It may not even guess that the funds themselves are divided into several species, with different potential yield, investment period and minimum entry amounts to the Foundation. Therefore, for a start, you should learn about them in more detail. And only then defined with the choice. After all, it is from your choice that the resulting yield will be dependent.
Fund funds. For those who cannot decide on the choice. Manager will make all for you. Money is distributed across multiple pyphams in a certain proportion. The disadvantage is dual costs. You pay a fee of the Fund Foundation, which in turn carries costs when buying other mutiings. And this ultimately reduces the total yield.
Funds venture investment. Characterized by high risks. Money is invested in promising projects at the startup level. In 80% of cases, the owners of Paev are in the minus. However, the remaining 20% \u200b\u200bbring such a profit that repeatedly overlaps the losses received.
Direct investment funds. Invest directly in stock specific enterprise (Companies) not submitted for open sale.
Real estate funds.Investing money in construction, or buying real estate for its further sale or rental.
Mortgage funds. Invest in the purchase of mortgage mortgage loans. Profit is formed by paying interest on the mortgage of borrowers from the principal debt.
Cash funds. Allow securely place funds for a short time. Almost the same bank deposits with similar yield. Remuneration from the shareholder is not taken.
Real estate funds, mortgage, direct and venture investments are used only in closed mutual investment funds. And as a rule, their average yield is much higher than that of the rest. But ... minimum cost The entrance to such funds begins from several hundred thousand rubles. Therefore, they are not available for most ordinary investors with their small starting capital.
In the Federal Law of the Russian Federation "On mutual investment contributions" (FZ-156 of 29.11.2001), three types of mutual investment funds were allocated - Open Pass Investment Fund (OPIF), Interval Pass Investment Fund (IPIF) and a closed share investment fund (ZPIF) . Consider every kind of detail.
Open Fund (OPIF)
Pai, transferred to OPIF, the investor has the right to buy either sell at any time. Similarly, due to the incoming and departing property, OPIF can be expanded and decreased. Moreover, it is not necessary to carry out the collections of shareholders in order to obtain permission to change capital - an increase or decrease. As a rule, investment of shareholders this fund It is carried out in assets with a high degree of liquidity.
Interval Fund (IPIF)
The main difference between the IPIF from OPIF - the investor has the right to buy either sell invested PAIs exclusively at certain time periods - the intervals that are communicated in advance and are usually once a quarter.
Closed Foundation (ZPIF)
In ZPIF, the investor has the right to acquire Pai only when forming the Fund or additional release. To present the management company Pai to repay the investor may exclusively at the end of the term of the Trust Management Treaty. In addition, the Number of Fixed Fixed Passions. Without the consent of shareholders, the creation of shares and their additional edition.
In the rules trust management (Agreement) necessarily indicate the conditions, frequency and procedure for obtaining income by shareholders. Due to the lack of opportunity to pay off in a short time, the investment of entrusted property management companies are carried out in assets with a low degree of liquidity - in mortgage mortgages, real estate and venture projects. During the period of CPIF, property tax and income tax is not paid. From the moment of repayment, the share of shareholders is calculated and paid into the budget of income tax.
The legislation is allowed to transform mutual investment funds - from the interval to open, from closed to the interval.
The financial market provides a special group of mutual investment funds - for qualified investors. Such funds can be closed and interval, while the investment pairs are included in them have limitations in the turnover. There is no possession of pairs in this fund by persons who are not included in the list of qualified investors. In addition, the disclosure of internal information about the property of the Fund is prohibited. However, the Fund's PAIs for qualified investors are listed on RTS and MICEX stock exchanges, but trade is carried out in a special closed mode with access limitation.
In accordance with the Regulations on the composition and structure of assets, the PIFES is divided into 15 categories: stocks, bonds, mixed, index, stock, cash, commodity, hedge, rental, mortgage, real estate, direct investment, venture, credit and artistic values. It should be known that such categories as direct investments, venture, credit and hedge are intended exclusively for qualified investors.
Classification of impact facilities for investment facilities - categories:
|
OPIF |
Ipif |
Zpification |
|
bonds |
bonds |
bonds |
|
mixed |
mixed |
mixed |
|
index |
index |
index |
|
monetary |
monetary |
monetary |
|
stock |
stock |
stock |
|
commodity |
commodity |
|
|
real Estate |
||
|
mortgage |
||
|
artistic values |
||
|
credit |
||
|
venture |
||
|
direct investment |
Pyves shares are the most popular category from private investors, it accounts for the largest share of the IPIF and OPIF market. Directly in stock, you can invest at least 50% of the assets included in the face, but quarterly at least 2/3 of the total number of working days. In the stock portfolio, except for shares, no more than 40% of bonds are allowed.
