Open-ended mutual investment fund of mixed investments. Mutual funds - what are they and can you make money?

Behind lately, having visited the offices of several banks, I encountered active promotion banking products called mutual funds or simple mutual fund. The employees very persistently offered to take advantage of the opportunity to invest in mutual funds and receive high returns. Many times higher than the profit on bank deposits, with their very modest interest - around 5-6 per annum.

They showed various figures, profitability graphs and how much I could have earned if I had invested money a year, 2 - 5 years ago. In fact, the data was impressive.

Tens of percent profit in a year or two.

And immediately there was a desire to entrust your hard-earned money and participate in the pursuit of profit.

Mutual Fund return for 2017

This article is for those who are planning, planned or have already invested in mutual funds.

Pitfalls and the main disadvantage of investing in mutual funds in Russia.

What is interesting about mutual funds?

First, let's look at (remember) - what is it? And how will it be useful for you and me?

A mutual fund can be considered as a common pot for all investors. Money is collected and various assets (stocks, bonds) are purchased with it in a certain proportion. Each investor or shareholder has a certain share or share. Proportional to the invested funds.

Pros of Pifos:

• simplicity;
• availability;
• wide diversification.

If in simple words, then to invest in mutual funds you need to enter into an agreement with management company(UK) and deposit money. That's all.

The cost of one share is only a few thousand rubles. Anyone can become the owner (or co-owner) of the fund and receive profitability in proportion to the funds contributed.

By buying one share for 2-5 thousand rubles, you invest money in dozens or even hundreds of different companies. And not only in Russia, but all over the world. Do you want America, please? Germany, China, England or Japan. No problem.

Sounds tempting. Would you like to invest in most countries at the same time? developed economy- easily. True, this requires a little more money. But several tens of thousands can easily be met.

You can, of course, do all this yourself. Anyone can enter into an agreement with a broker and companies of interest.

But this requires a lot of money. So much money. Additionally, spending more than one hour (or even several days) of your time.

Mutual funds will do everything for you. You bought shares and received a package of the shares you needed. And you don't need to do anything else.

Yield comparison

But don't be fooled by the high returns. Markets are unstable. And today's profits are not guaranteed in the future. But that's not what we're talking about.

In order to understand how effectively your money is working, you need to compare the result with some standard.

The easiest way to do this is by comparing index mutual funds. All management companies buy shares in the same proportion as they are in the index.

For example, the Sberbank-America mutual fund completely copies, which includes 500 largest companies USA.

Comparing the charts with other companies investing in a similar way, an interesting picture emerges.

Over long periods, returns vary greatly.

On the picture:

• Sberbank - red chart;
• Raiffeisen - green;
• stock exchange ETF fund- white.

On the X scale - profitability as a percentage since the beginning of 2014.

Total Return is the final return of the funds.

Annual Eq - average annual profit.

Mutual Fund Commissions

What's the catch? Why is there such a difference in profitability? And a very significant one at that. Almost one and a half times!

The bank will not tell you about this. And if they tell you, they will veil it in such a way that you will not pay attention to it as an unimportant point.

The profitability of the fund (UIF) is influenced by three main factors:

1. Legislation.
2. Costs.
3. Management strategy.

Legislation.

By law, the fund must keep part of the invested funds in cash. That is, this money does not buy assets. They just lie there like dead weight.

When a client sells his shares, the fund makes a payment from this reserve. Part of your money does not work, but lies in a stash and is waiting for a certain Vasya Pupkin to come and demand his money back. The percentage of this “airbag” is small. But as a result, the real profitability of the fund itself decreases.

Commissions.

They will charge you not one, but three commissions!!! The most important disadvantage of investing in mutual funds.

Moreover, employees who “talk” potential clients do not particularly focus on this point. They say briefly, always adding the word “only .....”.

So what are these expenses?

Entrance fee. When purchasing shares, a certain percentage of the amount of funds or the so-called premium will be automatically withheld from all shareholders. Can vary from 1.5 to 4%. Depending on the appetite and impudence of the management company. On average it is 3%.

Naturally, part of this money goes as a reward to the bank or employee “for selling the product.” That is, out of your pocket. You haven’t earned anything yet, but you’ve already incurred expenses.

Is 3% a lot or a little?

Example. Let's say you have 100 thousand rubles. With this money we bought shares of the fund. Mutual Fund for 10 years, showed average profitability per year 12%. During this time, the capital would have grown to 310 thousand rubles.

So? No not like this.

Having paid a three percent commission, you actually invested not 100, but 97 thousand. And the profitability must be calculated from this amount. Under the same conditions, you would receive 300 thousand. Having lost another ten, as lost profit.

One could turn a blind eye to this. If this were the only commission of the management company.

Exit fee. Or the so-called discounts on the sale of shares. The management company buys your shares at a discount. The percentage again depends on the company’s appetite and the period of holding the shares. On average from 2 to 3%. Typically, there is no fee (but not for everyone) if shares are held for more than 3 years.

What do we get?

We bought shares and lost 3%. We sold our shares and lost another 3%. Invested money for 1 year. The fund earned 12% profit. Your net profit minus costs is only 6%.

On a ten-year period, from the example above, you lose another ten.

And one could turn a blind eye to this (albeit with difficulty). We can say that these were just flowers. The most interesting things are ahead.

Management fee. This expense item includes the fee of the management company itself and other costs. Summarizing, we get from 3 to a modest 5-6%. This fee is fixed. And it is taken every year from the value of your assets. Regardless of whether the fund showed a profit or suffered a loss.

It would probably be more correct to pay the mutual fund for the results shown. If we earned a profit for our clients, we received a certain percentage of our own. If not, then there is no need to pay.

But management companies think differently. And they take money from clients every year.

How does this affect our money? And on the bottom line?

With an average annual fee of 4%, if the fund earns 12%, the real return will be 8% per annum. You lost 33% of your profits.

Let's add all the costs together.

The conditions are still the same. There are 100 thousand, the fund is growing by an average of 12% per year. Entrance fee (one-time) - 3%. Management fee (annual) - 4%.

In 10 years, instead of 310 thousand, your account will have a modest......210 thousand rubles.

The profit will not be 210%, but almost 2 times less, 110%.

Additional Information. In the example, we have not yet considered the possibility of incurring losses based on the results of the mutual fund. When the received losses are added again annual fee for management. We received a loss of 4%. We add another 4% commission. And now the loss doubles.

Pitfalls and other hidden points

To all of the above, you can additionally add a couple of hidden points.

