense of the shareholder, a certain number of shares are recorded, which is determined by dividing the amount of funds made by the shareholder, on the calculated value of the share on the day of making an entry in the registry (the amount at the same time decreases by the amount of the allowance). For example, on the personal account it can be written that the shareholder belongs to 325,23456 shares.

The number of shares in the open and interval funds is not limited. The management company will give as many shares how many funds are made by shareholders throughout the entire life of the Foundation. In the closed foundation, the number of mutations is limited to the management company for the entire period of its work.

For each Fund there are two important indicators. The first indicator is the calculated value of the share. At the estimated value of the share management company issues and repays PAI. The income of the share of the shareholder depends on the settlement value of the share. The second indicator is the cost of pure assets (NAV) of the Foundation. NAV characterizes the value of the Foundation. The cost of net assets is determined as follows. Conducted the value of the entire property of the Fund (securities, deposits, cash, receivables) And deducted accounts payable and reserves of upcoming expenses and payments.

Already on the basis of the cost of pure assets of the Foundation, the calculation value of the share is determined. For this, the NAV of the Foundation is divided by the total number of departments issued:

Calculation value of PAY \u003d NAV / Number of shares

The calculation of the value of net assets and the cost of the share simultaneously makes a management company, and a specialized depository of the Passion Fund. it prerequisite Accuracy counting, so the depositary controls the control company. After confirming the specialized depositary of the cost of net assets and the estimated cost of the PJSC, the management company discloses this information to all interested parties.

It is important to note that the calculated value of the PAY of the Open Faying Investment Fund is determined and published by the Management Company daily. The calculated value of the share of the interval mutual investment fund is determined by the management company monthly, as well as on the last day of each interval of applications for shareholders to perform operations with shares.

The cost of assets of the Fund varies under the influence of two factors - depending on how the shareholders make and take money from the fund, and on how changing market value Securities in the portfolio of the Foundation. And the calculated value of the share depends only on one of these factors - changes in the market value of securities in the portfolio of the Foundation. Managing companies disclose information on the cost of net assets of funds. The schedule or table of changes in the cost of net assets of the Fund can be found on the company's website or request in the reception point. But in this form, these data do not give presentations, due to which the NAV of the Foundation changes - whether the securities are growing (fall) securities in the Fund's portfolio, whether the shareholders are actively buying (selling) pairs.

If you compare the increase in two indicators - the estimated cost of the share and the cost of net assets for any period of time, you can find out the shareholders make money or take them from the fund. Thus, the dynamics of the NAV is cleared of the influence of changes in the market prices of securities.

If the growth of the NA is equal to the increase in the cost of the share for the selected period of time, it means that the cost of assets of the Fund varies only by changing the price of securities and some general trend on the purchase or sale of PAEV is not observed. Schers do not go to the fund and do not leave it. If the growth of the NAC is greater than the increase in the value of the share, it means that the balance of sales of PAEV is positive - shareholders buy shares more than selling. This does not affect the management results of the management company, and does not affect other shareholders (especially if the fund is large and there are many small shareholders in it). But these data give us an idea of \u200b\u200bhow other shareholders evaluate the appeal. this fund and the current situation in the securities market, as well as how active the management company attracts shareholders.

As a sharek gets income

The share of the shareholder develops from the increase in the value of its shares. The cost of mutuals with time can both increase and decrease, since the market value of securities as part of the property of the Fund changes. That is why the owners of investment benefits carry the risk of losses related to the change in the value of mutuals. The profitability of the Fund is not guaranteed neither by the state nor the management company. The management company is also not entitled to provide any guarantees, promises and even make assumptions about the future efficiency and profitability of its investment activities.

The owners of the shares of open and interval mutual mutual effects are not charged and not paid. The shareholder receives an income when redeeming the shares of the management company or the sale of feces on the secondary market (of course, if the cost of mutual rose and covered all the share of the shareholder). In closed pephs, periodic payments, a kind of dividend analogue can be installed.

Purchase and sale of shares

After submitting an application and receipt of money to the Fund's account, the investor opened an account in the register of owners of feuds, which are credited to the PAI acquired. The registry of the owners of PAEV is a system of records in which there is accounting for someone and how many dashes belongs.

