Types of mutual funds

Mutual funds-one of the most effective ways to invest your money wisely. Many of us are incredulous to invest in mutual funds, and others have done to millions. In this article we open a series of articles about how to intelligently and wisely invest the money and consider attachments option in the PIF. On the directions of investment mutual funds are divided into the following categories:

1. Equity funds (mutual funds shares, as the name suggests, consist of shares of companies (public companies). Shares acquired by the management company on the money deposited in the Fund shareholders.

When the stock price falling in the UIF, grows (on trades on the stock exchanges), grows and price of the units of the UIF. When the stock price falls, and falling shares. The task of the management company to buy stocks that should grow in price and sell shares that have to fall in price.

How successfully the management company guesses (counts) which shares to sell, and what to buy, depends on the yield of the UIF. The shares are yielding dividends, but these dividends are not paid Associates, they are included in the NAV (net asset value) and increase the price of a share-shareholder receives those dividends at maturity of shares comprising the share prices. The right to vote on the voting shares also won't go to unit holders, they are managed by management companies.

Mutual funds shares is the most risky mutual funds. Yield varies from negative to high positive. Maximum yield and maximum losses among mutual funds-pifah shares. These funds are quite different: for example, some are invested mainly in blue chips, which have minimum risk, others in second-line stocks, with a maximum risk of loss, but also the maximum possible return).

2. Bond funds (mutual funds bonds is the least risky investments, although they may be operating at a loss, just the probability of loss is very low. A mandatory satellite low risk-low returns.

Yield bond Uifs is about the same as those of bank deposits, 8-12%, although there are mutual funds bonds earning 15-25% Apr (you can show, for example, in this ranking, scroll down until you see the heading BOND FUNDS), but such high yield caused by the likely inclusion of shares in a mutual fund-shares in Mif bonds can reach 50%.

The advantage of Uif bonds before bank deposit that money from the Fund can be picked up anytime without losing the earned interest, while for receiving bank deposit money should be kept in an account for a certain fixed period and interest will be lost, if you withdraw money before the expiry of that period.

However, this advantage has practically disappeared due to the alignment of returns on bonds and deposits, from which you can withdraw money at any time about this in the article "Time bonds has passed". Mutual funds bonds can be used as a refuge for the capital market during the fall. To do this you need to initially invest in mutual funds shares such management companies whose management has a whole line of mutual funds (the majority), among which there are bond mutual funds.

The management company shall allow to transfer money from a mutual fund to MUTUAL FUND without any deductions from the shareholder. Then in adverse market times, you can simply transfer the entire capital of the UIF shares in mutual fund bonds, rather than take money out of mutual funds in General, for paying and discount management company and state tax).

3. Mixed investment funds (Sif mixed investments (abbreviated "SY"; synonym. "mixed Funds") is a mutual fund mutual fund shares and hybrids of bonds, i.e. They consist of both types of securities. Such funds have a flexible strategy: they may be 100% of the shares during the market growth and 100% of the bonds during the fall market. In times of uncertainty in the market, when it is not clear where the market will move tomorrow, such funds are the best option for investing.

4. Funds of funds (Fund of funds investing shareholders in mutual funds of all categories of different management companies). This MUTUAL FUND is suitable for investors who wish to avoid potential errors by individual management of the management company. Actually means that the UIF manage several uk-all shares of mutual funds which are included in the Fund of funds.

Since December 2007, all Russian mutual funds also are divided into

1. Venture capital funds

Venture capital funds invest in securities or enterprises with high or relatively high risk waiting for extremely high profits. Typically, these investments are carried out in the sphere of the newest research, high technology. As a rule, 70-80% of projects do not bring benefits, but profit from the remaining 20-30% pays for all the losses.

2. Private equity funds

Private equity funds are very close to the ideal venture funds: the same investment in non-public companies, their financing through issues of securities and then sell these securities and exit into money ". But despite the "similarity", the differences in these types of funds do exist. It can be said that direct investment funds requirements for the tougher and require more restrictions.

The first difference is that private equity funds can only finance joint stock companies (open and closed) by redemption of all shares of additional issue or redemption of the bonds, while venture capital funds, in addition to JSC and may invest in limited liability company (LLC).

A second major difference is that, as a rule, private equity funds seeking to acquire a controlling stake in the company is the investment object. And if so, the management of the company falls on fund managers. Many venture funds are limited to a "blocking stake" (25% + 1 share) and did not participate in the operational management. But it is not an axiom: there are private equity funds and venture capital funds, which do not adhere to the above designated schemes.