Purchase of “own” assets. This usually applies to bond funds. The bank issues debt securities. And the management company, working in conjunction with the bank, invests investors’ money in these “their own”. Even if it is not spelled out in the management strategy.

Everyone benefits (except the final shareholders). The bank successfully placed the securities. The management company received a certain bonus for purchasing the assets “needed” by the bank.

Advertising brochures. Offices like to show various pictures (graphs and profitability indicators) in brochures. They have approximately the same meaning. When investing in a mutual fund (fund name) on such and such a date of the year until …….., a profit of 50 (100, 200%) was received.

Everything is simple here. A favorable period is selected during which the fund showed maximum profitability (a year or two, or even just a few months). And this information is “fed” to clients. Look at the opportunities and profits. Everything is good and wonderful with us.

No full disclosure. Clients almost never know where the fund actually invests money. The management company provides information once a quarter. The rest of the time, for ordinary shareholders, everything is shrouded in secrecy.

The main goal of the mutual fund!?

One gets the impression that the main task mutual funds - not making a profit?

Management companies do not want to meet potential and existing shareholders halfway. I'm talking about annual costs in the form of commissions charged.

But with them everything is just bad. For some reason they do not decrease, but increase. Even in highly competitive conditions, among similar funds. No one is in a hurry to reduce management fees.

One gets the impression that the management company is trying to squeeze as much money as possible from clients.

In conclusion or an alternative to mutual funds

Taking advantage of the financial illiteracy (or lack of awareness) of the population, funds continue to lure investors. Showing beautiful pictures and graphics.

Telling that the whole world and especially rich people are all investing. And specifically, you don’t need a lot of money for this. Just a few thousand. To start. But of course more is better.

And of course, they will definitely tell you what and where it is better to invest for many years. Markets are unstable. But in long term all things grows.

This is partly true. But due to commissions, a person falls catastrophically behind the market over long periods of time. Losing almost half of your capital over several years simply on trading costs alone.

The West has long understood this.

And one of the main factors for successful investing is low costs. To do this, investors use ETFs.

The meaning is almost the same as that of mutual funds. Only with much lower annual costs.

In Russia, this market is just beginning to emerge. A little more than 10 funds are available so far. There are several thousand of them in the West.

Commissions in Russia are 0.9%. In year. That's all. No more expenses. Lowest in the country.

In the West, there are funds with annual commissions of 0.1% and even 0.02% per year. In which you can invest. But….

Many nuances may arise. Inconvenience and other associated costs - translation fees, language barriers, brokerage costs, double taxation and other other nuances.

At the end of the article, look at the comparison of mutual funds, ETFs and the index itself, on the basis of which the funds operate. Over the past few years.

20Apr

Hello! In this article we will tell you everything about the features of mutual funds.

Today you will learn:

1. What kind of profitability do mutual funds bring?
2. How to open a mutual fund;
3. What is the best way to invest in mutual funds?

What types of investment funds are there?

Most of us are used to deposits at a small percentage. Some even keep their own funds at home. Not long ago new ones appeared. They compete with banks and are gaining momentum. Their name is .

These organizations exist for the purposes of collective physical and even means. They allow those who do not have knowledge in the field to get a decent income.

You can open a fund in the following areas:

• Share (unit shareholders of capital);
• Mutual (same as share, only outside the Russian Federation);
• Hedge (available to a limited circle of wealthy individuals).

The whole point of the funds' existence is to make a profit on the joint capital. Each participant brings money, which is combined with the funds of other members. Next, the entire amount is invested, for example, in shares. As a result of completed transactions, it appears certain income, which is subsequently distributed among shareholders.

Such funds are headed by experienced traders or other professionals who know how to properly manage investors' money. Since the amount at stake is large (taking into account all shareholders), the income can be decent.

More about mutual funds

As you already understand, mutual fund is an abbreviation for the word "mutual funds". Means this concept a certain organization, or rather, a property complex, which, under the leadership of a management company, earns profit for its participants.

The money that new investors bring is intended for the purchase of shares. A share means a share of the assets of the entire fund.

Example: one share costs 5,000 rubles. You can purchase 10 shares and transfer 50,000 rubles to the fund account.

When certain manipulations are carried out, the value of the share increases over a specified period. The owner of his share can get it back (buy it back) at a premium. This is the process of the fund's work.

Mutual funds have been developed to make it more convenient. One person, who also does not have a large amount of money or extensive knowledge, will be able to earn little or lose everything.

At the same time, the funds employ several highly qualified specialists who competently manage money and earn interest.

Who can become a shareholder

Depending on what knowledge shareholders have in the field of investing, funds can be divided into:

• Association of qualified professionals;
• Ordinary investors.

If you have read a lot of literature about investing methods, have extensive investment experience own money into different projects, fund or, then feel free to join the fund for professionals. An important factor here is the profitability of your transactions. Big percentage the winnings will only be to your advantage.

For those who are used to storing money on a regular deposit and do not understand deeply financial matters, conversion to normal unit trust- the most suitable option.

This is more than 90% of Russians who are not particularly interested in profitable ways of investing, but want to increase equity in a new way for them. And due to the fact that interest rates on bank deposits are completely unprofitable, many have become interested in mutual funds.

Types of mutual funds

There are three main types of mutual funds, varying in availability for investors:

• Open (available to everyone);
• Interval (have restrictions on the purchase and sale of shares);
• Closed (for the “selected”).

Open view– these are funds that anyone can join with a minimum contribution. The amount of contribution to them is minimal and can amount to several hundred rubles.

An important feature is that you can buy or sell a share on a convenient weekday. If you wanted to become a participant on Wednesday, no one will stop you. If you wanted to sell your share on Friday, no one is restricting you either.

Interval variety is a little more complicated. Payments of shares or admission of new shareholders are carried out only several times a year. This happens 2-4 times, but not less than 1 time. The period of purchase and sale lasts for half a month, during which anyone can withdraw from the fund or purchase a new share.

Closed-end funds include the most complex structure, they are inaccessible to everyone. Here the restrictions concern, for the most part, the amount of the share. It can range from hundreds of thousands to millions.

Funds invest in large projects, construction residential complexes. Since the investment objects themselves are quite solid and are not cheap, the requirements for investors are high.

What do mutual funds invest in?

There are many ways to make money that are used by investment funds.

The most common mutual funds:

• foreign exchange market;
• bonds;
• shares;
• mixed;
• real estate;
• index;
• direct investments;
• goods;
• venture;
• rental;
• hedges;
• loans;
• artistic values;
• funds.

The names speak for themselves. Investment instruments can be securities, currency, real estate, projects, etc. Fund holders try to use everything that can bring income for profit.