Confirmation of the purchase of shares is an extract from the registry. At the repayment of the Payev, the shareholder submits an application for the repayment of PAEV - to the management company or any agent of the Foundation. The register of the owners of Paev is introduced that the PAIs are repaid, and the share of money is transferred to his bank account. The shareholder is also issued an extract from the registry.

Now we have reviewed the purchase and sale of feces on the primary market. PAI mutually are securities And have free handling on the market. They, like any valuable paper (stocks, bonds), can be bought or selling also on the secondary market, even at a friend, at least through a broker. Imagine that in your city there are no management companies or agents to buy-selling shares. Or you need to sell the pairs of the interval fund, without waiting for the period of opening the interval. In both cases, the secondary appeal of shares will help you.

The secondary appeal of PAEV differs from the primary the fact that operations with the shares are not performed through the management company, but with other owners of mutual, for example, through brokerage companies. The management company of the FIF does not participate in these operations. Transactions with shares on the secondary market can be performed both on the stock exchange and outside the stock exchange.

Purchase and sale of shares on the stock exchange

In 2003 on Stock Exchange RTS and on the Moscow Interbank currency exchange The secondary exchange circulation of shares of some mutual investment funds began. This means that the PAIs of Pyfov are among those papers that are bought and sold on the stock exchange. Exchange adding benefits allows investors to buy groups of investment funds regardless of territorial location. The organization of the exchange circulation of PAEV also creates additional opportunities for investors who invest in the interval funds, as you can buy and sell PAI on the stock exchange at any time, and not only during the opened control unit for the opening period of the interval. Thus, investors may at any time leave these funds, fixing profits.

Extremely important is the exchange circulation for closed mutual investment funds. The organization of secondary appeal allows investors to sell the PAIs of closed real estate funds, without waiting for the end of the existence of the Fund. It becomes easier and buying pairs. If the minimum amounts in the formation of real estate funds make up millions of rubles, then on the stock exchange private investors will be able to buy PAIs for significantly smaller amounts.

On the RTS Exchange, parades 10 funds managed by 4 management companies are treated: Interfin Capital, Olma-Finance, Opening, Troika Dialogue. On the MICEX Exchange, there are almost 80 funds running 39 management companies. The appeal of investment shares on stock exchanges is organized by the same scheme as trading with shares and corporate bonds. To purchase PAI on the stock exchange, you need to contact a broker having access to these trading areas, conclude a contract for brokerage service, Open the invoice at the broker and make money to the account. You can perform operations with pays via the Internet and the trading system, as well as giving instructions to a broker directly or by phone.

Exchange treatment of shares only begins to develop. Transactions with shares on the stock exchange is quite rare. The main problem of the exchange passage of feces is a small number of sellers and buyers who are willing to make such transactions. The exchange market of PAEV is Neliquian. This means that there are few proposals for the purchase and sale of feces, the difference between the price of supply and demand can be several percent, and the price of the transactions performed is unprofitable from the price calculated by the management company. All this makes the exchange circulation of units while still attractive for investors. As the liquidity of the stock market, the transaction with the shares on the stock exchange will have their advantages over the purchase and sale of shares through the control company.

With the traditional sale of shares on the primary market, you need to apply to the management company, after about a day will be recorded in the registry, then a few more days (up to two weeks) will take the transfer of money to the shareholder's account. In the case of the Interval Fund, this process is stretched for an even longer period.

When making a transaction on the stock exchange through the Internet broker, the operation will take a few seconds, money from the sale of feces will immediately come to your broker's account. And the money on the bank account will be listed by the broker in a matter of days. Although mutual funds are a long-term instrument, efficiency will never hurt, especially if the stock market has force majeure circumstances, such as the fall in stock market as a result of negative political news. Exchange trade allows such an operational advantage.

Purchase and sale of feces on the secondary outdoor market

Buy and sell pairs interval Funds Only during the period of opening the interval is not very convenient. Many investors would like to make transactions with interval funds on any day. To do this, some managers (for example, "Uralsib", Kit Finance) organize the secondary appeal of mutations outside the stock exchange through any investment company or bank. This company (bank) sells and redeems PAI soldiers on any working day. During the opening of the interval, the Company (Bank) buys and repays the PAI in the management company. But the control company itself does not participate in operations in the secondary market. The owner of Pares is another company (bank). To make a transaction, an investor and this owner enclose a contract of sale.

