FUT INVESTMENT FUNDS: HISTORICAL REFERENCE, COMMENTATIONS TO THE LAW, TYPES AND MEASURES OF WORK OF PY INTS, OPERATIONS WITH PAY, CRITERIA FOR COLLECTION OF THE FUND.
Suppose you have no extra, but free money that is not currently used. Then you become a potential investor. True, in order to fully appreciate this new status and feel its advantages, it is necessary to decide where your capital is investigated
Where to invest in capital?
If you decide to buy securities, you will have to make a decision regarding the composition and structure of the investment portfolio, as well as the deadlines for money investment. In this will need to pay for maintenance of a trading account, conclusion of transactions and access to trading. Although separately these costs are not particularly large (the commission of brokers is 0.05% of the transaction, access to trading - 1-1.2 thousand. Inspired), with frequently performed stock operations, you can spend a round sum. In addition, the game on the stock exchange requires special knowledge and is a rather risky financial event.Summarizing said, we note that independent capital management has a number of advantages. Among them is to control the risks and liquidity of investments, as well as the possibility of revocation of parts of invested funds for urgent needs at almost any time. However, the independent investor requires good special skills and knowledge that he, unfortunately, does not most often possess. So more convenient ways of accommodating capital are the purchase of a share in a share investment fund (pee) or investment in general banking fund funds (Off).
General funds of banking management and mutual funds are similar, but the investment pai of the latter is a valuable paper, and the miss office is not. The result is the opportunity to open short positions - play a decrease and earn in a situation where the stock market there is a fall in quotations of securities. At the same time, the funds of the office are in special accounts in the Central Bank of the Russian Federation and are not taken into account in the Bank's balance sheet (and therefore Do not be included in the competitive mass in the event of its bankruptcy and, therefore, will be returned to shareholders), while funds of mutual funds lie on ordinary bank accounts.
There is also an interim option between independent management and investment in the Pass Fund - the transfer of funds to the trust management of a private person or company. This method of investing will be interesting to those who have basic or even special knowledge in the field of financial markets and understand the economic situation, but does not have enough time for independent management. The risk of loss with such an investment is limited (in the agreement you can include the requirements imposing on the governing liability for losses, or to register the maximum amount of losses, upon reaching which the contract is terminated). Investment profitability depends on the qualification of the manager. Next, we will consider the mechanism of work of mutual investment funds and try to evaluate the prospects for the investment of private capital.
What is the face of
According to the Federal Law "On Paving Investment Funds", the share investment fund is a "separate property complex, consisting of funds transferred to the trust management of the management company by the founder (founders) of trust management with the condition for the unification of this property with the property of other confidential departments, and From the property obtained in the process of such management, the proportion of ownership to which is certified by the valuable paper issued by the management company.
A sacomic point of view of a mutual investment fund is a financial mechanism through which private investors transmit funds (or assets) professional managers to manage. Investors' investments are managed by a single portfolio, where each of them has a proportional to its investment. The dignity of the Bank does not fulfill any other operations, except for the placement of funds received from shareholders. The maximum period of which the PAUD FUND is created is 15 years.
FIP is an investment portfolio and, therefore, not tied to a certain place and can act in the territory of the whole state. The Foundation operates with the help of the management company (Code), which must be registered as a legal entity in a certain region and may have an unlimited number of representative offices or agents in the regions. Controls the activities of the Criminal Code Specialized Depository.
The value of the share is not a fixed value. It is determined by dividing the value of net assets of the Foundation for the number of placed investment shares. You can find out the current value of the share in the office or on the website of the management company, in specialized printed and electronic media. The profitability of the Fund in the past can not serve as a guarantee of obtaining superfits in the future
From the history of collective investment
The first investment fund was founded in August 1822. In Belgium, then the funds appeared in Switzerland and France. But mass in the XIX. Collective investment did not. At the beginning of the twentieth century The number of individual investors began to grow, which caused the formation of the first investment consulting company. It was created in the United States and offered shareholders services for the selection of a company-trust, which is better to invest their savings. Investment funds have been actively developing only after World War II, gradually becoming the main competitors of banks.Insolihood, mutual investment funds began to appear in the mid-90s. Moreover, those of them who were created before the "black Tuesday" August 1998, safely experienced numerous market and political shocks and exist so far. Interest in Pyphams continues to grow together with the increase in the profitability of PAEV: according to the National League of Governors, at the moment there are more than 300 mutiys in Russia.