Index funds invest shareholders' funds in securities market indices. They are considered to be RTS, MICEX and others. Venture mutual funds invest in very risky projects that threaten the loss of shareholders' funds. However, if the investment does generate income, it can bring several hundred percent profit.

There is also . These are organizations that are just entering the market and need development and an influx of additional funds. Shareholders' money is spent on promoting such companies, which can bring good profits in the future.

Correspondence of forms and types of funds

We reviewed mutual funds based on their availability to clients and investment methods. Now let's connect this data.

Open and interval funds include:

• Equity funds;
• bond funds;
• Mixed.

According to regulatory framework, the investment methods of the two above funds are made only in highly liquid assets. At the same time, the majority are government bonds, which have virtually no risk.

Eg, all funds of shareholders can be divided into two parts: 70% is invested in government securities, and 30% in shares of “blue chips” (the largest and most profitable companies in the country).

Closed mutual funds can invest in:

• Shares of CJSC;
• Real estate, including land;
• Housing certificates.

The legislation does not limit shareholders closed funds invest in investment instruments of two other funds. It is clear that the percentage of profit of closed-end funds is much higher, but considerable funds are required from shareholders.

An open fund is not entitled to invest amounts in risky projects in order to minimize the losses of participants.

Who owns the funds?

Each mutual fund is headed by a management company (MC), which is responsible for allocating investors’ money and making a profit. The fund itself is not considered a legal entity; this role is assigned to the management company.

Fund management, including the management firms themselves, is under the jurisdiction of the Federal Securities Market Commission. Legislative acts help her in coordinating the actions of mutual funds. Each management company, before starting its main activity, is required to obtain a license. For these purposes, a long and complex certification is required.

The management company can only place funds of shareholders to earn money. Other purposes for spending money are not allowed. To control this process, other legal entities were created - depositories. They are assigned the role of storing money in client accounts. They are the ones who monitor the legality of the actions of the management company and, in case of violations, apply to the Federal Securities Commission.

The structure of the fund also implies the presence of registrars. They are also legal entities. The purpose of their existence is to register customer transactions. Responsibilities include making changes to share registers.

Why mutual fund

But let's look at the advantages of funds:

• The interest rate is higher than on a deposit from a credit institution;
• The activities of foundations are strictly regulated by the authorities;
• Even if it is a mutual fund, then the funds of the shareholders will be transferred under the management of another management company;
• You don’t have to worry that the money will be spent by fund owners for personal purposes, since their reports are audited every year;
• The presence of an independent depository, in whose account the shareholders’ money is located, allows you to be sure that the money will not just disappear;
• Accessibility for investors (even with 1000 in your pocket, you can become a member);
• You don’t need to have professional skills - all investment actions will be carried out by specialists for you).

A lot of advantages make mutual funds more and more popular. Thanks to the support of the state, you can defend your rights at any time. The funds are also suitable for those who want to invest in the money market, but are afraid to do so due to the lack of necessary knowledge. Mutual funds are an excellent alternative to such investing.

About the cons

Of course, investing in mutual funds is a process that has some disadvantages:

• There is no guarantee of income (you can go into minus);
• Additional costs for payment for management services;
• Long-term withdrawal own funds(about 7 days);
• Payment of taxes on profits;
• The current underdevelopment of mutual funds in Russia makes them highly susceptible to influence from the economy, which can negatively affect investors.

For the most part, the disadvantages of mutual funds are due to the fact that funds have recently gained popularity in our country. Few people are interested in them among the general population.

People's distrust does not give this area economic sector countries to develop fully and rapidly. However, the last few years have given us hope for an increase in the number of funds and investment instruments.

Withdrawal of funds is associated with the actions of the depository and registrar. Without their participation, the management company will not return your investment share.

Initially, purchasing a share also takes several days, or even weeks. This process can only be accelerated electronic resources, allowing you to quickly buy a share on the company’s website. True, few people trust this type of transaction, and therefore a personal visit to the office of the management company is the most common option.

How much can you earn by investing in mutual funds?

The country's regulations prohibit mutual funds from predicting any profitability, as well as from advertising it. This is due to the fact that profit as a result of participation in the fund does not always occur.

It happens that investors invest their savings in a reliable fund, which has been successfully operating for several years and brings decent income to shareholders. However, the management company may mismanage the money this time. It is possible that the economic environment will contribute to this.

In this case, you can not only lose your personal money, but also go into the red. The latter occurs in practice due to the fact that management services are paid regardless of the results of transactions.

The above situation is extremely rare. Most often, shareholders receive their profits and safely purchase new shares. Of course, it is impossible to say the exact income, but it definitely exceeds the interest on classic deposits.

It is not recommended to judge a future transaction based on the investment results of the past period. If for last year Sberbank mutual fund brought 75% of profit, but this year it can earn only 10%. This value is not regulated at the legislative level and depends on the situation, investment methods and timing.

Compare mutual funds and other ways to earn money

We have already found out that mutual funds are more profitable than bank deposits. If we consider direct investment and with the help of funds, then the first option is more advantageous. But we must understand that investing without intermediaries requires a lot of capital and thorough knowledge of the intricacies of a particular instrument. The funds will bring lower returns due to the placement of a lower amount and commissions of the management company.

You can directly ( , ), currency market, new projects and more. Such an investment will bring income, but it also requires significant costs.

The main advantage of funds is their accessibility to the population. You can enter minimum payment and make a profit.

Mutual funds also invest in real estate (real estate fund) and other assets. Only in this case can you become a participant in a large project with minimal costs.

In addition, if for some reason you do not like one fund, you can transfer funds to another one managed by the same company without loss. Thus, you can change the investment instrument and some terms of the transaction.

The most profitable type of mutual fund

The issue of obtaining profitability also depends on investment instruments. Bonds issued by the Government of the country are considered the most reliable. True, their profitability is slightly higher bank deposits. But if you are just starting to show interest in funds, then you can start with government securities.

Investing in securities is considered a risky activity. joint stock companies. This is what the shareholder does investment fund.

Most stable income bring companies that have existed for several decades. Their shares are the least susceptible to price fluctuations. You can also invest in shares of new companies. Their securities may fall or rise in value unpredictably.

A mixed portfolio of stocks and bonds allows you to simultaneously preserve part of your capital and attract additional profit. At the same time, the state clearly delineates the percentage ratio in such an investment portfolio. Government bonds of one issue cannot exceed 35% of it, and securities of joint-stock companies and foreign companies occupy 20%.