Price on the PAI on the secondary

The market is formed as follows: a daily company (bank), which acts as the owner of PAEV, establishes its price of the share. This price may differ from the estimated cost of the share, determined by the management company, 1-2%.

When buying a feather in the secondary market, it is important to understand how the ownership of PAI goes and which depositary accounts for accounting for ownership of them. Two secondary circulation schemes apply. In the first case, when buying a feather in the secondary market, the owner's company opens the personal account in the regional shareholder registry. The company-seller on the basis of the contract of sale of PAEV gives the order of an organization leading the registry, translate PAI to the account of the new owner. The same happens when selling fells on the secondary market, only now the order to translate the PAI to the account of the new owner in the registry gives a pack.

In the second case, the ownership of the shareholder on the PAI is registered in the register of owners of investment shares on the personal account of the nominal holder. Such a nominal holder serves another depository. The nominal securities holder is registered in the registry management system. He is a depositor (i.e. it fell on), but he is not the owner of these securities. The nominal holder itself is recorded, some of the shareholders belong to. The nominal holder can only be professional participants in the securities market - depository.

PAIs purchased on the secondary market can be paid off in the management company during the opening of the interval. For this, the shareholder needs to submit an instruction to pay off the depositary - nominal holder. The depositary as the nominal holder submits applications indicating the name of the owner of investment benefits in the management company of the Pass Investment Fund, which pays for the US Investment Fund. Money from the repayment of Pares is transferred to the account of the owner of the feud specified in the redemption application.

Opener spending

When investing in mutual funds, a package carries certain expenses. They can be divided into two groups: the costs that the investor carries when buying and repaying shares, and the costs that are recorded daily at the cost of shares.

We will deal with the first group of spending, as they are most obvious. When buying a share, the payer immediately carries costs in the form of the so-called surcharge to the cost of the share. This means that you sell PAIs more expensive per value for the allowance. You have deposited 10,000 rubles to the Pass Foundation, the surcharge to the cost of the share is 1%, while you will only have a share in the amount of 9900 rubles. The allowance is charged to reimburse the costs associated with the issuance of shares. When submitting an application for the purchase of feces to the management company, the commissioning company is going on, when buying a feud through the agent, the admissive remains at the agent.

Maximum size The surcharge cannot be more than 1.5% of the estimated cost of the investment share. At the same time, the size of the surcharge, as a rule, changes depending on the amount introduced into the fund - than more sumThe smaller the percentage of the allowance. There are funds in which the allowance is not charged, for example, you have contributed 30,000 rubles. And on your account you will have PARIs in the amount of 30,000 rubles.

Similarly, when redeeming PAIs is charged to the estimated value of mutual. This means that you sell the pairs of cheaper of their current estimated value by discount value. For example, when selling 100 pieats at the estimated value of 500 rubles. And a discount in 2% of the investor would be listed the amount of 49,000 rubles. (excluding taxes).

The discount is charged to compensate for the expenses of the management company or agent associated with the repayment of shares. The maximum discount size cannot be more than 3% of the calculated value of the share. Usually the discount is the less, the longer your money was lacquered in the Foundation. Already six months, the size of the discount is usually significantly reduced. This is one of the reasons to invest in mutual funds for longer times, at least six months or a year. So the magnitude of the discount management companies regulate the investment period. Keep in mind that the duration of the shares will be taken into account. If you did a few different shopping At different times, for each portion of shares, the ownership period is calculated separately. With the repayment of shares, no expenses except for the discount (as well as taxes) will not be charged more.

The investment period is considered not only from the date of purchase of mutations, but also on the date of exchange of mutations of one fund to the pairs of another mutual fund of the management company. When exchanging shares, the investment period is reset, and the discount will be calculated on the basis of the duration of the latter of the last fund.

In the operation of the exchange of dumping and discounts are not charged. The agents and the management company are allowed and discounts may vary. As a rule, agents are slightly higher. Dumping and discounts are determined by the management company, they are described in the rules of trust management of the Pass Foundation, including for each agent.