Investor Dictionary
Pyft agent A legal entity engaged in the placement and redemption of the Fund's investment education. Specifies on the basis of an agreement of the instructions concluded with the management company, power of attorney and the Rules of the Investment Fund.
Owner A physical or legal person in respect of whom the Register of Owners of the Investment Fund owners has recorded an entry on the number of investment benefits belonging to it.
Redemption of investment shares Sale by the owner of the investment share of the Fund in the manner prescribed by the Rules of the FIF.
Investment pay Personal security certifying the right of its owner require the management company to redeem the investment share owned by him in accordance with the Fund Rules.
Investor The person who has fulfilled in accordance with the Rules of the Fund to pay the acquired investment benefits. The acquisition of the investor is entered into the register of the owners of the investment share of the Fund.
Liquidation of Pyfa- The sequence of actions related to the termination of the Fund's activities and aimed at the distribution of assets of the Foundation among lenders and owners of PAEV in accordance with the Fund Rules and the current legislation.
Supplement to the value of one investment share The amount of funds paid by the investor when acquiring investment benefits in addition to the cost of the share, as a remuneration to the person accepting an application for this purchase.
Passage Investment Fund (FIF) - The property complex without the creation of a legal entity, the placement of the property of which carries out the management company.
Placing investment shares Acquisition of investment shares of the Fund in the manner prescribed by its rules.
Register of investment shareholders of the Fund The system of records of the fund, the total number of hosted and purchased Foundation, owners and the number of owners of the Foundation, fragments of the Foundation, documents, which are the basis for making records on the acquisition or redemption of the Foundation.
Discount for the cost of one investment share The amount of financial resources held from the money due to the investor when redeeming investment feces, as a remuneration to the person accepting an application for redemption.
Specialized Depositary PIFA- A legal entity, on the basis of a license, carrying out control of the accounting of the Fund accounting, the calculation of the value of net assets and the share of the Fund, control over the property of the Fund, accounting and storage of securities of the Fund.
The cost of the share The value determined by dividing the cost of pure assets of the Foundation to the number of placed investment shares.
Cost of net assets (NAV) - The value determined by deducting the value of the fund's liabilities from the value of its assets.
Management Company- A legal entity licensed to carry out activities on the trust management of the property of mutual investment funds.
The price of redemption of one investment share Determined as the cost of one investment share, reduced on the size of the discount established by the Fund's rules.
Types of foundations
There are three types of mutual effects: open, interval and closed. Pai open pit can be bought or sell a management company on any working day, interval (a special type of open fund) - at certain periods of time (intervals) of time.
The number of shareholders of the open investment fund may increase or decrease, and it is not necessary to obtain the resolution of other shareholders. Open Fund shareholders are invested in highly liquid assets. The dasch of open impacts includes "National Treasure", "AVC region", "KIT", "Troika Dualog Dobryny Nikitich"; To the number of interval- "LUKOIL Fund the first" and "LUKOIL Fund of promising investments."
The number of shares in the closed fund is limited, so the creation and release of additional shares or ransom of PAEV usually require the consent of shareholders. The PAIs of the Closed Fund are made to the repayment of the management company only after the expiration of the trust management agreement. Cash is invested in real estate, mortgage mortgages, venture projects are in low-pop assets. Note that only in closed PIFAs pay intermediate income.
In addition, mutual impacts can be divided into categories depending on investment areas: stock funds, bond funds, mixed investment funds, cash funds, index funds, Fund funds, real estate funds, mortgage funds, venture investment funds and direct investment funds. Controlled and contracts management company must indicate the appearance and category of the Fund.