The riskiest investment is considered to be investing in low-liquid assets (real estate, land, startups, etc.). It is possible to withdraw money from funds investing in such assets only after a few years, usually 5 - 15.

This is done to prevent investors from withdrawing their funds, which would lead to the bankruptcy of the fund. However, such a risky undertaking can bring huge profits.

Diversifying the portfolio

The totality of all instruments chosen as an investment represents investment portfolio. Its diversification is a set of as many investment objects as possible.

Eg, to increase capital, you can invest money in joint stock companies shares, government bonds, rent out an apartment, put money in the bank at interest. That is, you distribute all your funds between several sources of income.

Diversification is quite beneficial in terms of saving money and generating income from risky activities. If you have invested in a dubious transaction, then your capital can be saved with the help of the remaining investments.

With regard to funds, the legislation does not prohibit shareholders from having shares in several mutual funds. You can buy at least one share of each existing fund. If a management company places funds in several mutual funds, you have the right to distribute your money in each of such funds.

What are the upcoming expenses?

Investments require not only an initial deposit, but also the costs of intermediaries.

Costs of working with funds include:

• Extra charge when opening an account;
• Commission upon redemption of a share;
• Commission from the total income in favor of the management company;
• Maintaining a bank account;
• Payment.

When opening an account, it is better to choose a bank that belongs to this mutual fund. In this case, you will not have to pay account maintenance fees.

When you purchase a share, a commission of up to 1.5% will be deducted from your amount. It will reduce the number of shares issued to you. Moreover, their number can be indicated as a fraction of the total capital of the fund.

After buying out your share, you will also have to say goodbye to a certain amount not exceeding three percent from your share. Total income, which the management company received, is subject to a commission (usually up to 10%) to cover the company’s expenses.

Payment of tax on income received is expressed at 13% for residents and 30% for persons who are citizens of other countries.

This tax does not need to be paid if:

• You have held your share in the mutual fund for 3 or more years;
• If the amount of the profit share was less than 125,000 for the year.

Please note that tax is only paid upon withdrawal from the fund. Personal income tax amount The management company pays for you, so you don’t have to additionally contact the tax office. When you leave the mutual fund, you will receive an amount in your hands from which tax has already been deducted.

Where to find the current value of your share

To view all the information about the invested money, you need to go to the mutual fund website. Here is information regarding the cost of the share. If you bought a share in an open-ended fund, the online data is updated every day. If you purchased a share in an interval mutual fund, then the information can be updated only once a quarter.

The share price is calculated using the formula: price net assets/ number of shares. For example, the fund’s assets are 5,000,000 rubles. Total shares - 8000. Cost of one share: 5000000/8000 = 625 rubles. If you have 10 such shares, then your amount is: 625 * 10 = 6250 rubles. The initial purchase of a share for 500 rubles reflects an increase in the share by 125 rubles. The total increase of the shareholder is 6250 - 500 * 10 = 1250 rubles or 25%.

Information on shares is available to each investor. You can also find out by contacting the management office.

Rights of shareholders

For the duration of the terms of the agreement between the management company and the investor, the latter is vested with the rights:

• Require an effective asset management process;
• Monitoring the progress of the management company’s actions (you can view the company’s reporting and also find out how it manages the amounts);
• Refund of the value of the share if the management company violates the terms of the agreement;
• Selling a share or providing it as collateral (a share is a registered uncertificated security displayed in an electronic register).

In case of any unauthorized actions of the management company, the investor has the right to go to court. On the shareholder’s side there is also a depository, which under no circumstances will violate the clauses of the agreement between the management company and the investor.

Before concluding an agreement with the management company, you can inquire about the company’s economic activities. No one will bother you to study the reporting documentation, find out the profitability of previous transactions, and also read the rules of the fund. If the management company has made several unsuccessful investment attempts, you will also be aware of this.

The management company does not have the opportunity to deceive its own clients. This will lead not only to litigation, but also to loss of reputation, which will not be so easy to restore.

How to become a mutual fund investor

The process of purchasing a share takes a little time and is not much different from opening a standard deposit with a credit institution.

You need to go through the following steps:

• Select an investment instrument;
• Find a fund that provides such a service;
• Write an application for admission as a shareholder and receive details for paying for the share;
• Open a bank account;
• Transfer funds for the management company;
• Wait for the results of the transaction.

The application, which is written during the initial application, gives the right to multiple purchases of shares. That is, today you deposited the amount for 10 shares, and in a month you can buy another 8 pieces. Also, if you decide to buy out your share, then further purchase of shares will be available to you.

You can contact the fund directly at the company’s office or through the website. In this case, notification of registration of a shareholder's share occurs within 7 days if you personally contact the office. In other cases, the company sends a written notification, which may arrive in two weeks, depending on the speed of delivery of items.

From the moment you purchase a share in the mutual fund, you are a full-fledged shareholder. Further settlements with the company for the purchase or sale of shares will occur through your bank account.

Development of mutual investment funds in the Russian Federation

Mutual funds in Russia have not yet earned the popularity they have in the West. This is also related to financial literacy of our population, which remains at a low level, and with a fear of something new. Financial pyramids at one time they made a lot of noise and discouraged the population from investing in profitable projects.

The number of mutual funds in Russia is only growing, and the number of investors is still increasing. But this process is extremely slow. Funds appeared in the country not so long ago, and legislation in this area is still imperfect. Gaps in the regulatory framework make themselves felt quite often.

The profitability of mutual funds in Russia in exceptional cases exceeds 20%. However, management companies attract clients in every way and predict high incomes. As a result, the population forms the impression that funds are a win-win option that will bring mountains of gold to everyone. Great expectations of investors and disappointment in the form of not so high interest rates clients are not always interested in repurchasing shares.

Nevertheless, legislative norms are becoming more and more perfect, adapting to the conditions of our country. Those investors who have already received a high income on shares once definitely put money into mutual funds.

The most profitable mutual funds 2017

Although the indicators previous periods are not a 100% guarantee of future income, let us turn to the leaders of the fund market in 2016. This way you can find out what funds in Russia are capable of and roughly orient yourself in future investments.

The companies reflected in the table brought the greatest profit to investors.

The data from the table suggests that the energy sector generates decent income for its investors, and investing in indices allows, under a successful set of circumstances, to receive over 100% of the initially invested amount.

Purchasing a share in one of the companies presented above does not guarantee you high profitability. With a competent approach from the management company, you can earn 150%, and any incorrectly calculated decision will lead to the loss of investors’ funds.

What's the best way for a newbie to act?