So, when buying a feather, you lose due to the allowance (up to 1.5% of the amount), when selling PAEV - at a discount (up to 3%). Daily shareholders lose part of the cost of the share and on other expenses, which are charged by the management company from the property of the Fund (i.e., at the expense of shareholders). These are the costs of managing a Pass Foundation. They include the remuneration of the management company, a specialized depository, a specialized registrar, appraiser and an auditor. For reference: the sum of these expenses, according to the legislation, cannot exceed 10% of the average annual cost of net assets of the Fund. In practice, competition forces managers to reduce management costs, therefore the average amount of the company's remuneration for managing a vale fund is about 3%, more precisely, 2.72%. The costs of managing bond funds below: For open bond funds, they average amount to 1.78%. Remuneration of managers for managing stock funds above. For open stock funds, it is 3.24%, for interval stock funds - 3.36%. Sometimes management companies define their commission only on the basis of the increase in the assets of the Fund. No increment - the management company does not receive income. This method of accrual of remuneration puts the company's revenues to directly dependence on success, and we are confident that competition will make an increasing number of companies use this particular option to calculate their remuneration.

VAT is charged from expenses. Usually in the rules of funds, expenses are already taking into account VAT. But some companies indicate the amount of expenses without VAT. In this case, it is necessary to make an appropriate amendment when comparing several different management companies from the point of view of the size of their cost management costs.

It is important that all these costs have already been laid at the calculated value of the share, which is published by the Management Company. This means that they will not reduce the calculation value of the share and profitability of investment investment. In fact, the shareholder does not even have to know what amount goes to the Fund management. A pack knows the final result of the control - the calculation value of the share and at this cost will be repaying the PAI.

There is no need to comply with the funds for the remuneration of the Management Company - the Foundation with the greatest expenditures can bring a greater yield of the shareholder due to the increase in shares. But also neglect this characteristic also should not. As you know, past incomes are not guaranteed in the future, but the fact that a larger amount of remuneration must "eat" most of the income, inevitably.

The final results of the share investment will affect the increase in the calculation value of the share during the investment, taking into account the retained spending and discounts.

Other possible costs are only connected with the transfer of money to the bank account of the Pass Foundation and are charged by your bank. But even at these expenses, you can save if you make money to the fund through that bank where the score of this PIF is opened.

Imagine what impression on a person will produce an interlocutor, who, telling about himself, will say: " I earn, investing in securities" I think most people will look at him as an aliens.

Cinema and the media created the impression that all people earning stocks and bonds, very serious and successful, have a bunch of money and are almost genias. If you do not believe, just turn on the RBK channel. From analysts arguing about promotions, indexes, etc. Justifies professionalism.

But, in fact, making money on securities can anyone and for this you do not need to spend half everyium, studying the laws of the stock market. To do this, you can hire a manager-manager that will buy promotions and bonds for you and try to provide you with the maximum income.

In order for anyone to try to earn money on securities with the help of a manager, starting with a minimum amount (you can find funds with the cost of the share of 300-500 rubles), mutual impact (mutual funds).

What is a blow?

FIF (mutual investment fund) - This is the type of investment in trust management. This is a collective investment pool, where the investor buys a stake in the property of the Fund.

The fund is created by the Management Company, which has a relevant license. Investors invest in the fund and their funds management company buys assets (shares, bonds, etc.)

How can this be explained by a simple language?

Suppose there are 3 investors: Sasha, Peter and Vasya. They have money for investing, but no time, experience and knowledge that would allow them to independently invest money in stocks, bonds and other assets.

To do this, they hire a management company that will be engaged in buying and selling assets in order to profit. For this investors will pay the remuneration of the manager.

Suppose Sasha has 500,000 rubles, Petit 100,000 rubles, and Vasi has 10,000 rubles, only 610,000 rubles. They combine their money and create a fund. After investing, they receive pairs proportional to their investments that make their share in the Fund. If we assume that Pai costs 1,000 rubles, then Sasha will receive 500 paws, Petya 100 Paew, and Vasya 10 Paew, only 610.

At the invested funds management company buys assets, such as stocks russian companies. Now suppose that after a while the cost of purchased shares has grown, which means the assets of the Fund also increased, for example, up to 800,000 rubles.

After the rise in price of shares, Pai will not cost 1,000 rubles, and 800,000 / 610 \u003d 1 311 rubles. So, if Petya decides to get out of the fund, he will receive 1 311 * 100 \u003d 131 100 rubles. And he invested 100,000 rubles, it means that his profit will be 31,100 rubles or 31.1%.

Types of Pyfov

Piths are divided into bond funds, stocks, real estate and funny.

• Bond fund.

The yield of such funds in the short term is not high, but with long-term investment they often show the yield higher than the stocks of shares.

