Food investment funds (mutual mutual). How are mutual investment funds arranged whether to invest in mutual funds

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And is it worth contacting them

Few people know how mutual mutual works. People for the first time hear this abbreviation when they start to be interested in investment.

Vladimir Arkhangelsky

disassembled in Pyfah

Investment in the mutages offer banks and investment companies, but no one explains how investment funds are arranged, who are beneficial and who are managed by them.

I work in management companywhich invests money for share shareholders. I will tell you for mutual imaging, what are their advantages and what are the risks. But I am a person in a sense interested, so you feel skeptical about my words. The conversation will be long and rather boring.

How impassions are arranged

A mutual investment fund can be compared with the safe, in which investor assets are stored: money, real estate, securities, liabilities in ooo and so on.

Pai is the conditional proportion of the property in this fund. This is a personal valuable paper that confirms that you have such a share of such a fund.

Property from the safe managed management company. Her task is to make money for shareholders on behalf of the FIF. For this, it manages the assets of the Foundation: leases real estate, issues loans, buys and sells securities, currency, shares in organizations. If the cost of the property of the Fund increases, the price of the share is growing.

UK services paid. The management company is advantageous that the shares of its foundations grow in price: this is the best advertisement to attract new shareholders. The more shareholders, the greater the assets of the Criminal Code and the more money she gets for their work.

For the assets of the Ukrainian shareholders in charge of the law, so it can not just sell them, pick up money and go into the sunset.

Before becoming a shareholder, the investor studies the rules of trust management of the Fund, the PD, - the document where the conditions for the functioning of the FIF, and then transmits money or other property into the management of the Criminal Code. It becomes the common share property of shareholders, and it is impossible to pick it up from the Fund anymore.

There is the concept of an anchor package. This is a major investor who is ready to invest the assets immediately for a large amount, on average from 25 million rubles, but wants the FIF to work on its terms. Then the Criminal Code creates a separate foundation, all pairs of which belong to this shareholder. The company manages property, the shareholder receives income.

I will explain a little, which is shown in the diagram.

The shareholders invest in different funds, and the Criminal Code dispose by them, earning a share money. Different shareholders can invest in the same foundation. Funds are investing in different assets.

The same Criminal Code can control different feeds. Monthly, she takes part of the funds from each fund as its remuneration.

The Criminal Code works closely with a specialized depositary (SD). The CD provides the UK services: leads parallel records of the property of funds, gives consent to transactions, controls the disposal of the property of the PYFES in the interests of shareholders, coordinates the reporting of the Criminal Code. For these services, special administration also receives monthly remuneration from the Criminal Code.

The Criminal Code and SD are controlled by the Central Bank of the Russian Federation: rent fund reporting, provide information on request, comply regulations Central Bank.

Central Bank of the Russian Federation and the SD for the Management Company - controlling authorities. They follow the actions of the Criminal Code in order to comply with the interests of shareholders.

The Central Bank can send a request to the special administration in order to obtain its interests of the management company you are interested in, and the CD is obliged to provide this information.

How to make money on pays

Restore the property and money is impossible invested in the dirty fund. But the shareholder has two ways to exchange their pairs for money: pay off or sell them to another investor.

Repayment of feces. In this case, the Criminal Code compensates for the cost of mutual fees.

Sale to another investor. The shareholder will have to find the buyer and agree with him about the price. Some pairs are limited in turnover, so they are not so easy to sell them.

The possibility of selling depends on which investors are intended for PAI. If the disease is for qualified, experienced investors, it is impossible. If for unqualified - it is possible.

PAIs for unqualified investors are called pays, not limited in circulation. They can freely dispose of the shareholders: to sell, transfer to the deposit, give, leaving for inheritance. Anyone can freely buy such pairs, receive income from them and sell them at any time at a market price.

On the pays, as well as on any other securities, you can make money speculatively: buy, when you get cheaper, and sell when they rose.

Pia has current cost and market. The current cost is fixed in the documents, this information can always be found on the UK website. The market value is slightly different from the current and depends on many factors, including from the general information background. Here - how we are aweing.

I will explain on the example. Suppose you own closed pees, its main assets - residential real estate. It turns out statistics on the real estate market, and it turns out that the market went to the decline. So, the cost of housing, which owns the foundation will decline. Consequently, the cost of your feces will also decline in the next couple of months. If at this moment you decide to sell your shares, then their market value will be below the current one.

Another example: PIF, whose shares you have acquired invested in the shares of oil companies. The cost of barrel is growing and dragging the entire oil sector. If at this moment you decide to sell PAI, they will buy them above the current cost.

Yield and taxes

In PIPh, yield is not guaranteed: shareholders can not earn anything or even lose money. The yield depends on the huge number of factors: the experience of the manager, understanding the processes occurring in the economy, seasonality, crises, currency courses, oil prices and many other things.

The results of the investment of the same fund from year to year are very different. Some PIves for 2017 have grown by more than 25%, and some have lost money.

While the shareman receives profit, he must pay tax: NDFL. For him, this makes the management company that acts as a tax agent. But if the pack will sell PAI, then the tax on possible income, namely, from the difference between the amount taken from the sale of shares, and the amount spent on their acquisition will be paid independently. Income tax This: 13% for residents of Russia and 30% - for non-residents,

If you own shares at least 3 years from the date of purchase,

Qualified and Unqualified Investors

Pypnes are different. Funds for qualified investors, or quad funds, differ from mutual imaging, unskilled investors. It is assumed that shareholders of qualified funds are ready to invest in more risky and more profitable tools.

