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Mutual funds and individual investment accounts are perhaps the main ways for the Russians to capitalize on the growth of the stock market. Banks.ru decided to weigh the pros and cons to help readers with investment decisions.
the Ideal strategy
From a friend over the term of the Deposit. The money's not that serious, but even these 200 thousand rubles, he did not want to give the banks at 6-7% per annum. And decided to try to earn them on the stock market. Good example before my eyes: the same yield mutual Funds year — to-date 15-20%, and if you take the risk to invest in stocks of technology companies, you can earn even more. For example, Fund "Sberbank — Global Internet", according to the National League of management companies, since the beginning of the year showed an increase of the share of 35%.
on the other hand, it is possible to open an individual investment account (IIA). It has its advantages, most importantly a tax deduction. Want — with the amount of the contribution, you want — from future profits. However, the amount unlike investments in mutual funds, should not be more than a million rubles a year, but for the average private investor is suitable. So the annual tax benefit (maximum 52 thousand rubles), you can safely count on. And if you choose not to pay taxes on investment income and to keep account of ten years, you can get a deduction once the account is closed. So all this time the income tax to pay you will not! And profits can simply reinvest in the stock market.
However, as financiers say, the choice between MIS and MIF — conditional. After all, nothing prevents the owner of the investment account to purchase with stocks and bonds shares of the same mutual Fund. "Using IMS it is possible to buy shares of the funds traded on the stock exchange, for example, ETFs (exchange traded funds. — Approx. Banks.ru), and if you open an account at management company, the trust management can be bought through mutual Funds," confirms the General Director of consulting company "Personal Advisor" Natalia Smirnova.
"Via IIS, you can invest in the bond strategy, similar to those used in mutual Funds. This is ideal for the investor not to choose and to combine the advantages of bond funds and additional income tax deductions", — agrees the managing Director, head of business development UK "Sberbank asset Management" Vasily Illarionov. According to him, this opportunity also provide IMS with trust management.
unlike the "brokerage MIS" choosing an investor himself decides where and how to invest money with IMS asset management is a financial product with a specific investment strategy. As in the case of mutual Funds, this account manage an entire team of analysts headed by managers who are interested to the investor earned. Because it depends on the size of their earnings. "In that sense mutual Funds and IMS with trust management more affordable and reliable solution for beginners," — said Illarionov.
the Managing Director of unit for work with private clients "Aton" Andrey Revenko believes that the best option for the investor who has a lot of free time and experience of investing is to purchase mutual funds on IMS. "This will allow the client to obtain and quality control, and the possibility of tax deductions," he explains.
the Managers don't give up
option to open an individual investment account, the Russians got three years ago. During this time the number of account holders exceeded 280 thousand (for comparison: private investors trading on the stock exchange, more than 1.2 million people). Since the beginning of the year, according to data from the Moscow exchange, the number of new MIS increased by 40%.
However, the mutual funds industry is not going to give up. According to the assessment of managers, this year was one of the best in the history of the market. Only in its mutual Funds shareholders brought the beginning of the year more than 57 billion rubles. The number of clients of all funds, according to the latest data of the Central Bank, amounted to 1.47 million people. Basically the entire flow of funds is in bond funds.
Why do some investors choose IMS and others continue to be money Manager? And at the same time, according to a study by NAUFOR, the bond strategy is not popular with owners of investment accounts. The share of transactions in shares, Depositary receipts and ETFs is more than 94% of the turnover, while the volume of deals with shares — an average of 20-21 billion per month. The volume of trade in the bonds does not exceed 1.7—1.8 billion rubles a month.
Turns out, against the advice of financiers, the owners of IIS don't rush to take advantage of "ideal" and buy yourself shares in bond funds and prefer to invest in risky assets. This, according to managers, can be especially dangerous for the novice investor. In contrast, shareholders of mutual Funds the risks are less and the investment choices broader. Moreover, according to the marketing Director of investment instruments, the BCS Karen Kesoyan, each management company, a large number of different funds where they can buy securities that are purchased the owners of IMS.
for example, private investors can buy only those issuers whose shares are traded in Russia, in particular on the St. Petersburg stock exchange. Now this list includes more than 500 companies from USA, China and other countries. Minimum transaction size should be 10 thousand rubles (or $ 200). To buy foreign stocks, the owner of IMS, you must first Deposit money into an account in rubles, then to convert the exchange into dollars that you can pay for the purchase of securities. Accordingly, investment income will be in foreign currency, unlike income mutual Funds, where the increase in the value of units is calculated in rubles. The Manager is free to buy shares of any company traded on the major global stock exchanges.