It is clear from the name that in this case the money is invested in bonds. The profitability of these funds is comparable to bank deposits. But compared to the banks, there are one plus intrinsic. If you take a deposit in the bank before the end of the investment period, then we lose most of the profits. You can pick up money from the Fund at any time without losing interest.

Investing in bond funds involves the lowest risks, but also provides low yield.

• Foundation shares.

Investors who want to get higher incomes from investing money, most often choose this particular type of fund. Pyp shares invest in companies in companies. They buy stocks that they believe should soon rise in price and sell shares that reached the peak of their value.

In general, the stock market itself is the most risky, so the main property of these mutiings, along with a high potential yield, is a high risk.

• Mixed Fund (Mixed Investment FIF).

To ensure maximum profitability and minimum risks, mixed mutiys use the principle of diversification. They invest in a wide variety of assets. It can be promotions, bonds, real estate, artwork, etc. They can even invest in other mutual investment funds.

• Venture funds.

These diseases make bets on the most risky stocks. With this form of investment, about 2/3 funds of the Foundation are simply burned. And only 1/3 brings profit. But the profit turns out such that with more than covers all losses.

• Real estate funds.

As it is clear from the name, these mutually investigate money in real estate. It can be the construction of objects from scratch and subsequent sale or rental. It can also be a purchase of real estate and its subsequent development (repair, redevelopment, etc.) for the purpose of selling or renting.

A feature of this type of fund is that real estate imparencies are closed. That is, investors invest out one time and will not be able to pick up funds before the investment will end. Money is usually embedded for 3-5 years.

Organizational division of funds:

• Open blows.A feature of this type of funds is that investors can buy or sell PAIs at any time. The transaction is carried out within 1-3 business days. Suitable for owners of average capital.
• Interval impassions. You can buy and sell pairs only at certain time intervals that are still called windows. Such windows usually open once a quarter or every six months.
• Closed mutations. Such funds are suitable for long-term investments. An example of such a fund is a real estate disease. PAIs are bought off, and they can not be sold until the investment period is completed.

Pros and cons.

Pros:

• Comfortable amount for investment. Those who want to start investing in the stock market with minimal amounts can find impacts with minimum cost Paj from 300-500 rubles. Weissious people can invest amounts calculated by millions.
• Quick output. Investors can withdraw funds from mutual investment funds within 1-3 business days.
• There is no loss with an unplanned output. Unlike banks, when withdrawing money from open impacts, you do not lose accumulated interest.
• High yield. Mixed mutiys and stock funds can provide high yield over 50% per annum.
• Professionalism of managers. In large funds, managers are the highest level professionals. After all, in order to ensure income to its customers, the management company is forced to hire only the best specialists.
• State control over pyfami. The activities of mutual investment funds are controlled by the state, so the fraud from the management company is excluded.
• Tax agent. All taxes that the investor must pay upon receipt of money from investing in mutual funds, the management company pays for it. That is, a person will not need to submit a declaration into a tax, the company will do it for him.

Minuses.

• Risks. This type of investment is involved in risks. The cost of the share may decrease due to unsuccessful means of means.
• The complexity of the choice of Pyfa.. The newcomer will be difficult to choose a mutual fund for investment, which with the maximum probability will bring his profits.
• Manager Commission. For their work on managing your funds, the company will take a commission with you. The size of the commission ranges from 0.5% to 5%.

Who will suit investing in mutual effects?

Let's think, what kind of person will fit investing in mutual investment funds?

• No loans and no money problems.If a person has problems with finance, it is not worth investing in the funds. And even more so do not take loans in order to invest.
• There are free money. You always need to keep one of the investment rules in my head: " Do not invest the amount you can't afford to lose».
• Other investment methods are used. Do not invest your entire portfolio in mutual briefs. It is recommended to invest no more than 40% of your portfolio in the mutual funds.
• Control over emotions. Whatever happens, your actions should be managed by reason, and not emotions. You need to weigh every step, and not to do impulsively.
• Interest in stock market . You should like what you do. Only so you can increase your professionalism and your income from this activity.

Real yield of mutual effects.

If you think that all managers have motivation to show the maximum yield, then you are mistaken. Most managers have the task to simply beat the index with which the result of their work is compared. If the FIF invests funds in the shares of Russian companies, the results are compared with the RTS index. This is one of the reasons for a low yield of investment in mutual effects.