If you decide to deposit funds into a mutual fund, carefully study the entire fund market and analyze the latest transactions of the management company. This is easy to do using reports on information channels. Also read reviews from investors.

After choosing a management company, do not rush to purchase a share. Visit the company office. If its representatives promise high income and too low commissions for their own mediation, you should not linger here. Such a company is only interested in the influx of new customers, and not the latter’s receipt of income.

Adhere to the following rules:

• Choose which instrument you want to invest in (balance the risks and possible losses);
• If possible, invest in several projects or different securities;
• If, after paying for a share, you see how quickly it is losing price, do not wait until you are completely left without money;
• Before buying a share, look at its cost. Monitor the price fluctuations over the course of a few days. As soon as it becomes minimal, make a purchase. This way you can earn more.

The main thing is not to think about high returns. Determine for yourself what income would be sufficient for you. Based on this, make your first purchase of shares. As you gain experience, you can move on to riskier instruments.

JSC VTB Capital Asset management (VTBC UA), (license of the Federal Commission for the Securities Market of Russia dated March 6, 2002 No. 21-000-1-00059 to carry out activities related to the management of investment funds, mutual funds and non-state pension funds, without limitation of validity period; License of the Federal Financial Markets Service of Russia dated March 20, 2007 No. 045-10038-001000 to carry out management activities securities, without expiration date). The contents of www.site and any pages of the site (the “Site”) are for informational purposes only. The site is not and should not be considered as an offer by VTBK UA to buy or sell any financial instruments or provide services to any person. The information on the Site cannot be considered as a recommendation to invest funds, as well as guarantees or promises of future investment returns. Nothing in the information or materials presented on the Site constitutes or should be construed as individual investment advice and/or the intention of VTBK UA to provide the services of an investment advisor. VTBK UA cannot guarantee that the financial instruments, products and services described on the Site are suitable for persons who have read such materials in accordance with their investment profile. Financial instruments mentioned in the information materials of the Site may also be intended exclusively for qualified investors. VTBK UA is not responsible for financial or other consequences that may arise as a result of your decisions regarding financial instruments, products and services presented in the information materials. No financial instruments, products or services mentioned on the Site are offered for sale or sold in any jurisdiction where such activity would be contrary to securities or other local laws and regulations or would oblige VTBC UA to comply with the registration requirement in such jurisdiction. In particular, we would like to inform you that a number of states have introduced a regime of restrictive measures that prohibit residents of the relevant states from acquiring (assisting in the acquisition) of debt instruments issued by VTB Bank. VTBK UA invites you to ensure that you have the right to invest in the financial instruments, products or services mentioned in the information materials. Thus, VTBC UA cannot be held liable in any way if you violate the prohibitions applicable to you in any jurisdiction. Before using any service or purchasing a financial instrument or investment product, You must evaluate for yourself economic risks and benefits from the service and/or product, tax, legal, accounting consequences of concluding a transaction when using a specific service, or before purchasing a specific financial instrument or investment product, your readiness and ability to accept such risks. When making investment decisions, you should not rely solely on the opinions expressed on the Site, but should conduct own analysis financial situation the issuer and all risks associated with investing in financial instruments. Neither past experience nor financial success does not guarantee or determine that others will obtain the same results in the future. The value or income from any investments mentioned on the Site may change and/or be affected by changes in market conditions, including interest rates. All figures and calculations on the Site are provided without any obligation and solely as an example of financial parameters. VTBK UA is not responsible for any losses (direct or indirect), including actual damage and lost profits, arising in connection with the use of information on the Site. This Site does not provide and is not intended to provide legal, accounting, investment or tax advice and therefore you should not rely on the contents of the Site in this regard. VTBK UA makes reasonable efforts to obtain information from sources it believes to be reliable. However, VTBK UA does not make any representations that the information or estimates contained in the information material posted on the Site are reliable, accurate or complete. Any information presented in the materials of the Site may be changed at any time without prior notice. Any information and assessments provided on the Site do not constitute conditions of any transaction, including potential ones. VTBK UA does not guarantee return on investment, investment activities or financial instruments. Before making an investment, you must carefully read the conditions and/or documents that govern the procedure for its implementation. Before purchasing financial instruments, you must carefully read the terms and conditions of their circulation. VTBK UA hereby informs you of the possible existence of a conflict of interest when offering financial instruments considered on the Site. A conflict of interest arises in the following cases: (i) VTBK UA is the issuer of one or more financial instruments in question (the recipient of the benefit from the distribution of financial instruments) and a member of the VTBK UA group of persons (hereinafter referred to as the group member) simultaneously provides brokerage services and/or services trust management(ii) a group member represents the interests of several persons simultaneously when providing them with brokerage, consulting or other services and/or (iii) a group member has his own interest in carrying out transactions with a financial instrument and simultaneously provides brokerage, consulting services and/or (iv) the group member group, acting in the interests of third parties or the interests of another group member, maintains prices, demand, supply and (or) trading volume in securities and other financial instruments, acting, among other things, as a market maker. Moreover, the group members may be and will continue to be in contractual relationships to provide brokerage, depositary and other professional services with persons other than investors, provided that (i) group members may obtain information of interest to investors and group members have no obligation to investors to disclose such information or use it in the performance of their obligations; (ii) the conditions for the provision of services and the amount of remuneration of group members for the provision of such services to third parties may differ from the conditions and amount of remuneration provided for investors. When resolving conflicts of interest that arise, VTBK UA is guided by the interests of its clients. More detailed information about the measures taken by VTBK UA regarding conflicts of interest can be found in the VTBK UA Conflict of Interest Management Policy posted on the Website. Open-end mutual investment funds managed by JSC VTB Capital Asset Management: Open-ended investment fund RFI “VTB - Share Fund” (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0968-94131582); Open Investment Fund RFI "VTB - Balanced Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0962-94131346); Open Investment Fund RFI “VTB – Eurobond Fund” emerging markets"(The Fund's Rules were registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0958-94130789); Open Investment Fund RFI “VTB – Fund of Small and Medium Capitalization Companies” (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0959-94131180); Open Investment Fund RFI "VTB - Enterprise Fund with state participation"(The Fund's Rules were registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0966-94131263); Open Investment Fund RFI "VTB - Electric Power Fund" (Rules of the Fund were registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0965-94131501); Open Investment Fund RFI "VTB - Future Technologies Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0967-94131429); Open Investment Fund RFI "VTB - Metallurgy Fund" (Rules of the Fund were registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0961-94131104); Open Investment Fund RFI "VTB - Eurobond Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0963-94130861); Open Investment Fund RFI "VTB - Oil and Gas Sector Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0960-94131027); Open Investment Fund RFI "VTB - World Premium Brands Fund" (Rules of the Fund were registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0964-94130944); Open Investment Fund RFI "VTB - BRIC" (Fund Rules registered by the Federal Securities Commission of Russia on August 11, 1997, No. 0012-46539678); Open Investment Fund RFI "VTB - Global Dividend Fund" (Fund Rules registered by the Federal Securities Commission of Russia on February 26, 2003, No. 0090-59893176); Open Investment Fund RFI "VTB - Treasury Fund" (Fund rules registered by the Federal Securities Commission of Russia on February 26, 2003 No. 0089-59893097); Open Investment Fund RFI "VTB - Moscow Exchange Index" (Fund rules registered by the Federal Securities Commission of Russia on January 21, 2004 No. 0177-71671092), Open Investment Fund RFI "VTB - Fund Money market"(The Fund's Rules were registered by the Federal Financial Markets Service of Russia on September 25, 2007, No. 0997-94132239); Open Investment Fund RFI “VTB – Fund for Shares of Infrastructure Companies” (Fund Rules registered by the Federal Financial Markets Service of Russia on September 25, 2007, No. 0998-94132311); Open Investment Fund RFI “VTB – Mixed Investment Fund” (Fund Rules registered by the Federal Securities Commission of Russia on 03/05/2003, No. 0092-59891904); Open Investment Fund RFI "VTB - Fund" Precious metals"(The Fund's rules were registered by the Federal Financial Markets Service of Russia on March 31, 2009, No. 1407-94156211). Exchange-traded mutual investment funds managed by JSC VTB Capital Asset management: BPIF RFI "VTB - Russian Corporate Bonds Smart Beta" (Fund Rules registered by the Central Bank of Russia on January 31, 2019, No. 3647), BPIF RFI "VTB - American Companies Equity Fund" (Fund Rules registered by the Central Bank of Russia on May 28, 2019, No. 3735), BPIF RFI "VTB - American Corporate Debt Fund" (Fund Rules registered by the Central Bank of Russia on 06.27.2019, No. 3754), BPIF RFI "VTB - Equity Fund" developing countries"(Fund Rules registered by the Central Bank of Russia on June 27, 2019, No. 3755), BPIF RFI "VTB - Corporate Russian Eurobonds Smart Beta" (Fund Rules registered by the Central Bank of Russia on November 19, 2019, No. 3906), BPIF RFI "VTB - Liquidity" (Fund Rules registered by the Central Bank of Russia on November 28, 2019, No. 3915), BPIF RFI “VTB – Moscow Exchange Index” (Fund rules registered by the Central Bank of Russia on February 10, 2020, No. 3965). “Moscow Exchange Index” and “Moscow Exchange Corporate Bond Index” – stock indices, calculated by PJSC Moscow Exchange. The copyright holder of the Moscow Exchange Index and MOEX Trademarks is Moscow Exchange PJSC. Moscow Exchange PJSC does not give any guarantees or assurances to third parties about the advisability of investing in VTBK UA financial products based on indices calculated by Moscow Exchange PJSC. The basis for the establishment of relations between Moscow Exchange PJSC and VTBK UA is the provision of a non-exclusive license to use the Moscow Exchange Index and MOEX Trademarks. The Moscow Exchange Index and the Moscow Exchange Corporate Bond Index, calculated by Moscow Exchange PJSC and which is directly associated with the Moscow Exchange Index Trademark, were created, calculated, and maintained without reference to VTBK UA and its economic activity. Closed real estate mutual investment funds managed by JSC VTB Capital Asset management: Closed-end real estate mutual fund "VTB Capital - Residential Properties 1" (Fund rules registered by the Central Bank of Russia on 06/03/2016, No. 3163), closed-end real estate mutual fund "VTB Capital - Residential Real Estate 2" (Fund rules registered by the Central Bank of Russia on 02/08/2018, No. 3462). The value of investment shares may increase and decrease, past investment results do not determine future income, and the state does not guarantee the return on investments in mutual funds. The rules of trust management of open mutual funds managed by VTBC UA provide for premiums (discounts) to (c) the estimated value of investment shares upon their issuance (redemption). Charging premiums (discounts) will reduce the profitability of investments in investment shares of open-end mutual fund. Before purchasing an investment share, you should carefully read the rules of trust management of the fund. Receive information about the Funds and familiarize yourself with the Rules of Trust Management of the Funds and other documents provided for Federal law“On investment funds” and regulations in the field financial markets, can be found at the address: 123112, Russia, Moscow, emb. Presnenskaya, 10, floor 15, room III, by phone 8-800-700-44-04 (for free long-distance and mobile communications), at agent addresses or on the Internet at www.site. VTBK UA does not warrant that the operation of the Site or any content will be uninterrupted or error-free, that defects will be corrected, or that the servers from which this information is provided will be protected from viruses, Trojan horses, worms, software bombs or similar items or processes or other harmful components. Any expressions of opinions, estimates and forecasts on the site are the opinions of the authors as of the date of writing. they do not necessarily reflect the views of VTBC UA and are subject to change at any time without prior notice. Under no circumstances will VTBK UA be liable for any indirect, incidental, special, punitive or consequential damages (including, without limitation, damages for loss of data, business or profits) arising out of or in connection with these terms, for inability to use The Site or any products, services or content purchased, obtained or stored on the Site, whether based on contract, tort, liability or otherwise, even if VTBK UA has been advised of the possibility of such damage, and notwithstanding any remedy at law does not achieve its main goal. Without limiting the foregoing, these limitations also apply to any claims of third parties against users. Notwithstanding any other statement, nothing in these terms and conditions is intended to exclude or limit any duties or obligations that VTBK UA has to its customers in accordance with current legislation, or which cannot be excluded or limited under applicable law.

The assets of which include both stocks and bonds.

According to the Regulations on the composition and structure of assets of joint-stock investment funds and assets of mutual investment funds, adopted by the Federal Financial Markets Service on December 28, 2010, mixed investment funds can contain up to 100% of shares and up to 100% of bonds.

The rules of such a fund provide the management company (MC) with quite a lot of flexibility when choosing investment strategy. At economic growth there is an opportunity to invest in stocks and receive the greatest profit from their growth. When stage changes, the following happens. The stock market stops or even declines significantly. During this time, managers make decisions and transfer cash in debt securities.

Thus, a mixed investment fund allows the investor to avoid the so-called “drawdown” of the portfolio in difficult times - that is, it protects against serious losses. Of course, provided that it recognizes changes in the market situation in time and takes appropriate action.

