Mixed funds. PIF - what is it really? What is PIF in simple words

Mutual investment fund(PIF) - a form of collective investment in which investors are the owners of shares in the property of the fund. Management is carried out by a professional participant in the securities market - a management company.

Federal Law No. 156-FZ of November 29, 2001 “On Investment Funds” defines a mutual fund as “a separate property complex consisting of property transferred to trust management of a management company by the founders trust management with the condition of combining this property with the property of other founders of the trust management, and from the property received in the course of such management, the share in the ownership of which is certified by a security issued management company».

In practice, a mutual fund is a type of trust management of funds of citizens (shareholders), in which the management company buys securities with their funds. Profit is distributed between shareholders in proportion to the number of shares. For investors, a share is a registered security that certifies the right of its owner to a part of the fund's property. As a rule, mutual funds are intended for such investors who do not have the knowledge and time to independently engage in the placement of their money and manage them. In addition, you can invest minimum amounts(from 1 thousand rubles), which makes this tool attractive to most citizens.

Mutual investment funds are divided into three main types, depending on the conditions for the redemption of shares.

Equity investment funds give investors a number of advantages. First, their assets are managed by market professionals. The state exercises strict control over the management companies. The funds and securities of the fund are completely separated from the property of the management company - they are accounted for in separate accounts. Secondly, the price of entry to the market is low for the acquisition of shares, while at the same time a high level of portfolio diversification is provided from the very beginning, that is, risk is reduced. Thirdly, participation in a mutual fund gives a tax advantage: income tax is paid by the investor only upon withdrawal from the membership, once, and not based on the results of a change in the value of the portfolio, as happens when it is independently managed.

For its services, the management company can take three types of remuneration. This is a premium when an investor purchases a fund unit, which, by law, cannot exceed 1.5%. As well as a discount on sale - no more than 3% of the value of the share. And a certain percentage of the cost net assets fund per year - usually from 0.5% to 5%. All of these commissions are withheld regardless of the investor's profit or loss.

According to the areas of investment in our country, mutual funds are divided into stock funds, bonds, mixed investment funds, index funds.

Since 2007, the concept of a qualified investor has been introduced into Russian legislation. For this category of stock market participants, there are more risky types of mutual funds: hedge funds, venture funds, real estate funds. As of the summer of 2011, 545 such mutual funds were registered, and the absolute majority of them were closed-end funds real estate and only 16 hedge funds.

In total, in Russia, according to the National League of Managers, in 2011 there are 1,297 funds. The total value of their net assets is more than 450 billion rubles. They are managed by 363 investment companies. At the same time, the average yield on all open mutual funds for five years from 2006 to 2011 amounted to 38% on an annualized basis.

Imagine what impression the interlocutor will make on a person who, talking about himself, will say: “ I make money by investing in securities". I think most people will look at him as an alien.

Movies and the media have created the impression that all stock and bond people are very serious and successful, have a lot of money and are almost geniuses. If you don't believe me, just turn on the RBK channel. From analysts talking about stocks, indices, etc. just exudes professionalism.

But, in fact, anyone can make money on securities and for this you do not need to spend half your life studying the laws of the stock market. To do this, you can hire a professional manager who will buy stocks and bonds for you and try to provide you with the maximum income.

In order for anyone to try to make money on securities with the help of a manager, starting with a minimum amount (you can find funds with a unit value of 300-500 rubles), mutual funds (Unit Investment Funds) were created.

What is a PIF?

PIF (Unit Investment Fund) is a type of investment in trust management. This is a pool of collective investments, where the investor buys a share in the property of the fund.

The fund is created by a management company that has the appropriate license. Investors invest in the fund and with their funds the management company buys assets (stocks, bonds, etc.)

How can this be explained in simple terms?

Suppose there are 3 investors: Sasha, Petya and Vasya. They have money to invest, but they don't have the time, experience, or knowledge to invest in stocks, bonds, and other assets on their own.

To do this, they hire a management company that will deal with the purchase and sale of assets in order to make a profit. For this, investors will pay remuneration to managers.

Let's say Sasha has 500,000 rubles, Petya has 100,000 rubles, and Vasya has 10,000 rubles, a total of 610,000 rubles. They pool their money and create a fund. After investing, they receive shares, in proportion to their investments, which certify their share in the fund. If we assume that a share is worth 1,000 rubles, then Sasha will receive 500 shares, Petya 100 shares, and Vasya 10 shares, for a total of 610.

With the invested funds, the management company buys assets, for example, shares Russian companies. Now suppose that after some time the value of the purchased shares increased, which means that the fund's assets also increased, for example, to 800,000 rubles.

After the rise in price of the shares, the share will no longer cost 1,000 rubles, but 800,000 / 610 = 1,311 rubles. So, if Petya decides to leave the fund, then he will receive 1,311 * 100 = 131,100 rubles. And he invested 100,000 rubles, which means that his profit will be 31,100 rubles or 31.1%.

Types of mutual funds

Mutual funds are divided into bonds, stocks, real estate and mixed funds.

• Bond fund.

The yield of such funds in the short term is not high, but in the long term they often show higher returns than equity mutual funds.

From the name it is clear that in this case the money is invested in bonds. The yield of these funds is comparable to bank deposits. But compared to banks, mutual funds have one plus. If you withdraw a deposit from a bank before the end of the investment period, you lose most of the profit. You can withdraw money from the fund at any time without losing interest.

Investing in bond funds entails the lowest risk, but also provides a low return.

• Equity fund.

Investors who want to get higher returns from investing money most often choose this type of fund. Equity mutual funds invest in shares of companies. They buy stocks that they think will rise in price soon and sell stocks that have reached their peak value.