3. Loan funds

Loan funds is a new category of CUIT for qualified investors under the management of the management company, licensed the FFMs. Loan Fund will be interested in banks, management companies and nekreditnym organizations. The basic concept of credit fund is an opportunity to acquire a right of claim under loan agreements (IE. h. discounted), issuing loans and manage liquidity.

Yield of the Fund consists of entering the Fund per cent acquired loans and issued loans and funds received as a result of refinancing amounts exempt from income taxes. In addition to the release from the obligation of paying taxes, the Fund also relieved from having to create reserves for loans issued and/or acquired loans.

4. Hedge funds

This is a private, not limited to the regulation or subject to weaker regulation of investment fund that is not available to a wide range of individuals and managed by a professional investment manager. Are particularly structure pay for asset management, as well as the presence of equity fund assets in real estate funds (with enhanced investment Declaration).

The time when you can buy/sell shares of mutual funds fall into:

  1. Outdoor-are obliged to redeem shares and sell it every day;
  2. The interval is open for buying and selling shares in a certain period of time specified in the rules of the Fund, but at least once a year;
  3. Closed-sell shares during the formation of the Fund. As a rule, do not redeem shares prior to the completion of the Fund (except when a shareholder does not agree with the changes in the rules DO Fund). The investor may sell shares only on the secondary market, which is not too easy. The fact of the matter is that virtually all of the ZPIFy were created for a predetermined circle of clients and, where still took third-party investors, minimum fee was set at 1 million rubles.

Open funds should keep their assets only in highly liquid form. Such assets include:

  1. Government securities (Government bonds share one issue should not exceed 35% of the total assets of the Fund);
  2. Municipal securities;
  3. Shares and bonds of Russian JSC (cost of securities of one issuer may not exceed 20% of the value of all the assets of the Fund);
  4. Shares and bonds of foreign companies (share such assets must not exceed 20% of the value of all the assets of the Fund);
  5. Securities of other States;
  6. Bank accounts (percentage of funds on accounts in any one bank cannot exceed 20% of the value of all the assets of the Fund).

Each of the types of funds has its pros and cons. Open funds provide greater liquidity funds of Trustees. Instead, interval and closed-end funds are usually more profitable, easier to plan their investments over a long period, as the shareholders may not withdraw their funds from the Fund at any time, less operating expenses to ensure the work of the Fund.

Therefore, in addition to all types of securities which may be open to the Fund the assets of closed-end can also be:

  1. Voting shares of all Russian JSC;
  2. Real estate and property rights in real property;
  3. Housing certificates.

While government bonds one edition may not exceed 30% of all assets interval Fund, securities issuers, together with the unrecognized value of real estate is not more than 65%, while the value of securities recognized issuers together with funds in bank deposits is not less than 35%, in accordance with our legislation.

Among other types of mutual funds-index, buying shares in accordance with the proportions, reproducing the structure of indices such as MICEX, PTC. The advantage of this type of funds are low-cost, because the composition of the portfolio is reviewed relatively rarely, only when changing the composition of the index, does not require expensive analytical support.

In addition, more recently, the Russian market has become aware of a closed mutual funds focused on the real estate market, to withdraw the funds, of which only a few years. The first such fund was formed in March 2003, and a year later, there were about 10 of them. ZPIFy usually originate at the maximum legal period of 15 years.

Investments in tools such as real estate and land showed good yield and diversification of investments across multiple projects reduces the risks. The most profitable managers think Fund investments in construction, with the subsequent sale of the object after its delivery. And more stable and, of course, less income is rental or commercial property trading, bringing up to 10-15%. The Board of the management company for the management of private equity funds usually amounts to 1-3% of the value of the ZPIFa.

Investment object emit:

  1. Real investment (direct purchase real capital in various forms);
  2. Financial investment (indirect buying capital through financial assets);
  3. Speculative investment (purchase of assets solely for the sake of possible price changes).

In terms of attachments:

  1. Short-term (up to one year);
  2. Medium-term (1-3);
  3. Long-term (more than 3-5 years).

On the form of ownership of investment funds:

  1. Private (investment, formed by means of a clean, corporate enterprises and organizations, citizens, including both native and borrowed funds);
  2. State (formed by investment from the State budget and other government funding sources);
  3. Foreign (investment invested by foreign investors, and foreign banks, companies, entrepreneurs);
  4. Mixed (consisting of the aggregate of the net and foreign or State or foreign investment).

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Автор статьи: Максим Миллер - о авторе.
Бизнесмен, инвестор, финансовый консультант Facebook
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