Quale Funds provide shareholders more opportunities for investing. For example, in the Quarter Real Estate Funds, it is possible to include property rights from the reconstruction agreements, and financial instruments are derived from financial instruments, such as futures for the purchase of exchange securities. For this, certain conditions listed in the order of the Bank of Russia should be observed. In some kind of risky assets, such risky assets cannot be turned on.

Schaws of the Sval Funds can monitor major transactions, for this Code convenes a meeting of the Special Commission of Ochechikov - Investment Committee, IR. Before the conclusion of the deal, the Criminal Code explains the shareholders all the conditions and asks them to vote. The transaction will take place if the majority vote positively.

Not all shareholders take part in IR, but only possessing a certain number of shares. The results and protocol of IR are sent to a specialized depositary, SD, a registrar, and shareholders - so that they understand, the transaction is adopted or not.

The registrar is a special entitywhich registry owners of feud. All mutually owners are required to serve as a registrar

If the foundation is incomplete, then the investment committee is not needed. The Criminal Code itself solves all the questions and concludes all transactions without asking for consent from shareholders. Nequance funds are less risky and do not require shareholders.

FIP real estate

Those still differ depending on the assets that can be included in their composition.

Pyves for investing in real estate are considered the most reliable funds, since property is insured, and there is always some demand for real estate.

Real estate investments are large long-term investments. The input threshold for investors begins from a million rubles, because the real estate is expensive, and the Criminal Code is much more convenient to work with several large shareholders than with a lot of small.

This is how real estate disease works. Suppose the investor has 2.5 million rubles and he wants to receive a stable monthly income from them, but this amount is not enough to buy real estate and rent it. He turns to the Criminal Code, which finds more than nine such investors and agrees with them about creating a Pyf. Money all investors add up and move to the Fund, after which the Criminal Code begins to dispose. On 25 million commercial real estate with a stable rental flow. For example, an office in a business center or storage room.

If everything goes according to the plan, the cost of assets of the Fund will grow along with the cost of real estate, shareholders will receive a share of rental income, and the Criminal Code is their reward.

FIPE MARKET FINANCIAL TOOLS

Pyves of market financial instruments for unqualified investors work with money, securities, loss in LLC, loans. In the PIFAs of financial instruments, risks are much higher than in real estate pyfa. You can stay without income and lose money invested.

Securities, unlike real estate, not very expensive, not subject to VAT and for managing them does not need a large staff. Therefore, the input threshold for investors can also be lower, even from thousands of rubles. There is no exact amount: Each of the Criminal Code itself decides how much money should be investing a pack, so that it was cost-effective with it.

That's how the PIST market tools works. Suppose the investor has 250 thousand rubles. He wants to get the maximum income with a reasonable risk level and as quickly as possible. Playing on the stock exchange yourself Investor does not want, so it turns to the Criminal Code.

It finds other investors with a similar goal, unites funds and creates a fund of market financial instruments. The securities of the Department of the Criminal Code is purchased: part of the funds invests in the promotion of promising companies and share in ooo, part - in the bonds of the Ministry of Finance or major corporations, providing for good coupon payments, part in the pairs of open impacts. Remains of money are put on deposits.

Management specialists daily monitor changes, analyze financial information, sell assets falling in the price and buy growing, promising.

Combined FIF.

Combined FIF is a new tool that appeared on the Russian market at the end of 2016. In such a face, you can include anything other than cash. For example, aircraft, private roads, collective brandy, brands and other collectibles, works of art, oil and wheat options, precious metals and stones, cryptocurrencies, foreign deposits. It all depends on the fact that the Criminal Code was spent in the Rules of Fund.

But there is a nuance: property, with the exception of immovable, should be on storage in the depositary. Therefore, it will not be able to "pack" to the Foundation to the Foundation for the sewing sneakers, but the sneakers themselves are quite. To do this, it is necessary to register sneakers in the remote control in the remote control in advance and agree on the storage depository, and the sneakers themselves will have to buy from the factory as a product.

The Criminal Code is still not in a hurry to acquire in the combined funds everything is in a row and adhere to more traditional financial instruments.

Outdoor, Interval, Closed Pyp

In various types of funds, different deadlines are installed for the purchase and repayment of feces.

Pails of open funds do not have the final quantity, and you can buy them at any time. In the interval funds, the deadlines in which applications can be applied for the purchase of shares are recorded in the Rules.

In closed funds, PAIs can only be bought in the process of formation of the Foundation or at the time of additional issuance of shares. So that the issuance took place, the Criminal Code should issue an order and conduct an appropriate procedure, and then pay the duty and make changes to the remote control. As a rule, additional issuances are carried out when the Criminal Code and the investor have already agreed, what property will go to the Foundation.

In open funds, you can pay out on any working day, in the interval and closed everything is more complicated.

Purchase and sale of shares

Buy pairs can be at the Criminal Code or its agents, such as brokers, investment and financial companies. To do this, you must apply and transfer money to the Fund's account. It's not hard.

To become a shareholder, you need to take a few steps.

Choose a PIF and find out who is the recorder: Look at the goal on the first page.