The average yield of bond effects is usually held in the area of \u200b\u200b8-12% per annum. The yield of the most successful funds exceeds 50% per annum. But, you can see that many mutually bring loss to our customers.

How to choose a mutual investment fund?

Risk.

It is necessary to understand that, the higher the potential profitability of the Fund, the higher your risks will be. Therefore, decide how much you are ready to risk.

Term.

If money you may need in the near future, it is better to choose open funds. If you decide to make a long-term investment, then first look at the reliability of the FIF and its profitability.

Yield.

According to the law, the funds cannot promise your profits. Everything you can do is to see the profitability of the Foundation for the previous periods and compare it with other similar pep. But note that one year cannot be considered as a reliable indicator.

Amount.

If you are new and decided to start with small sum, Look for such funds, with the minimum cost of one share.

To date, the largest and reliable mutual investment funds are: Sberbank, Raiffeisen, Alpha and Uralsib.

How is the investment procedure?

In order to buy a Pai in one of the funds, you need to come to the office of the management company or the agent's company and apply. To make an application you will need a passport and money to buy a share. If you plan to pay for the purchase of the share is non-cash, you will need only a passport.

If you decide to invest in Sberbank or another bank's face, then you will need to come to any of the departments of this bank to buy a share.

It is recommended to get acquainted in advance with the documentation and investment conditions in the face of this management company on its website. Feel free to call this company and ask questions you are interested in consultant.

Do not forget that income from investing is taxed at 13%.

What is a mutual investment fund? What does the fund rating look like? What gives the purchase of an investment share?

If you ever read or at least leafy articles on the subject of passive earnings, you probably came across the abbreviation "FIF". FIF is a mutual investment fund based on trust management Money depositors.

The participant of the Foundation has the right to any citizen who has money to buy one investment share. This document gives him the right to receive profits in the future, when the value of his share will increase.

About, how do mutual funds work and how to invest in the faceTo get the maximum profit, I, Denis Kudarin, an expert on investment, will tell in detail in the new publication.

The most patient readers is waiting for an overview of profitable mutiings and reliable management companies with the most favorable conditions Cooperation, as well as advice, how not to lose money when investing.

So, ahead!

1. What is a mutual investment fund

Investment funds - organizations with equity propertyAnimal to maintain and multiply the assets of participants. This is a form of collective investment that allows everyone to make money on effective financial instruments.

Why do you need to give money to some kind of private individuals? Why not engage in investment directly, independently and without intermediaries? The reason is that not every person has the skills of competent investment.

The level of financial literacy of the ordinary citizen of the Russian Federation is close to zero. Even if he has accumulations, he often does not imagine what to do with them.

Maximum, on which the creative is enough - it is to put money on a bank deposit. But you yourself know that the yield of such a contribution even inflation does not always overlap.

Store money at home is to lose 5-10% per year from their value, or even more. The cost of goods and services increases almost every month. At the same time, salaries are growing far from all. How to be?

Give money to those who know how to dispose of them competently and get in the end profits exceeding both inflation and interest on bank deposits. The assets of the depositors manage the management company. It consists of professional financiers who are informed which areas of investment will give a maximum profit in the current economic situation.

Investing money in the funds is more profitable for another reason: the larger the capital, the greater income it brings. In PIPh, deposits are placed in a common boiler and manage them as one asset. It is much more profitable than to operate with single deposits.

Mutual investment fund - Property complex based on confidential assets management in order to increase their value.

Each owner investment Paj It has the right to part of the property of the FIF and repaying his share. That is, he has the right to sell his pai by current price And bring money from the Foundation.

The management company undertakes to dispose of depositors' assets - invest them in order to multiply. The choice of investment tools depends on the type of fund. The contributor has the right to choose a PIF based on its personal preferences.

Funds work with shares, bonds, precious metals, money markets, startups and other destinations. For their works, management companies receive remuneration in the form fixed amount or percent of income.

I will explain on the example

You and three of your friend decided to buy a young apple tree at the Owner of the Fruit Garden, in a few years, when the tree starts to give a harvest, tastefully fruits, and not buy apples on the market. This tree is your investment fund.

The owner of the garden will take care of the apple tree and from each harvest to receive several kilograms of fruits. The rest of the apples you and your friends will be honestly to share.