In general, the stock market itself is the most risky, so the main feature of these mutual funds, along with high potential returns, is high risk.

• Mixed fund (mutual investment fund of mixed investments).

To ensure maximum profitability and minimum risks, mixed mutual funds use the principle of diversification. They invest in a wide variety of assets. These can be stocks, bonds, real estate, works of art, etc. They may even invest in other mutual funds.

• Venture funds.

These mutual funds make bets on the riskiest stocks. With this type of investment, about 2/3 of the fund's funds simply burn out. And only 1/3 makes a profit. But the profit is such that it more than covers all the losses.

• Real estate funds.

As the name implies, these mutual funds invest in real estate. This may be the construction of facilities from scratch and the subsequent sale or lease. It can also be the purchase of real estate and its subsequent development (repair, redevelopment, etc.) for the purpose of selling or renting.

A feature of this type of fund is that real estate mutual funds are closed. That is, investors invest money one-time and will not be able to withdraw funds before the end of the investment period. Money is usually invested for 3-5 years.

Organizational division of funds:

• Open mutual funds. A feature of this type of funds is that investors can buy or sell units at any time. The transaction is carried out within 1-3 business days. Suitable for owners of medium capital.
• Interval mutual funds. You can buy and sell shares only at certain time intervals, which are also called windows. Such windows are usually opened once a quarter or once every six months.
• Closed mutual funds. Such funds are suitable for long-term investments. An example of such a fund is a real estate mutual fund. Units are purchased once and cannot be sold until the end of the investment period.

Advantages and disadvantages.

Pros:

• Convenient amount for investment. Those who want to start investing in the stock market with minimal amounts can find mutual funds with a minimum unit value of 300-500 rubles. Wealthy people can invest amounts in the millions.
• Fast withdrawal of money. Investors can withdraw funds from mutual funds within 1-3 business days.
• No loss in unplanned withdrawal. Unlike banks, when withdrawing money from open mutual funds you do not lose the accrued interest.
• High yield. Mixed mutual funds and equity funds can provide high returns of over 50% per annum.
• Management professionalism. In large funds, managers are professionals the highest level. Indeed, in order to provide income to its clients, the management company is forced to hire only the best specialists.
• State control over mutual funds. The activities of mutual investment funds are controlled by the state, so fraud on the part of the management company is excluded.
• Tax agent. All taxes that the investor must pay when receiving money from investing in mutual funds, the management company pays for it. That is, a person will not need to file a tax return, the company will do it for him.

Minuses.

• Risks. This type of investment comes with risks. The value of a share may decrease due to poor fund management.
• The difficulty of choosing a mutual fund. It will be difficult for a beginner to choose a mutual fund for investment, which will most likely bring him a profit.
• Manager commission. For their work in managing your funds, the company will take a commission from you. The fee ranges from 0.5% to 5%.

Who is investing in mutual funds suitable for?

Let's think about what kind of person is suitable for investing in mutual funds?

• No loans and no money problems. If a person has financial problems, then you should not invest in funds. And even more so, you should not take loans in order to invest.
• There is free money. One of the rules of investing should always be kept in mind: Don't invest an amount you can't afford to lose».
• Other ways of investing are used. Don't invest your entire portfolio in mutual funds. It is recommended to invest in mutual funds no more than 40% of your portfolio.
• Control over emotions. Whatever happens, your actions should be guided by reason, not emotions. You need to weigh each step, and not act impulsively.
• Interest in stock market . You must like what you are doing. Only in this way will you be able to increase your professionalism and your income from this activity.

Real return on mutual funds.

If you think that all managers have the motivation to show the maximum profitability, then you are mistaken. Most managers have the task of simply beating the index against which the performance of their fund is compared. If a mutual fund invests in shares of Russian companies, then the results are compared with the RTS index. This is one of the reasons for the low profitability of investing in mutual funds.

The average yield of bond mutual funds is usually around 8-12% per annum. The yield of the most successful funds exceeds 50% per annum. But, you can see that many mutual funds bring losses to their customers.

How to choose a mutual fund?

Risk.

You need to understand that the higher the potential return of the fund, the higher your risks will be. So figure out how much you're willing to risk.

Term.

If you may need money in the near future, it is better to choose open funds. If you decide to do long term investment, then first of all look at the reliability of the mutual fund and its profitability.

Yield.

Under the law, funds cannot promise you a profit. All you can do is look at the fund's past performance and compare it to other similar mutual funds. But keep in mind that one year cannot be considered as a reliable indicator.

Sum.

If you are a beginner and decide to start with a small amount, then look for such funds with a minimum value of one share.

To date, the largest and most reliable mutual investment funds are: Sberbank, Raiffeisen, Alfa and Uralsib.

How is the investment process?

In order to buy a share in one of the funds, you need to come to the office of the management company or agent company and submit an application. To apply, you will need a passport and money to buy a share. If you plan to pay for the purchase of a share non-cash, then you only need a passport.

If you decide to invest in a mutual fund of Sberbank or another bank, then you will need to come to any of the branches of this bank to purchase a share.

It is recommended that you familiarize yourself in advance with the documentation and conditions for investing in a mutual fund of this management company on its website. Feel free to call this company and ask your questions to the consultant.

Don't forget that investment income is taxed at 13%.

Its assets 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 may include up to 100% shares and up to 100% bonds.

The rules of such a fund provide the management company (MC) with sufficient flexibility in choosing investment strategy. At economic growth there is an opportunity to invest in stocks and get the greatest profit from their growth. When the stage business cycle changes, the following happens. The stock market stalls or even declines significantly. During this time, managers make decisions and translate cash into 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 the change in the market situation in time and takes appropriate actions.

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

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

See what the "Mixed Investment Fund" is in other dictionaries:

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