Learn from the registrar about documents which are needed to open the personal account. As a rule, for an individual, there is enough passport and the INN.

Make an application for the purchase of shares, If you buy PAI directly from the Criminal Code or its agents, and send it in the Criminal Code. Instance of the application is always in the remote control.

If you buy pairs from another shareholder, it is enough to conclude a sale agreement, it is not necessary to assure it from the notary. Show the contract will be required only to the registrar so that you will be included in the register of the owners of Pass.

Pay the application or contract For example, in the personal account of your bank. All, now you are a pack.

Sell \u200b\u200bPAI harder. A pack can sell its pairs or through intermediaries: brokers, agents, investment companies.

If you want to make money on sale for sale - Look for buyers and attract intermediaries. You can search for investment companies that are engaged in resale shares, find a buyer through acquaintances or financial forums. To sell PAI, it is enough to conclude a simple purchase and sale agreement and submit it to the registrar.

If you do not want to spend time looking for - write an application for the repayment of shares in the Criminal Code. PAIs will be redeemed at the current cost recorded in the documents, to bargain and earn no longer.

Benefits of FIFES

High yield is possible. Pynes can show good yield compared to deposits and bonds. It all depends on the strategy that the Criminal Code is held.

No need to mess with money every day. A pack does not spend time on learning and analyzing markets, this is done by the Criminal Code. It tracks changes, trying to minimize risks and increase assets. She knows what factors need to pay attention to first of all, how to competently evaluate and reduce the risks.

Reporting. If the PAI are not limited to the turnover, then the Criminal Code is obliged to publish the reporting of the FIF on its website. Anyone can get the most detailed information about the composition and structure of the assets of the Fund.

Protection mechanisms. The interests of shareholders are well protected. The Criminal Code is unprofitable to bankrupt the fund, since its remuneration and business reputation depends on the volume of assets. A couple of dubious transactions - and all shareholders run away.

Sell \u200b\u200ba rapid assets of the Fund for Sterns will not work either. A specialized depositary (CD) will not agree to a suspicious transaction and will be obliged to report it to the Bank of Russia. And the Bank of Russia may require the Criminal Code of the Economic Justification of its actions and, if he considers it insufficient, attract the prosecutor's office.

The lack of risk associated with the payment of the offense. Penalty, fines and penalty of the Criminal Code pays from their own pocket. For example, if the counterparty filed to the Foundation and won or if the foundation did not pay off the contractors on time. Interests of shareholders at the same time should not suffer.

Fixed amounts of expenses. The amount of remuneration of the Criminal Code is registered in the remote control, also there are limits of expenses from the funds of the Fund: remuneration of the CD, the registrar, appraiser, an auditor, other expenses. If, by the end of the year, the Criminal Code will spend more than the interest recorded from the average annual cost of net assets of the Fund, it will be required to return overpay. This should guarantee a shareholder protection from excess waste of the Criminal Code.

Ability to change the Criminal Code. If the shareholders do not like how the Criminal Code rules their assets, they can make a question about changing the Criminal Code for the general meeting of shareholders. This can make shareholders who have a total of at least 10% of all the funds issued by the Fund. To carry out a general meeting in this case will be the depository.

The ability to change the shares of one pee on the pairs of another PIF in the same Criminal Code. This is useful in cases where the shareholder suits how the Criminal Code is managing his property, but he wants to distribute risks. For example, the Criminal Code has several funds in trust management. Each foundation is designed to operate and works with certain assets. A soldier who owns the shares of one pist, can simply exchange some of them on the pairs of another PIF - instead of repaying the pairs and buy new ones. You do not need to pay NDFL when exchanging, since there is no income in the form of money, and the duration of the shares is not reset.

Disadvantages of blows

Income is not guaranteed. The Criminal Code cannot guarantee that Pai will rise in price, because any investment is a risk. If the Criminal Code invested in the promotion, and the Issuer went bankrupt, the shareholders will lose money. Investments in deposits and real estate, too, there are risks: the bank can take the license, and the building can trite trite. Therefore, each PD states that the investment results in the past do not determine income in the future.

Constantly growing commissions. Each year, the Bank of Russia tightens the requirements for employees of the Criminal Code, therefore the Criminal Code is expanding the state and increase salaries. Accordingly, the cost of services for customers is growing.

Six years ago, the Criminal Code of Five Financial Specialists could lead eight closed funds for remuneration of 50,000 p per month from each Fund. Now the Criminal Code, which leads eight closed funds, takes from each FIF from 150,000 p per month, and the staff increased the minimum twice. These are averaged calculations, they may vary depending on the activity of the funds.

High entrance threshold in closed funds. The law does not indicate the minimum contribution amount. In practice in closed funds, the amount begins from 250 thousand rubles. One Criminal Code, with which I worked, issues PAI with a contribution from 10 million rubles.

In open funds, the minimum contribution amount is significantly lower, there are options from 5,000 rubles and from 50,000 rubles. The larger and the most famous financial organization, the more funds it can attract and the less will cost its services in terms of one client.

SD, registrar, appraiser and auditor work on the Criminal Code. Despite the fact that the SD controls the observance of the interests of shareholders, the remuneration of the Criminal Code. This means that in situations that directly do not contradict the legislation, the SD is more profitable to agree with the Criminal Code, asking to change or rewrite the controversial terms of the transaction.