Investment in mutual funds can be convenient for those who would like to invest in a specific sector of the economy. "For example, if the investor assumes growth of oil and gas sector, with the purchase of the Fund's unit focused on this sector, it gets a diversified package of securities of oil and gas, which reduces the effects of specific risks of individual companies," says senior analyst of "freedom Finance" Bogdan Zvarich.
Another advantage of mutual funds is the lack of the maximum amount of investment (recall that in IIS you can invest up to 1 million rubles per year, while the tax deduction is considered with the amount of 400 thousand rubles a year) and opportunities for the investor to exchange Fund shares of one company. "If the amount of investment in mutual funds more than 3 million rubles, in this case it is better to use the services of trust management", — tells Vasily Illarionov.
At the same time sell shares to you the very next day after purchase, and the balance to receive a tax deduction from your profits. In fact, as noted by Andrey Revenko of "Aton", the shareholders are also entitled to tax credits for the ownership of securities more than three years. The size limit of the tax deduction is calculated by the formula and depends on the size of income and duration of ownership (3 million rubles for each year of stay of the units in the property).
If withdraw the funds from the IMS earlier than three years, then the tax benefit is cancelled: all the money in the account deductions will have to return to the state. Pleasant exception — the coupon income on bonds and dividends, which the investor has the right to withdraw without losing tax benefits. However, if they did not come at the expense of IIS, and "tied" to his Bank account. "This money again to invest in the IMS, thereby increasing the tax deduction," says the head of individual investment accounts "BCS" Igor Sobolev.
Cheap and profitable
in the IMS, there is still one important advantage, which makes them a dangerous rival for mutual funds. This lower maintenance cost. The fact is that, investing in mutual funds, customer UK will have to pay multiple commissions — when buying a share and selling it. As a rule, it depends on the amount and term of investment: the bigger they are, the less you pay. Managers may not charge a Commission when buying mutual funds but in the end the investor will have to pay 1-2% of the value of his assets.
in addition, in some companies there is also the management fee, which depends on the type of Fund. As a rule, the more aggressive the investment strategy of the Fund, the larger the fee. For example, when buying mutual Fund shares in UK "VTB Capital asset Management" the shareholders will have to pay 3% of the management company. The Commission for the management of the bond Fund of the same company is 1% of the average net asset value of the Fund.
Also, shareholders would have to pay for the services of infrastructure organizations (specialized Depository, the auditor and the Registrar) is 1% regardless of the type of the selected Fund.
"management company Services more expensive than the broker. Therefore, if the amount is small — up to 400 thousand rubles, you can open an account IIS the broker to buy the bonds OFZ bonds to maturity," — said the head of sales and marketing UK "Raiffeisen Capital" Konstantin Kirpichev. But, according to the financier, if the amount of investment is significantly higher, you are not a professional investor and would like to get the yield above the Deposit rate bonds, the alternative to mutual Funds, you have virtually no.
the Main costs from the client, opening the IMS associated with buying and selling securities on the market. For example, the average Commission for trades on the stock market is 0,035% but may be reduced if its amount exceeds 1 million rubles, said Igor Sobolev from the BCS. If the investor wants to withdraw (or, conversely, contributes money to the account), then pay for it he won't have to. In addition, the owner of IMS may receive income in the form of interest from the broker which are charged based on the size of the cash balance in the account. The yield can reach several percent. For example, the company "Finam" promise to pay of 4.12% per annum.
the Investment account can be used to purchase foreign currency. Exchange rate will always be more profitable than in exchange offices. However, to buy 100 or 200 dollars will not work: the minimum lot size on the Moscow stock exchange is 1,000 dollars. The investor will also have to pay the broker a Commission as per regular trading operation.
And finally, another significant difference between the RIS of mutual funds — ability to manage the investment portfolio themselves. For my friend, for example, it was one of the decisive arguments in favor of the investment account. Moreover, choosing a Manager, investors always focus on profitability in the past tense. And as you know, this is not a guarantee of future income. In the case of IIS, if the broker for some reason does not suit the client (for example, there is a better offer), it can always be changed. To do this, a new broker or Manager will have to open a new IMS, and the old close within a month.
According to Bogdan Zvarich, it all depends on the period for which you are willing to invest. "If the investor expects to create a long-term portfolio with a horizon of 5-10 years, then it is more appropriate IIS in which he will be able to gradually shape the position," he advises. If the same calculation on the investment within two years, according to the analyst, in the absence of experience is better suited PIF.
albert KOSHKAROV, Banki.ru
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