How FIF works
The basis of the interaction of the shareholder, the FIF and the management company is a contract of trust management. According to him, the founders of the FIFA transmit funds to the Trust Manager at the disposal of funds formed from the deposits of shareholders. In fact, the activities of the FIF are serviced by several organizations: this is the management company (invests funds of the Fund), a specialized depositary (conducts accounting of operations with the property of the Fund), a specialized registrar (organizes the accounting of ownership of the Fund's PAI), the Foundation Auditor (checks the Property Transactions of the Field), appraiser Fund (evaluates the assets of the Fund-Non-Monotary Securities and Real Estate), as well as the Agents of the Fund (take acceptance of applications for the purchase, exchange or repayment of PAEV).The risk that the Page Fund will cease to exist and refuses payments, is minimal, since the activities of the Funds are harshly regulate the state, all participants in the investment process receive special licenses and are controlled by the FSFR. Even if the fund is burst, investors will definitely pay compensation in proportion to the share in the total property of the Fund
Manage a mutual investment fund by placing their money components in banks, conversion to securities, real estate purchases. The income that receives a shareholder of the Investment Fund consists of dividend and interest payments, as well as from the increase in the value of securities included in the assets of the Fund. The process of investing funds for the Farm Investment Fund is subject to regulation by the Federal Service for Financial Markets (FSFR): It licensing the activities of the PYFES and establishes the requirements for organizing their activities.
The remuneration of the management company, a specialized depositary, registrar, appraiser and the auditor is paid at the expense of the property of the Fund. At the same time, the amount of remuneration should not exceed 10% of the average annual cost of net assets of the Fund.
Alluring the termination of the activities of a mutual investment fund, its property is subject to implementation. The fund's own funds and funds received from the sale of the property forming the FIF are distributed between the creditors of the Foundation, the person who produces the termination of its activities, the management company and investors (their pays they receive in any case).
The yield of mutages for 9 months of 2006 (according to RBC)
| FIF. | Groin prices share,% | GOSTING OF NAV,% | Managing Company (CC) |
|---|---|---|---|
| Open Funds of Mixed Investment | |||
| "Maxwell Capital" | 47,1 | 214,1 | "Maxwell Esset Management" |
| "CENTRAL" | 40.7 | 695.6 | "Holding-Capital" |
| "Capital-balanced" | 22. | 194.9 | "Capital" |
| Open stocks of stocks | |||
| "KIT-Russian electric power industry" | 37,4. | 234. | "Kit Finance" |
| BCS Fund of Blue Chips | 33.1 | 583,1 | BrokercreditService |
| "Peter Stolypin" | 27.4 | 269. | "OFG Invest" |
| "Alliance Rosno-shares" | 21.8. | 186.6 | "Alliance Rosno Asset Management" |
| Open bond funds | |||
| Renaissance Bonds | 9.7 | 90. | "Renaissance Capital" |
| "LUKOIL Foundation conservative" | 7.9 | 201.2. | "URALSIB" |
| "Troika Dialog-Sadko" | 7,1 | 1514,1 | "Troika dialogue" |
What is Pai.
Investment Pai is a non-documentary non-emission registered securities. She certifies the share of its owner in the right of ownership of the component of the property fund, the right to demand from the management company of proper trust management and the right to receive monetary compensation upon termination of the activities of the Passive Investment Fund. All investment pairs certify the same stake in the Fund, and therefore, the same rights. Since the pay is a security, it can be bored.The rules of the Investment Fund envisages the possibility of sharing the shares of the same managing company (PAI of open funds can be exchanged only on the pairs of open funds, and the interval-on interval). Pai does not have a nominal value, and the number of shares who owns one shareholder is expressed as a whole and fractional number, the investor can belong, for example, one and a half.
Operations with Paha
Bought PAIs at the point of acceptance of applications of the management company or the Foundation Agent (or in a bank trading in shares or in a specialized brokerage office). We must take a general passport and a certificate of registration with the tax authority (INN).
The entrance to you will be offered to fill out an application for the purchase or repayment of shares. Some mutual impacts are ready to accept an application for the acquisition of the share and by mail, in this case you will need to assure your signature on the application at the notary.
Pai is paid by transferring funds from a personal bank account to the account of the Management Company. After the money is listed, you become a shareholder of the Foundation, as they make an entry in the system of registering owners of securities. The management company will take a commission with you (surcharge) in the amount of up to 1.5% of the value of the purchased share. The total amount of the purchase costs should not exceed 10% of its initial price.
From the open stock, you can go on any working day; from the interval, as a rule, within two weeks within each block; But from the closed fund, the starting output is not provided. The penalty at exit from the open and interval funds is not charged.