The largest holdings, in addition to their CC, create their own depository. This is not prohibited by law. For example, the Criminal Code "VTB Capital Asset Management" is serviced in the SD "VTB Specialized Depository". The group of companies "Region" also has its own Code and its own diabetes.

The appraiser and auditor of the Criminal Code chooses for the Foundation itself and pays for their services at the expense of the FIF. Therefore, the Criminal Code may ask the appraiser to overeat the estimated value of assets to increase its remuneration. The auditor can be asked not to make small disorders in the audit conclusion, so as not to spoil the reputation of the Criminal Code in the eyes of shareholders. That is all your pocket.

Licensed risks. If the Criminal Code responds the license, shareholders will have to look for another trust manager.

If the depositary license is canceled, the work of the Criminal Code will stop. The Criminal Code will have to urgently look for another SD, register changes in the remote control, revise the amount of remuneration and the rules of work. Cancellation of the license can lead to a breakdown of transactions and income income.

What's wrong with PIPs

For six years I have worked in different management companies. And only one of them really worked with a lot of shareholders. Most of the Criminal Code was created artificially. They were embedded in financial and industrial holdings to save money from the company: PIFES do not pay profit taxes.

For an ordinary client, it is bad, because such codes do not care about the quality of services and do not value their reputation. The main shareman provides them with stability, and the rest of investors they view as a small additional income.

This is how this scheme for business in the field of real estate looks. All assets that are intended for sale or rental are transmitted to the pocket Criminal Code and become the property of the FIF. And then the PIF itself deals and sells real estate - a profit tax with this zero.

The cunning is that the shareman cannot find out who else owns the funds of the Foundation. The Criminal Code sends a report on the owners of feud to the bank of Russia, but it is closed information, it is not disclosed. The only option is to ask the representative of the Criminal Code during a personal conversation, but the Criminal Code is not obliged to disclose this information.

If the shareman wants to make sure that he is the only or largest owner of the Fund, he can informally show the documents. But if the buyer wants to know how much another person invested in the FIF, then he will most likely refuse.

I would not advise myft to those who want to invest money and forget about them for a couple of years. The shareholder should be periodically checking how things are going from the Criminal Code, to learn about strategy, plans and forecasts.

How not to make a mistake with the choice of a pee, write in the next article

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Pynes act an excellent alternative to direct investment in the stock market - allow you to earn about the same amount, but all the work on capital management falls on the shoulders of professional managers. It is clear that they will have better results than a novice investor, the benefit and tools for forming a more balanced portfolio more.

Formally, PAI is a display of the totality of all assets under the control of the Fund, but in itself it is a valuable paper. And it should be purchased according to certain rules. Below - tricks, how to invest in mutual effects.

Diversify attachments

It may impress that due to the large number of issuers, the assets of the Fund are diversified well enough. However, this is not quite true. The fact is that each disease follows a specific strategy. For example, the foundation of the VTB FIF - the Consumer Sector Fund accounts for the shares of retailers-oriented companies (mainly retailers), and the PIF of the Sberbank Financial Sector makes a bet on the shares of the largest banks and the Moscow Exchange.

Where one industry is always there are risks. For example, in 2015, the shares of retailers sharply fell in price due to a decline in profits, and with them the yield of relevant mutiings. The same fate suffered funds held in the assets of the share of oil and energy companies.

It is not necessary to acquire PAIs exclusively excessive impacts - it is possible that the cost growth was triggered by economic factors, and not due to competent management and sufficient diversification. Similarly, currency blizzards are not a panacea. If the ruble will be strengthened, the PAI funds will grow in the currency, but it is cheaper in rubles.

The ideal option is to draw up a diversified portfolio from PAEV 7-10 of various focus.

• 5 imaging, following conservative strategy (low risk), such as bonds or Eurobonds;
• 3 PIPs with an average risk level, for example, mutimized investment, precious metals, real estate, or balanced (stocks and bonds in equal proportions);
• 2 FIPs with high yield - stocks of stocks.

As a result, it will be possible to assemble a portfolio growing or not losing in the price with various economic perturbations.

In the crisis, the basis of the portfolio should be impacts with a small, but guaranteed yield - for example, bond funds or mixed (where stocks and bonds 50/50).

In this case, you definitely get income and do not finish a year with a minus. If there are good prospects on the market, then, on the contrary, you should risk and buying high-yielding mutual funds.

Excellent example of a fund suitable for investment in crisis - Ilya Muromets from Sberbank

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Hedge risks

The advice should be directly from the previous one. Straighure that in the framework of one portfolio you covered as much as possible industries and various financial instruments. For example, it is possible to insure from the weakening of the ruble by purchasing mutual pieces issued in another currency.

Escape from instability on stock market You can buying securities of mutual pieces that invest in gold or real estate - during crises, these assets fall in price are not so strong (or even more expensive as the most reliable assets).

For an additional guarantee, purchase PAI mutages that will grow against each other.

Then, when weakening one position, another will increase in any case. For example, it is noticed that anti-precious metals and funds investing in US Securities are growing against each other.

Past - not an indicator

Remember that profitability in the past does not guarantee similar profits in the future. Moreover, the lifting is often a decline, and if some industry has grown this year, correction can be expected in the next. The exceptions are only perhaps the bond effects - they invest in low-risk assets with a practically guaranteed yield.