In practice, in terms of profitability, FSMs show worse results during a market rise than exclusively stock funds - on average by 5-10%. But this also gives him a certain advantage. Thus, from January to July 2011, the stock market experienced better times. The result of the investment was as follows: shares of stock funds on average fell in price by 7.5%, bond funds grew by 5%, and FSM portfolios became cheaper by only 2%. That is, the bonds in the managers' portfolio practically compensated for the fall in equity securities.

In Russia, mixed funds are Druzhina (Management Company Troika Dialog) with assets of 1.6 billion rubles, Alfa Capital (Management Company Alfa Capital) - 1.3 billion rubles, Gazprombank - Balanced ( Management Company "Gazprombank - Asset Management") - 1 billion rubles and others.

See what a “Mixed Investment Fund” is in other dictionaries:

- (IPIF) is an investment fund that does not buy back its shares sold to investors all the time, as open fund, but periodically, at predetermined intervals. As a rule, either two weeks a quarter or two weeks once or twice a year. In these… … Banking Encyclopedia

Investment fund- (Investment fund) An investment fund is an institution that carries out collective investments. An investment fund is an institution that carries out collective investments by accumulating the savings of individuals Contents >>>> Investment... ... Investor Encyclopedia

Mutual investment fund- Financial markets Securities market Bond market Government bond ... Wikipedia

Unit trust- A mutual investment fund (UIF) is a property complex without formation legal entity, based on trust management of the fund’s property by a specialized management company in order to increase the value of the fund’s property.... ... Wikipedia

Mutual fund- (MUIF) is a property complex, without the formation of a legal entity, based on trust management of the fund’s property by a specialized management company in order to increase the value of the fund’s property. Thus, similar... ... Wikipedia