Bonds mutual bonds are traditionally used in the recession of prices in the markets, allow you to get small, but stable income. Debt securities should not exceed 50% of the stock portfolio, no more than 20% of the share of shares is allowed.
FIves are mixed - in popularity occupy second place. This is something average between the categories of investment funds discussed above. Any relation in the stock portfolio of stocks and bonds is allowed, but their total amount should not exceed 70%.
Pynes Indian - are currently represented exclusively by the stock funds. The main difference is - in the target index, the composition of the FIF must match the composition as much as possible. valuable papers. The discrepancy is allowed not more than 3%. It is recommended to use index mutiys beginning shareholders - when compared for the same period of profitability of the Foundation with an index, it is possible to easily determine the performance of the management company.
PIF cash - just like mutual bonds, act as a protective tool. The profitability of these funds is insignificant, but in comparison with deposits, the degree of liquidity is higher.
Funds - Pynes - these funds are invested in other mutual effects. Investors are given the opportunity to distribute their investments into several mutiys. The main disadvantage of this category is the doubling costs of investors. The main advantage is in the presence of minor capital for investing, the shareholder can distribute into several funds.
Commercial Pyp - appeared on stock market In 2009, and at this time there are three commodity markets. The most popular investment in precious metals. The yield of these funds is insignificant, but stable. The share of this category in the stock portfolio from 50% is allowed.
Hedge Pithhi - the composition includes various financial instruments, including promotions, bonds, other mutual impacts, precious metals and derivative financial instruments.
Real Estate Pyp - on this moment A rapidly developing category with a convenient financial instrument (real estate) for investment investments in a similar asset. Benefits - tax breaks, big liquidity, protection of investor interests and the possibility additional attraction shareholders.
Rental impact - income from the delivery of real estate objects in rent from the shareholder, for rent. This category is a kind of property of real estate. Periodic profit payments are possible.
Mortgage mutual imaging - the formation of the asset category is carried out at the expense of mortgage mortgages.
FIves of artistic values \u200b\u200b- the recently emerged category of funds, is intended for investors who prefer to make investments in assets with a failed value in financial markets.
Credit PIFES - proposed to banks as an anti-crisis tool to get rid of problem debt obligations. It is to transferred overdue loans to manage debts in one FIF.
Venture mutual impassions - a way to attract shareholders to investing promising startups and new projects.
In addition, in some categories specialization of funds are allocated. It should be noted that the legislation does not regulate the requirements for the assignment of one or another specialization to a certain category of mutual impact. However, the leading management companies it is recommended that the asset of the claimed specialization in the Fund correspond to 70-75%. Mainly, these recommendations relate to industry impacts.
What are the blows, what is the difference between open, closed and interval piffs.
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different types Investors imply the formation of funds that differ in the fund management strategy and the composition of the securities that are included in it. This approach allows each potential customer to find exactly the fund, the level of profitability and the degree of risk in which will be optimal and acceptable for the consumer.
There is a standard classification of blows that are divided into:
- Open
- Closed
- Interval Each of them has its own individual features.
Open blows
The main difference open blows can be called free turnover of his feces. They can be purchased or selling on any day. The minimum of the actions necessary for this includes a visit to the management company or appeal to agents and submitting the appropriate application. At the same time, the acquisition or sale operations require a certain time. The term of consideration of the application and the solution according to it is usually no more than 10 banking days.
The greatest commercial interest such mutual impacts can be submitted for mobile people who have great potential of activity and are constantly looking for various new ways of promising investment of their capital. Conveniently consolidating financial investments In these PIFAs, when situations may arise, requiring urgent dissemination of funds and cashing.
Closed blows
The main purpose of closed funds usually performs accounting capital To implement and promote any project. An example can be called the construction of facilities and developments. It is necessary to invest in a closed effect in the formation stage, and it will be possible to pick them only after the completion of all actions on the project. As a rule, these deadlines are set in advance and amount to at least several years.