The cost of net assets is not an indicator for assessing the profitability and reliability of the FIF. NAV expresses only the hopes of investors and displays the number of funds at the disposal of the Fund. If people trust the pee and buy His PAI - NAV is growing.

Study of profitability in the past - not the most reliable criterion for the choice of the Fund

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Reporting and coefficients is important

Fund yield to define only on schedules should not be. This is nothing more than advertising. Analyzing the FIF should be more deeply, especially if you want to invest large tools. What parameters can be evaluated:

• The composition of assets. Think whether they will grow in price soon, many are much as part of the tools "garbage" or overvalued assets, there will be a correction for the course difference.
• Report last year. Reflects not only the dynamics of the value of the share, but also the portfolio. It helps to understand in which direction the Foundation moves: an increase in assets or their decline, there is no skew in favor of some issuers.
• Coefficients. The most important - alpha shows the effectiveness of the work of the manager, beta, which demonstrate the relationship of the yield of the FIF and the state of the market, is sorting, which allows to evaluate the yield / risk. This data can be calculated or taken from the finished statement.
• Personality manager and team composition. Experience is important here, the number of funds under the command, work efficiency.

Of course, you can not bother and buy pairs of those funds that demonstrate a stable year of year from year to year, or a greatly ahead of the benchmark. However, the weighted solution is recommended to better explore the selected face.

Have money about the stock

It is important to be able to purchase PAIs when they cheaper.

Many novice investors allow a key mistake: acquire the paper of the most profitable funds when they cost quite expensive, and when the cost of the fee is sold. You need to act on the contrary: to buy at a minimum, and sell after achieving the target level.

Therefore, experienced shareholders always have about the reserve some amount of money, and if the pairs are cheaper, they do not drop them, but borrowed. As a result, with an increase in the cost of the share income blocks any possible drawdowns.

The main rule of the investor

The Star Council, like the world, but he should have few people. Pai is the same paper as a promotion and bond. If you buy pairs at the peak of their cost, then as a result, the investor can endure temporary losses. It is better to wait until the price falls - and on the same money to purchase more "pieces of the FIF".

All sales time determines for itself, but it is best to produce an operation at the peak of value. That's right: and in the case of Pifami, the law "BUY is cheaper, sell more expensive."

The main rule of the investor - Show on the Nizakh, the progress on top works with PIFI

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Do not buy PAI "Fashionable" mutual mutual

Managing companies love to show only a good picture, and therefore actively promote the most profitable funds. But a good year can be changed unsuccessful, so the composition of assets and reporting should be analyzed.

With caution, take the benefits of aggressively promoted young mutiys that have no positive yield history. Often the Criminal Code advertise them to quickly increase the sufficient amount of NAV.

Come to the "fashionable" PIPham pragmatically: if a year has not been able to conquer the yield of 5-10% per annum, then perhaps all the talk about the future "takeoff" do nothing?

Keep the pairs at least 3 years

This is important for several reasons:

• First, during this time any foundation, even highly discovered, will show a positive trend.
• Secondly, many funds do not charge the commission when repaying the long-term share.
• Thirdly, you can get a tax deduction.

Its size is set as a product of 3 million rubles for the number of whole years, when Pai has been at the owner. For example, if you owned five years old, you can qualify for deduction of 15 million rubles.

For the Investor of the Middle Hand, Investing Dozens or even hundreds of thousands of rubles, such deductions are enough to not pay taxes at all.

Otherwise, when repaying the share, you will have to pay the tax - 13% of profits, if you live in Russia, and 30% - if you are not a tax resident of our country. Profit is considered as the cost of the redeemed minus costs of its acquisition (purchase price + commission).

Long-term ownership of the Fund's shares will bring you an additional income in the form of tax savings

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Please note that the application for the provision of tax benefits is submitted to the management company, and not the FTS (according to RBC.RU)

Since 2014, any investor who owns shares in the Foundation for three years and more has the right to tax breaks From investment income (according to BCS-Express.ru)

Reduce costs

Council - continuation of the previous paragraph. For the purchase and repayment of PAIV will have to pay the allowance - the commission and discount, respectively. It is necessary to carefully examine the conditions for investing in the Fund and find the opportunity to save on it.

For example, sometimes companies charge a smaller commission in large investment. Others offer a reduced commission when buying Paheoots online. For example, VTB, it reduces a 1% surcharge when purchasing securities via the Internet.

Most of the Criminal Code reduces the discount when repaying the share through 3 or 5 years of ownership. Many as Sberbank allow you to sell pairs through this time for free.

Other ways to reduce costs:

• Do not repay the PAI, but to change them to others (within the same Criminal Code this can be done free of charge), with a smaller commissation for redemption;
• Selling PAI is cheaper than bought a loss formed, and use it to receive a tax deduction for profit;
• Translate funds to the account open in the same bank not to pay for the interbank transfer.

How to reduce costs - depends on the Fund and Criminal Code. If we are talking about a large amount, even 1% is a weight.

Observe discipline - tactics and strategy

Regardless of what tactics and strategy you follow, follow it to the end. For example, if you set yourself the goal to increase the volume of accumulations in the PIFA, then start with a small amount and systematically acquire PAIs (naturally, when they are cheaper).

Try to form a balanced and protected portfolio from all risks within the same Criminal Code.