The owner of the garden (management company) is interested in growing healthy and gave a generous harvest. Therefore, he cares for the apple tree, fertures the soil around it, protects against pests, watering.

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

The first mutual impassions appeared in the United States in 1924, but the real boom investment in the funds under the management of professional managers reached in the 50s.

In Russia, mutually appeared at the dawn of formation market economy In the 1990s. Now in the country hundreds of independent funds and as many managers. The activities of the mutually regulated by law and state structures.

List all the advantages of mutual funds:

• a huge selection of tools and investment directions;
• control at the federal level;
• higher incomes in comparison with bank deposits;
• relatively low risks;
• professional assets management;
• transparent structure of the organization;
• current financial operations Funds are not taxed;
• low threshold of entry - in some funds of PAIs cost from 1000 rubles;
• at any time, the buyer has the right to sell his Pai and pick up money.

There are cons. The risk is though low, but still there. If you make a mistake with the choice of the FIF, do not receive any income. At the same time, the management company will still take money for his work.

Activities, although the state is controlled, no requirements from the law regarding the profitability of funds are not provided.

Another ways of joint ownership of property -.

2. What are the types of mutual investment funds - an overview of the top 3 species

There are several classifications of mutual effects.

They are divided according to the type of management, the availability of contributions, in the direction of activity.

All mutual funds operate according to a single scheme:

1. Participants contribute their share in the overall boiler - buy PAIs according to the means.
2. The management company (CC) invests money into promising investment projects.
3. Profit from turnover is distributed between shareholders.

Funds are open, closed and integrated. Decide immediately, what structure you are more suitable.

View 1. Open Passy Foundation

Open funds practice free sale and purchase of investment shares. You can become a member of the Foundation at any time if there is a desire and resources. The number of shareholders is not limited. Such structures invest their assets in highly liquid and reliable tools.

View 2. Closed Pass Foundation

Closed funds are calculated on a strictly defined period. Shares are sold to participants immediately after opening the FIF, after which sales stop. To withdraw the funds before the end of the investment period is impossible, but you can sell the share to other participants.

Closed mutiys specialize in the definite investment industry. For example, they invest money only in real estate (often at the construction stage) or in innovative projects.

Sometimes it is a kind of private club created for specific projects. The cost of paws in such funds is often calculated by millions of rubles, so only wealthy investors become solutions.

Type 3. Interval Pass Foundation

Interval funds sell and quench investment pairs strictly at certain times. This happens no less than once a year. Such organizations work mainly with securities - professionally traded on stock exchanges.

In the field of investing, mutual impacts are divided into:

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

The most popular variety - securities funds.

The table shows the main criteria for the difference between the open, closed and interval funds:

Read other articles about passive earnings - "" and "".

3. How to invest in FIF - Step-by-step instructions for beginners

Each investor should be declaring for the basis of investment. Decide for yourself what income do you need - fast, stable, reliable, high as possible? Only then choose the Foundation. And remember - the higher the income, the higher the risks.

Decide on the terms of investment, the amount of assets. Pytes do not guarantee fixed annual profits, these are not banks. Success depends on the set of variables of the magnitude of the market conditions, the professionalism of the management company, the economic situation.

If you have already decided all the preliminary questions, go to invest. Here is a step-by-step guide.

Step 1. Choosing a control company

Managers will take on all concerns by order of assets and profit. Professional companies are rarely engaged in direct deception of investors. The law prohibits such structures to make unfounded promises.

In the assets of each company usually several mutual effects. Diversification - distribution of funds in different directions - reduces risks and allows you to use various investment strategies.

Choosing the Criminal Code, pay attention to the following parameters:

• the number of funds running - than them more, the better;
• commission's size;
• total yield;
• management Policy - Choose companies that combine high-profile and conservative tools;
• market work on the market;
• the rating of the company in reputable agencies (AAA is the highest figure in the national Rating agency, "A +++" is the maximum reliability in RA "Expert").

Looking just how the profit is distributed. If the company is too generous to depositors' remuneration, it is quite possible that it is interested not so much in making a profit as in attracting new participants.

In such organizations, income is formed not at the expense of promising investments, and at the expense of a constant inflow of money. What does it look like? Right - on financial pyramid. Stay away from such an account.

Step 2. Open a bank account

Money into the fund is listed through a bank account. On the same expense, the company will transfer funds when you decide to pay off your investment pai.