The possibilities of managers in connection with investment activity in a closed pife is unusually wide and compared with similar activities in other types of funds are incomparable. However, this does not create prerequisites to confidently guarantee the participants of the Foundation or a certain level of income, neither its presence in the future.
The share of closed funds in the total mass is insignificant, since the entrance fee at the stage of formation is usually an impressive amount, which not everyone can afford.
Interval impassions
Interval impassions differ from other things that allow make various transactions with shares at certain time intervalswhich are established initially. Typically, a schedule of such intervals, the length of which, as a rule, is two weeks, it assumes the possibility of acquiring and selling shares four times a year.
Interval impassions differ in high levels financial risk and big potential income. This is due to the fact that the management of such funds receive the opportunity to invest funds that do not exceed 50% of its total capital, in low-populated papers. Such papers are characterized by a significant potential financial growth along with great risk. The condition for the impossibility for the Fund participants every day to perform operations with the shares gives extensive opportunities to manage long-term investment of funds that can bring good dividends. In addition, it contributes to achieving stability in the Foundation, as it does not allow participants to withdraw funds during the fluctuations of the financial market.
For control of interval PIPs, the prospect of investment in the securities of all available funds is opened, since it does not have the need to have a reserve capital for the cashing of participating participants upon their application.
Systematize and submit a picture of the species and types of existing mutual investment funds (mutual mutual) will help the table of registered russian foundations. First of all, mutual impacts differ by type depending on the time when it is possible to buy or sell pairs.
- Open- The most accessible to the wide range of investors, and therefore the most popular. They work as usual, every working day.
- Interval- Such funds operate periodically, on schedule a certain number of days a year. Only in these periods (intervals) are possible operations with shares.
- Closed- Special type of funds. You can invest money in a closed effect only in the formation of the Fund, and the repayment of the share occurs during the end of the fund's action. (But on the stock exchange, as in the secondary market for sale, you can buy or sell a closed fund, if the shares of such a fund are listed on the stock exchange).
By types of investment and availability of securities in the investment portfolio, funds are divided into species. The table indicates 16 types of Pyfov. But some of them (such as hedge funds, venture, direct investment, credit) are available only to qualified investors. Therefore, speaking of PIPs, often limited to the four most common species:
- mixed investment funds (shares, bonds and cash deposits);
- fund funds.
Less known but in lately Acquire some popularity as well:
- funds index;
- cash funds.
This classification does not include the concepts of the sectoral (or sector) of the FIF, the Fund, which keeps securities in the portfolio of only a certain economy sector. Since such a fruit can be both a stockfall and bonds, or mixed.
Industry funds are often found quite. It was the consumer sector funds in 2012 that there were the greatest profitability of about 25-30% per annum, and in 2013, telecommunications foundations are becoming leaders.
There are also a number of regional (or international) mutual impacts that specialize in working with assets of one region (for example, the Fund The largest companies USA, Asia, Western Europe and etc.)
In assets of stock funds mainly (more than 60%), shares must be present, and in bond funds, respectively, bonds. The remaining 40% can be both shares and bonds or cash deposits. IN mixed funds There are no strict requirements for assets.
Fund funds in their asset keep the shares of other funds that are in circulation on the stock exchange. According to profitability and risks, the Funds of Shares occupy the first place. Bond funds are considered less risky.
Cash funds invest investments mainly in bank deposits or deposits credit organizationsBut may also have reliable government bonds in the asset. Their profitability rarely exceeds 5-7% per annum, but they are considered the most stable even during the crisis.
Index Pynes take as the basis of the index of any of the stock exchange, so the portfolio presents the top of the positions that are in the market. Therefore, if we consider a long period of time, then their profitability shows a good result with moderate risks.
But for any open and interval Pyfa is mandatory condition- One kind of securities should not occupy in the investment portfolio more than 15%.
Among the closed are allocated Real estate and rental impact. For the first time they appeared in 2003, and in the last 5 years, the overall increase in the number of mutiings is exclusively due to the creation of new funds such types.
They are suitable for large investors who are ready to invest for up to 15 years (this is the maximum validity of these funds), for construction or purchase land plots. In addition, since rental funds are organized for rental premises, sometimes allow to receive additional annual income to investors (as a rental bonus).
Therefore, when choosing a type of pee, you need to consider the following highlights:
- how much the degree of riskiness and profitability of investments is acceptable;
- the composition of the securities of the Fund, or the selection of the sectoral orientation of the Fund;
- alleged investment period;
- estimated investment.