Decide in advance with the goals and terms. Your actions should be devoted to them. It is not recommended to retreat from the plan. Investing is a long-term marathon, and the patient and economical wins it, and not fast and prone to speculation.

How to choose a face with simple words:

And finally ...

Well, in conclusion - not advice and not a rule, but rather recommendation. There is always something interesting in the world of mutual effects. Study and try new! Learning the legislation to be able to reduce the tax base, fix the rules for the purchase and sale of shares in order not to overpay the commissions. Some brokers allow you to buy "our" management companies on IIS and open interesting options with tax preferences.

Do not limit yourself to open piffs. With serious capital, it is recommended to invest in a closed or interval fund - percentages above, the risk is more moderate, but there are also its limitations.

As an alternative to PIPAM, you can try ETF - these are stock funds that purchase assets, but a specific index index group. They work just like mutual funds. Perhaps, to diversify the portfolio, they can also be included in the list of their acquisitions.

Today we will talk about real yield of mutual And about what it depends on and what to pay attention to when analyzing the foundation chosen for investment.

If we speak in general, then such a thing as "NEWS OF PIFES"is generalized. Despite the fact that in certain analytical reports, you can see a certain amount of average, for example, the yields of Russian mutiings for the year or Pyhth of Sberbank for 3 months, you should not perceive this figure as something permanent or applicable to all types of mutual effects.

Difference of profitability depending on the type of pee

We have already disassembled and know that there are enough a large number of. Since each of these species can have different investment tools, then their yield can be different.

Bond funds May show a small but stable yield from year to year. Their profitability is usually not much higher than the fact that they give deposits in banks - 9-10% per annum.

Funds shares can show high yield ( up to 100% per annum) With the positive dynamics of the market, but the risk of "go to minus" is great, when it falls.

These 2 examples remind us that an increase in yield is usually associated with increasing risks - you should not forget about it!

What are the optimal options?

The optimal option for risk / yield can be mixed investment fundswho have in their assets as high-yield (shares of companies) and low-crocated (government bonds) tools.

Also, if you are an expert in any industry and understand that it is at the start of its development, then you can this "industry" type.

If we talk about general recommendations, then the most optimal option will be that effect, the yield of which is stable from year to year. Therefore, when analyzing funds, see the statistics not only in the last 1-3 months, but also for a longer period: 1-3-5 years. If the speaker is positive as a whole - this is a good indicator.

Real yield of mutual effects

In this part, we want to pay attention to the concept of "real profitability" of mutual investment funds. When you see that any fund promises you at least 15% per annum, you should know that the actual (net) profitability from this pep will be lower.

Why is that? Because there are such moments when investing in imagine, as:

Dumping.

Discounts.

Remuneration.

NDFL.

We analyze more than each of these moments.

Adbavas when buying Pihfa

When buying a share in the Foundation, very often you will need to pay some fee ( premium), which can usually be different and depends on the value of the first contribution. On average, the allowance for buying a share may vary from 0.5 to 1.5% from the amount of purchase.

Often, the greater the amount of purchase, the less% of the surcharge within the same fund.

Discounts when selling PAIV PIFI

Also, the net profitability of mutual impassment is reduced for you when you fix profits by selling PAI Fund. IN this operation Another collection will be laid - discount in the sale.

The size of this discount depends on the amount of time you owned by the PihF pairs. The longer the tenure, the less% of the discount. The size of the collection may vary from 0 to 3%.

Remuneration for trust management

In addition to the allowances and discounts there is another type of fees when investing in mutual imaging is remuneration management company, depositary and "other expenses". In the amount of these fees can pick up up to 2% From your income.

Payment of NDFL

If we talk about Russian piffs, their management companies are tax agents, which means the following: when withdrawing money from the fund with you will be kept 13% From profits received for all time investing in it.

Of all the most written above, you can make the following conclusion about the real profitability of mutual effects:

1. Your deposit and final profit when investing in mutual investment funds can be reduced at the expense of additional allowances for the purchase of mutations, discounts on sale, as well as remuneration.
2. Your net profit after all these fees in the output of money from the Fund will be reduced by 13% - payment of income tax individuals (NDFL). At the same time, it is not necessary to separately report to the tax inspection.

An example of profitability on numbers

We will analyze a specific situation to be clearer about the real return of the FIF:

suppose your deposit to the Foundation is 100,000 rubles and after 1 year (365 days) you decided to withdraw it;

support for such a sum - 0.5%;

the profitability of the FIF for the year is 25%;

discount for 365 days - 1%;

NDFL - 13% of profits.
When investing, your deposit immediately decreases by the amount of the allowance - 500 rubles: 100,000 * 0.5% \u003d 500; The actual contribution will be 100,000-500 \u003d 99 500 rubles.

At the end of 1 year, your pairs began to cost 25% more, which amounted to the amount of 124,375 rubles, including profits - 24,875 rubles. (124 375-99 500).

When selling a PAEV Foundation with you a discount of 1243.75 rubles (124 375 * 1%).

And the last deduction is NDFL, which is taken with net profit from investment (summits and discounts are deducted): (24 875-500-1243.75) * 13% \u003d 3007.06 rub.

Total on hand you get: 124 375-1243.75-3007,06 \u003d 120 124,19 руб. And the actual percentage of the annual returns of the FIF will be not 25%, but 20.12%.