When redeemed (selling), the procedure for action is as follows: you again contact the reception point and fill out documents for sale. In addition to the passport and the Inn, you need to bring a previously issued registry statement. Three days wation Your application will be satisfied. The sale price of the share is set according to the results of trading (usually it is less than a market for 2-3%, the amount of the difference is the so-called discount). The proceeds (minus commission) within 15 will be listed on your account.
We consider profit
The profit received by the FIF investor is the difference between the revenue from the sale of a share and all the costs of its acquisition. Let us give an example: the investor bought 10 piees for 1 thousand rubles., Commission when buying a share was 1.5%. Thus, our investor has spent 10 1000 (1 + 0.015) = 10150 rub.The increase in the value of the share for the year was 50% (this will be reflected in the information materials of the Fund), that is, the investor sold (redeemed) 10 Paas for 1.5 thousand rubles. Discount (commission for repaying the share) amounted to 3%. So, our investor will receive 10,500 (1 - 0.03) = 14550 rubles.
The income profit was 14,550 - 10150 = 4400 rubles.
The cost of management of the Fund has already been taken into account in the cost of the share and will not be additionally charged from each shareholder. Cared profits, like from any income, the shareholder is obliged to pay income tax.
The tax rate is 13% for tax residents (citizens of the Russian Federation receiving income in the territory of the Russian Federation) and 30% for non-residents.
Continue the calculation of future income. Net profit of the investor: 4400 - (4400 0.13) = 3828 rub.
Taxes are charged with each sale of shares, as well as when removing money from a broker's account or trust manager. Managers companies of mutual, brokers and trust managers are tax agents - they are obliged to expect and charge taxes from private investors and transfer to the federal budget.
If the shareholder continues to keep pairs at the end of the tax period, which is one calendar year, then the income tax will not pay. In addition, if the investor suffered losses when selling a share, he also does not have to pay tax (due to the lack of income). There is another case when the tax from the investor is not taken: if he owns his pays for three years or more, it can be made tax deduction in the amount of revenue from selling these securities.
Choose FIF.
The choice of the FIF depends on the personal goals of the investor. The criteria for evaluating the share fund will be an estimated amount and investment period; The risk for which the investor is ready to go, as well as the expected income. All these criteria are interrelated. For example, if you are interested in a long investment period, choose a closed or interval fund share in them can be high. For the placement of funds on a relatively short period (less than a year), open funds will be suitable, the minimum investment amount into which is relatively small (about 10 thousand rubles). It should be remembered that the assets of interval and closed funds are always less liquid, and therefore more risky. True, if the management company represents PAI on the stock exchange, the investor has the opportunity to sell Pai in the secondary market.
The FIF terminates its activities if the term of the trust management contract has expired, the license of the management company or a specialized depositary is suspended or canceled. The Criminal Code can independently decide on liquidation (in this case, the FIFA funds will be distributed among shareholders) or transfer to the Foundation to another manager
Venture funds and real estate funds offer the greatest return, but they are always closed. From the interval and open impacts, the highest level of profitability - stock funds and index funds. The following in the Mixed Investment Listholders, and then Bonds. If you do not follow the situation in the stock market or do not make it difficult to choose a fund, the so-called Fund Fund Fund, which specializes in the investment of its assets in other funds can become the best way to accommodate funds. The battery of such mutual funds includes, for example, the Federal Fund for Funds (RTK-Invest Management Company).
The reliability of the Family Fund is directly related to the reliability of management companies. This indicator can be assessed by rating, which is assigned the rating agencies "Naphor" and "Expert".
One of the main indicators by which the activities of the Pyfov are estimated - the cost of pure assets of the Fund. It is calculated as the difference in all assets of the Foundation estimated at the market value, and all of its obligations (costs for operations, the remuneration of the management company, the Depositary IT.D.). The dynamics of pure assets of the PIFA allows you to determine future yield, as well as to predict possible crisis situations. As a rule, in each fund there is a "strategically large sharek", which will necessarily come from the fund at the first signs of anxiety. At the same time, the NAV of the Fund will sharply decrease within a few days. In addition, risk situations may be quite large, and therefore will be better if you invest in securities not more than 20% of your savings.
So, let's summarize. After a decision of the issue of investing free funds, you not only receive professional management of your personal finances, which will allow you to save savings from all kinds of risks, but also to a large extent reduce material and temporal / e cost. Purchase of mutual investment funds is one of the most rational ways of investing money in your own future.