Choosing a bank, pay attention to the percentage that takes the institution for financial transactions to the account of the Management Company. What he is less, of course, better.

And the most optimal option is when the Criminal Code and the Bank are in one financial group (For example: Alfa-Capital Management Code is Alfa Bank). In this case, you will not take money for the translation at all.

Step 3. We make an application for multiple acquisition of shares

The next stage is a visit in the Criminal Code with a passport and contact details. Make an application for the regular acquisition of investment benefits and become a full member of the Foundation. If you do it for the first time, you need to fill out the questionnaire of a registered person.

There is a contract between the investor and the Criminal Code. I think there is no need to remind that before signing any official documents, they need to carefully read from and to.

Step 4. Transfer money to the account of the Management Company

It remains only to transfer money to the account of the management company. Indicate in the appointment of the application number, date, your last name and initials.

In each fund its minimum amount. In private investor-oriented pyfah, it is 3-5 thousand rubles. There are organizations where minimum contributions from 100,000 and higher.

Step 5. We receive a notice of enrollment of shares at an investment account

With a personal visit, a notice of funds arrival at the investment account you will receive in 5-7 days. If this document comes by mail, you will have to wait 10-14 days, depending on the efficiency of the postal service.

For more about a passive way, read the article "".

4. Pyp rating with favorable terms of cooperation - overview Top 3 popular

We turn to the review of the most promising companies and funds under their control.

Compare, choose, acquire investment pairs.

The Uralsib Managing Company was established in 1996. Under the management of the group are impacts, non-state pension funds. The total number of shareholders at the time of this writing - 52 thousand people. Invests in the most reliable and profitable directions.

Branches of deposits:

• energy;
• natural resources;
• growth shares;
• eurobonds;
• gold;
• global raw materials markets.

The cost of the share ranges from 5 to 25 thousand rubles. The shareholder has the right to choose the background independently and determine the direction of investment. The largest FIF today from the Criminal Code is "Uralsib First". Designed for investors focused on the long-term growth of assets.

"Opening" - brokerage companyengaged in securities, stock exchange operations, investment. Clients of the company who want to become shareholders of mutual bumps have the right to choose the funds of the most promising investment areas. The most popular tools are shares, bonds, foreign markets, stock exchange indices.

Cost share B. various funds ranges from 900 to 2 500 rubles. Affordable impassions - "Raw materials", "Eurobonds", "Foreign property", "Foreign shares". Recommended investment time - from 1 year and more.

Gazprombank Managing Company works with individuals, insurance companies, non-state pension funds, cultural I. educational organizations. At the time of creating an article under the management of the company there are 11 open mutiys, 6 closed and 1 interval. It is included in the top 3 largest management companies in Russia. It has the highest reliability of AAA assigned by the National Rating Agency.

5. How not to lose money, investing in mutual effects - 5 useful tips

Several tips for beginner shareholders.

Follow them, and the risk of funds will significantly decrease.

Tip 1. Watch out for the situation in the stock market

Buy and sell investment pairs are needed on time. The best moment for buying intrinsics is after falling prices. Do not be afraid of temporary vibrations of the cost: you wish to get the maximum profit - count on long-term investments.

Tip 2. Choose the most reliable blows

Want to sleep quietly - choose reliable funds with a conservative investment strategy. What are the most stable blows? These are bond funds, mixed funds and funds foundations.

The advantage of mutual effects - in their information openness. All stakeholders have the right to familiarize themselves with the data on the size of the assets, the current value of the share, investment operations. Do not neglect the client's right to information and do not hesitate to ask questions to managers and operators.

Want to reduce risks - divide your assets by different PIPs or even to different managers. If you have a lot of eggs and a lot of baskets, the probability of losing savings will decline to a minimum.

Tip 4. Increase your investor qualifications

Passive earnings are definitely fine. But if you want to get more, become a qualified investor. Read special literature. For example, "Guide to Investing Rich Pope" Robert Kiyosaki or "Reasonable Investor" of Benjamin Graham.

The higher the level of your awareness, the more efficient and profitable investments will be.

Tip 5. Use the exchange service

Managing companies often give to depositors the ability to exchange investment pairs. For example, change the pairs of bond funds on the stocks of stock funds. If tracking cost changes, such manipulations will raise a profit by 10-15% per year.

See an interesting video, in which the head of the Criminal Supervisor explains the structure of the work of the FIF.