Shares or bonds

The main influx money Over the summer, I fell on bond funds - they are total replenished by 20.2 billion rubles. The attachment in bonds is suitable for investors who are not ready to take towards significant risks, as the debt market is less susceptible to the influence of the current situation than the stock market, Bogdan Zvarich notes.

In what kind of securities to invest, depends on which investment period is calculated by the shareholder. According to experts, mutual bonds are more suitable for short investments (up to three years), for a longer perspective, you can choose shares. According to InvestFunds, in three years (from September 2014 to September 2017), the profitability of stock funds amounted to more than 68%, the profitability of bond funds is about 60%. At the same time, a shorter picture may be observed for a shorter period: for example, from January to September 2017, the profitability of bond funds amounted to 6.7%, stock funds - 5.7%.

You can choose mixed mutiys, that is, those that are invested in different tools. "The longer the investment horizon, the more stocks can be allowed," says Nikita Emelyanov. At the same time, he believes that about 10% of his portfolio investor can afford to invest in a short time.

Bond funds are not always definitely beneficial, and when their choice, experts advise to pay attention to the quality of securities in which the company's control company (Code) is investing. "I would advise you to choose funds, the portfolio of which is made up of bonds of the first class of issuers, that is, the securities of large companies and companies with the state institution," says Dmitry Alexandrov. The yield on the bonds of small companies is usually higher, but also risks, first of all the risk of liquidity, is very large, the expert believes.

According to him, it is worth seeing to the Eurobonds of Russian issuers. Such mutiings are also, but in this case it is important that the portfolio of the Foundation is included exclusively elder issues, and not subordinated (that is, those payments for which are submitted last in the event of the issuer's bankruptcy). "I would also advise to invest in Russian, and not in foreign paper, since it is a more understandable and controlled product for managers. In addition, they are higher than the profitability than in foreign, "says Alexandrov.

Vladimir Kreindel, executive director of the UK "FINEKS PLUS", believes that it is not necessary to choose any separate class of assets (stocks or bonds) and invest only in it, trying to guess the direction of market movement. "A more correct way is to create and maintain a balanced portfolio, which includes shares, Eurobonds, gold," said expert.

How to choose the Foundation

Choosing a face in which you can invest, the shareer should look primarily on the stability of the fund indicators, the predictability of its return, Nikita Emelyanov believes. At the same time, it does not advise the analyst only on the historical yield. "This is, of course, an important parameter, but it is far from the key. The manager could take a luck, and he invested in an asset that grew up with the market. It happens that one successful deal may remove the fund to the leaders in profitability at the end of the whole year, but this does not guarantee that the investment strategy of the Criminal Code will continue to be successful, "says Emelyanov.

Dmitry Alexandrov adds that the history of the management company and its reliability (according to estimates of the rating agencies) are also of great importance.

In addition, the size of the FIF is important. The cost of net assets of the Fund (NAV) is a publicly available indicator, which shows how much money from the Fund has a deduction obligations at the date of calculation. According to analysts, the larger the fund, the less dependent shareholders from the actions of other major shareholders of the same fund.

And, of course, the shareholder should become familiar with the investment strategy of the Criminal Code. Lawyers note that this issue is controlled by the Central Bank, and the deviation from the tools permitted in strategies is prohibited. "Over the execution monitors both the Central Bank and Special Depository (Asset Storage), which approves transactions, conducts operations on the demands of the managers and blocks if the transactions are unusual or harmful to shareholders," explains the managing partner of the legal company Yurpartner Anton Tolmachev.

How much will paychik get

To buy or sell Pai Open Fund is easy, explains the head of the Department of Development of Client Relations of the Criminal Code "Capital" Vadim Yarosh. The client is needed with passport and bank details to contact the management company or to the agent (usually banks are advocated as agents that provide services for designing purchase and sale transactions with PIFIs). You can apply for a purchase or sale (repayment) on any working day. "The acquisition and repayment conditions are registered in the Rules of Fund. You can take part of the assets, exactly as an investor may have to freely buy PAI freely, "says the expert.

The entrance threshold has its own. "On average, it is from 10 thousand rubles, but many companies establish a lower threshold," says Vadim Yarosh. Between the funds of one management company in some cases is also possible operation of sharing without commission.

When calculating the cost of PJSC, the investor must take into account costs - discounts and allowances that must be paid when dealing. When entering the Fund, the investor pays the allowance, the size of which depends on the amount of the acquisition. This percentage is charged as a remuneration to the person accepting an application for the entrance and, according to the Law "On Investment Funds", is no more than 1.5% (some funds have a premium in 0%). For example, if Pai costs 10 thousand rubles, and the premium is 1%, the total value of the share is 10.1 thousand rubles.

When the depositor decides to exit the Fund, he must pay a discount (a remuneration of a person accepting an application for redemption), which is no more than 3%. For example, if the cost of the purchased PAEV increased to 15 thousand rubles, and the discount is 1%, then from this amount, 150 rubles will be kept during the sale.

Also with income you need to pay the tax. "If a person sells PAI after three years of ownership of them, then the taxation is absent at all, and if three years old, then 13% is charged with a tax agent," Anton Tolmachev explained.

Cons of mutual

Despite the increase in the volume of attracted funds to mutually, many analysts relate to this tool skeptical. "Attitude towards PIPs has changed after the 2008 financial crisis. Then the funds showed a very bad dynamics, and most shareholders did not have time to bring the funds in time, significantly lost, "Bogdan Zvarich reminds.