JSC VTB Capital Asset Management (VTBC UA), (license of the Federal Commission for the Securities Market of Russia dated 03/06/2002 No. 21-000-1-00059 for the management of investment funds, mutual funds and non-state pension funds, without limitation of validity period; License of the Federal Financial Markets Service of Russia dated March 20, 2007 No. 045-10038-001000 for the implementation of securities management activities, without limitation of validity period). The contents of www.site and any pages of the site (the “Site”) are for informational purposes only. The site is not and should not be considered as an offer by VTBK UA to buy or sell any financial instruments or provide services to any person. The information on the Site cannot be considered as a recommendation to invest funds, as well as guarantees or promises of future investment returns. Nothing in the information or materials presented on the Site constitutes or should be construed as individual investment advice and/or the intention of VTBK UA to provide the services of an investment advisor. VTBK UA cannot guarantee that the financial instruments, products and services described on the Site are suitable for persons who have read such materials in accordance with their investment profile. Financial instruments mentioned in the information materials of the Site may also be intended exclusively for qualified investors. VTBK UA is not responsible for financial or other consequences that may arise as a result of your decisions regarding financial instruments, products and services presented in the information materials. No financial instruments, products or services mentioned on the Site are offered for sale or sold in any jurisdiction where such activity would be contrary to securities laws or other local laws and regulations or would subject VTBK UA to compliance with requirements registration in such jurisdiction. In particular, we would like to inform you that a number of states have introduced a regime of restrictive measures that prohibit residents of the relevant states from acquiring (assisting in the acquisition) of debt instruments issued by VTB Bank. VTBK UA invites you to ensure that you have the right to invest in the financial instruments, products or services mentioned in the information materials. Thus, VTBC UA cannot be held liable in any way if you violate the prohibitions applicable to you in any jurisdiction. Before using any service or purchasing a financial instrument or investment product, you must independently assess the economic risks and benefits of the service and/or product, tax, legal, accounting consequences of entering into a transaction when using a specific service, or before purchasing a specific financial instrument or investment product, your readiness and ability to accept such risks. When making investment decisions, you should not rely solely on the opinions expressed on the Site, but should conduct your own analysis of the financial position of the issuer and all risks associated with investing in financial instruments. Neither past experience nor the financial success of others guarantees or determines the same results in the future. The value or income from any investments mentioned on the Site may change and/or be affected by changes in market conditions, including interest rates. All figures and calculations on the Site are provided without any obligation and solely as an example of financial parameters. VTBK UA is not responsible for any losses (direct or indirect), including actual damage and lost profits, arising in connection with the use of information on the Site. This Site does not provide and is not intended to provide legal, accounting, investment or tax advice and therefore you should not rely on the contents of the Site in this regard. VTBK UA makes reasonable efforts to obtain information from sources it believes to be reliable. However, VTBK UA does not make any representations that the information or estimates contained in the information material posted on the Site are reliable, accurate or complete. Any information presented in the materials of the Site may be changed at any time without prior notice. Any information and assessments provided on the Site do not constitute conditions of any transaction, including potential ones. VTBK UA does not guarantee the profitability of investments, investment activities or financial instruments. Before making an investment, you must carefully read the conditions and/or documents that govern the procedure for its implementation. Before purchasing financial instruments, you must carefully read the terms and conditions of their circulation. VTBK UA hereby informs you of the possible existence of a conflict of interest when offering financial instruments considered on the Site. A conflict of interest arises in the following cases: (i) VTBK UA is the issuer of one or more financial instruments in question (the recipient of the benefit from the distribution of financial instruments) and a member of the VTBK UA group of persons (hereinafter referred to as the group member) simultaneously provides brokerage services and/or trust management services (ii) a group member represents the interests of several persons simultaneously when providing them with brokerage, consulting or other services and/or (iii) a group member has his own interest in carrying out transactions with a financial instrument and simultaneously provides brokerage, consulting services and/or (iv) the group member of the group, acting in the interests of third parties or the interests of another group member, maintains prices, demand, supply and (or) trading volume in securities and other financial instruments, including acting as a market maker. Moreover, group members may have and will continue to have contractual relationships for the provision of brokerage, custody and other professional services with persons other than investors, and (i) group members may receive information of interest to investors and participants the groups have no obligation to investors to disclose such information or use it in fulfilling their obligations; (ii) the conditions for the provision of services and the amount of remuneration of group members for the provision of such services to third parties may differ from the conditions and amount of remuneration provided for investors. When resolving conflicts of interest that arise, VTBK UA is guided by the interests of its clients. More detailed information about the measures taken by VTBK UA regarding conflicts of interest can be found in the VTBK UA Conflict of Interest Management Policy posted on the Website. Open-end mutual investment funds managed by JSC VTB Capital Asset Management: Open-ended investment fund RFI “VTB - Share Fund” (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0968-94131582); Open Investment Fund RFI "VTB - Balanced Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0962-94131346); Open Investment Fund RFI “VTB – Eurobond Fund of Emerging Markets” (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0958-94130789); Open Investment Fund RFI “VTB – Fund of Small and Medium Capitalization Companies” (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0959-94131180); Open Investment Fund RFI "VTB - Fund of Enterprises with State Participation" (Fund Rules registered by the Federal Financial Markets Service of Russia 13. 09.2007, No. 0966-94131263); Open Investment Fund RFI "VTB - Electric Power Fund" (Rules of the Fund were registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0965-94131501); Open Investment Fund RFI "VTB - Future Technologies Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0967-94131429); Open Investment Fund RFI "VTB - Metallurgy Fund" (Rules of the Fund were registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0961-94131104); Open Investment Fund RFI "VTB - Eurobond Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0963-94130861); Open Investment Fund RFI "VTB - Oil and Gas Sector Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0960-94131027); Open Investment Fund RFI "VTB - World Premium Brands Fund" (Rules of the Fund were registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0964-94130944); Open Investment Fund RFI "VTB - BRIC" (Fund Rules registered by the Federal Securities Commission of Russia on August 11, 1997, No. 0012-46539678); Open Investment Fund RFI "VTB - Global Dividend Fund" (Fund Rules registered by the Federal Securities Commission of Russia on February 26, 2003, No. 0090-59893176); Open Investment Fund RFI "VTB - Treasury Fund" (Fund rules registered by the Federal Securities Commission of Russia on February 26, 2003 No. 0089-59893097); Open Investment Fund RFI "VTB - Moscow Exchange Index" (Fund Rules registered by the Federal Commission for the Securities Market of Russia on January 21, 2004 No. 0177-71671092), Open Investment Fund RFI "VTB - Money Market Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 25, 2007, No. 0997-94132239); Open Investment Fund RFI “VTB – Fund for Shares of Infrastructure Companies” (Fund Rules registered by the Federal Financial Markets Service of Russia on September 25, 2007, No. 0998-94132311); Open Investment Fund RFI “VTB – Mixed Investment Fund” (Fund Rules registered by the Federal Securities Commission of Russia on 03/05/2003, No. 0092-59891904); Open Investment Fund RFI "VTB - Precious Metals Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on March 31, 2009, No. 1407-94156211). Exchange-traded mutual investment funds managed by JSC VTB Capital Asset management: BPIF RFI "VTB - Russian Corporate Bonds Smart Beta" (Fund Rules registered by the Central Bank of Russia on January 31, 2019, No. 3647), BPIF RFI "VTB - American Companies Equity Fund" (Fund Rules registered by the Central Bank of Russia on May 28, 2019, No. 3735), BPIF RFI “VTB – American Corporate Debt Fund” (Fund Rules registered by the Central Bank of Russia on 06.27.2019, No. 3754), BPIF RFI “VTB – Equity Fund for Emerging Countries” (Fund Rules registered Central Bank of Russia 06/27/2019, No. 3755), BPIF RFI “VTB – Corporate Russian Eurobonds Smart Beta” (Fund Rules registered by the Central Bank of Russia 11/19/2019, No. 3906), BPIF RFI “VTB – Liquidity” (Fund Rules registered by the Central Bank of Russia 11/28/2019). 2019, No. 3915), BPIF RFI “VTB – Moscow Exchange Index” (Fund rules registered by the Central Bank of Russia 10. 02.2020, No. 3965). “Moscow Exchange Index” and “Moscow Exchange Corporate Bond Index” are stock indices calculated by PJSC Moscow Exchange. The copyright holder of the Moscow Exchange Index and MOEX Trademarks is Moscow Exchange PJSC. Moscow Exchange PJSC does not give any guarantees or assurances to third parties about the advisability of investing in VTBK UA financial products based on indices calculated by Moscow Exchange PJSC. The basis for the establishment of relations between Moscow Exchange PJSC and VTBK UA is the provision of a non-exclusive license to use the Moscow Exchange Index and MOEX Trademarks. The Moscow Exchange Index and the Moscow Exchange Corporate Bond Index, calculated by PJSC Moscow Exchange and which is directly associated with the Moscow Exchange Index Trademark, were created, calculated, and maintained without reference to VTBK UA and its business activities. Closed mutual real estate investment funds managed by JSC VTB Capital Asset management: Closed real estate mutual fund "VTB Capital - Residential Real Estate 1" (Fund Rules registered by the Central Bank of Russia on June 3, 2016, No. 3163), Closed Real Estate Mutual Fund "VTB Capital - Residential Real Estate 2" (Fund Rules registered by the Central Bank of Russia on February 8, 2018, No. 3462). The value of investment shares may increase and decrease, past investment results do not determine future income, and the state does not guarantee the return on investments in mutual funds. The rules of trust management of open mutual funds managed by VTBC UA provide for premiums (discounts) to (c) the estimated value of investment shares upon their issuance (redemption). Charging premiums (discounts) will reduce the profitability of investments in investment shares of open-end mutual fund. Before purchasing an investment share, you should carefully read the rules of trust management of the fund. You can obtain information about the Funds and familiarize yourself with the Rules of Trust Management of the Funds, with other documents provided for by the Federal Law “On Investment Funds” and regulations in the field of financial markets at the address: 123112, Russia, Moscow, emb. Presnenskaya, 10, floor 15, room III, by phone 8-800-700-44-04 (for free long-distance and mobile communications), at agent addresses or on the Internet at www.site. VTBK UA does not warrant that the operation of the Site or any content will be uninterrupted or error-free, that defects will be corrected, or that the servers from which this information is provided will be protected from viruses, Trojan horses, worms, software bombs or similar items or processes or other harmful components. Any expressions of opinions, estimates and forecasts on the site are the opinions of the authors as of the date of writing. they do not necessarily reflect the views of VTBC UA and are subject to change at any time without prior notice. Under no circumstances will VTBK UA be liable for any indirect, incidental, special, punitive or consequential damages (including, without limitation, damages for loss of data, business or profits) arising out of or in connection with these terms, for inability to use The Site or any products, services or content purchased, obtained or stored on the Site, whether based on contract, tort, liability or otherwise, even if VTBK UA has been advised of the possibility of such damage, and notwithstanding any remedy at law does not achieve its main goal. Without limiting the foregoing, these limitations also apply to any claims of third parties against users. Notwithstanding any other statement, nothing in these terms is intended to exclude or limit any duties or obligations that VTBC UA has to its customers under applicable law, or which cannot be excluded or limited under applicable law.