Pytes are difficult to call the optimal option for the Russian investor, Vladimir Crandel believes. "High costs and losses caused by the features of the work of mutual funds (for example, the need to maintain a high share of the portfolio of the Foundation in rubles) may seriously worsen the results of investment," he believes.

In addition, unlike bank deposits of investment in mutual funds are not insured by the state, even if the PAIs were acquired through the bank. And the bond portfolio can be significantly losing in value. "Say, the fall in the price of bonds at the end of 2014" erased "all incomes for the two or three preceding year," says Crandel.

Nevertheless, he adds, these shortcomings do not mean that it is necessary to ignore collective investment tools, because increased yield compensates for the possibility of drawdowns in the form of a temporary reduction of cost.

Read 5 min. Published on 11/19/2019

Investing in mutual investment funds (mutual mutual) is gaining significant popularity. The main leaders were bond funds that allocate a higher return on bank deposits. Is it worth investing in such structures in 2019 and what you need to know before deciding, about it below in the article.

What are blows?

The FIF is a fund, which, with the help of a particular company, is managing the confidential property formed from investor finances. That is, each shareman owns its own part of the property, which consists of feud.

FIves are formed to receive income on the company's assets, followed by the distribution of profits between investors. The company itself charges its percentage for the work on the financial management of depositors.

Is it profitable to invest in PIFES in 2019: expert opinions

According to many independent financial experts, in 2017 the main part of the shareholders, invested in the bond type of funds. So, according to the Central Bank of the Russian Federation, 74 billion rubles were attracted to this segment. As for other species, there was a dynamics of investment, on the contrary, negative.

Most often, debt papers on profitability exceed the usual bank deposits. In addition, they stand out higher stability of quotes. Accordingly, it is not surprising, why the increasing number of citizens seek to invest in the funds, instead of standard deposits. Also over the past 12 months, according to objective data and the note of a number of experts, the contribution rate in many Russian banks has fallen over than 1%.

According to the Central Bank of the Russian Federation, in December 2017 the average annual rate According to deposits for physical users varied in the range of 7.33%. Despite fall interest rateThe volume of population deposits in financial organizations is about 25 trillion. rubles and trends to a decrease in this indicator are not yet observed. Therefore, alternative to today's deposits is looking for only a minor part of the depositors. . Of course, their departure slows down the growth of bank deposits, however, does not affect the decline rate.

"The FIF was leaders of attracting finance over the past few years and in early 2019 this tendency is only strengthened all stronger",

– notes the representative of "Raiffeisen Capital" Konstantin Kirpichev.

"The main cause of great demand for them is the active influx of investors from classical deposits in the funds. In addition, they demonstrate a stable dynamics and at the same time showing a higher yield compared to bank deposits ",

notes an expert.

The inflow of investment will continue

In the past 2017, sectoral stock funds entered a number of leaders. However, according to many respondents financial analysts, this fact It is unlikely "to" spur "a sharp influx of depositors' money into such structures. Most likely, the leading position will take bond funds.

"In 2019, the bond funds will remain in leadership,"

- says the head of the department "Sberbank" Vasily Illarionov.

"If this year the Central Bank will allow you to buy on our own scores of your own mutual impacts in this case, we can: provide the client with an independent choice of mutiings; Provide an investor a diversified financial plan with a full list of funds. Due to this, the structure of the tributaries will become multidirectional, and will also be able to display an objective ratio of objectives and financial performance. In addition, the real risk-profile of depositors will be clearly viewed, "

- he notes.

"Our funds are on the leading positions in terms of funds raised 2018-2019. So, the cost of the main asset for last year increased almost 5 times. The reasons for the involvement of such amounts of funds is only somewhat: due to low deposit rates, citizens do not want to invest their money in banks, and therefore are forced to look for alternative sources for financing; Bond market offers favorable conditions for shareholders, "

- Evgeny Jhorus, the head of Alpha Capital, says.

"We also expect that the financial and credit policy of the Central Bank of the Russian Federation will be reduced to about 6.5% from the current 7.33% per annum, and as for the bond effects, for our shareholders, we are planning to earn 10-11% per annum",

What are the risks?

Many people are embedded in the mutages, as they know that this is without exaggeration the simplest and most secure financial source without any pitfalls. On the other side, mutual investment funds have certain risks.

The case is that the assets of the disease are placed in special depositories. They protect the money of shareholders and at the same time perform the control of investment actions by the management company. That is, depositories are necessary that the Criminal Code comply with the current legislation, and also worked in the interests of investors. Accordingly, in some cases it may interfere with the company as efficiently manage assets.

The main risk can be called that there is no warranty 100% that the selected FIF will bring the income to the shareholder . This may happen due to the fact that the company does not effectively dispose of funds, the cost of shares or bonds has fallen and affected by other factors affecting assets. Consequently, the share of the shareholder depends not only on a properly selected company, but also from the species of FIF.

The investment of own funds in mutual investment funds is an excellent alternative to classical bank deposits. In addition, mutual impact are completely transparent and do not require good knowledge. financial market or any action. With the other side, any investment is always risks, and therefore, to minimize the investor it is very important to accommodately approach not only the choice of the management company, but also to the type of FIF.