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In this series, financial journalist Yulia ORLOVA exploring the possibilities of mutual investment funds. The reality was not so simple.
the Foundation is there, but like it or not
to Invest in a mutual Fund directly from the management company that controls the Fund or the agent: this is usually the Bank. This is not a cheap pleasure, often agents take 1-2% Commission c of the purchase amount (called the "discount"). When selling shares (the redemption), if the Fund owned less than six months/year is taken by the Commission in the form of overhead is 1-2% of the amount. It depends on the rules of the Fund, which can be found on the website of the management company.
Small part of the funds traded on the exchange and is available to those who have opened a brokerage account through the trading platform. On IIS you can buy such funds. Moscow exchange offers trading in only 11 of open mutual Funds of the seven management companies. The table shows nine funds with data on the profitability in three years.
the Funds available for purchase on IMS on the Moscow stock exchange
the Fund Type
the Management company
the Amount of assets assets, RUB mln, 31.10.2017
Yield for three years from 31.10.14 for 31.10.2017, %
"VTB — Treasury Fund"
"VTB Capital asset Management"
"TFG — bonds"
"OTKRITIE — Bonds"
"Kapital — Bonds"
"VTB — equity Fund"
"VTB Capital asset Management"
"VTB — MICEX Index"
"Capital asset Management"
"Raiffeisen — MICEX blue chips
"VTB — Balanced Fund"
"VTB Capital asset Management"
Author: the analyst of "ALOR Broker" Kirill Yakovenko, according to Investfunds
the Most profitable Fund in the last three years — equity Fund under management "VTB Capital asset Management".
But it turned out that to buy shares "under the control of JSC "VTB Capital asset Management" on the exchange is impossible", — so answered me in the office for the support of retail sales. Chairman of the Board of Directors of "VTB Capital asset Management" Vladimir Potapov has promised to fix it: "We are working to provide holders of brokerage accounts as soon as possible to buy high-quality portfolio products through the exchange". The timing of when shares will become available to investors on the stock exchange, he did not name.
If the company is not interested in the distribution of their shares through the stock exchange, the client will not be able to buy them. The fact that through an agent, the client makes the money and buys a share (for it issued new shares). And on the exchange the company itself or its market maker must offer existing shares, which requires the reservation of funds. If the exchange no one sells the shares, then, most likely, and deals with them not to do. Clients of the Foundation do not often sell their shares, and it cannot ensure a stable market supply. In the conditions when sales through agents cheaper due to discounts and allowances, sales motivation through the stock exchange falls.
But for the customer is the most profitable option of buying a mutual Fund. As the size of the commissions of the exchange and the broker for the purchase and sale of the unit will amount to 0.5% (depends on broker and the tariff plan), while the agent is 2-4%.
Buying shares in a bond Fund
this year there is a boom of investments in bond funds. With the beginning of the year invested more than 50 billion of new funds, which is seven times more last year. This is not surprising: investment in mutual funds bonds easy, and profitable income competes with Bank deposits.
I joined the General trend. As the shares of companies that are leaders in yield was unavailable, he turned to the remaining possibilities. Units of the Fund "BCS-Based" managed to buy immediately, which means good liquidity. Minimum transaction amount is less than 5 thousand rubles.
According to the Declaration of Fund fixed assets can be invested in fixed income bonds. Debt securities in foreign currency can take up to 40%. 20% of the Fund can be invested in stocks.
Managing "BCS Basis" Dmitry Makarov expects this year's yield of the Fund in the amount of 12-14%. To achieve this active control. Part of the funds invested in the bonds to maturity in the calculation of the coupon yield (for example, Eurobonds of Alfa-Bank and "Gazprom"), the funds are invested in depreciating securities in the calculation of the growth. In the BFL invested a little bit — a preference for higher-yielding securities.
Although the Manager has the right to take foreign currency risk, now change the value of the ruble against the Euro and the dollar affect the Fund's performance. Positions in Euro are hedged by selling futures on the currency, says Makarov.
Shares on the balance sheet of the Fund purchased in the case where the yield is predictable. For example, if a company announces a repurchase of their securities at a cost above market (as was the case with "Bashneft" and "M. Video") or if the securities of the company included in one of the world's indexes. Thus, the Fund invested in securities "Polyus gold", since the middle of November they entered the MSCI index.
Dmitry Makarov believes that now is a good time to enter the Fund because it is less than a month until the next meeting of the Central Bank. He is waiting for the reduction of the key rate by 25 basis points in December. Makarov predicts decline in Central Bank's key rate by 1 percentage point in 2018 — up to 7%, making investment in mutual Funds bonds more profitable: "We will earn due to the revaluation of bonds at the level of 10-12% in 2018". At lower rates, the Central Bank debt securities previously issued with a higher coupon yield, measured in the positive direction. This, according to Makarov, will provide more attractive returns of bond funds compared to banking products, for which rates are at 5-6% next year.
Purchasing Fund shares
On the exchange traded shares of open-end Fund "Raiffeisen — MICEX Index" - based on investment in highly liquid stocks. Entry threshold — 14 200 rubles, according to November 10. The Fund, as its name implies, follows the composition of the MICEX index.
the Head of sales and marketing UK "Raiffeisen Capital" Konstantin Kirpichev told that the Fund available for purchase of securities on the stock exchange since the end of October this year: "We gave investors the opportunity to buy a convenient tool that gives exposure to the whole market, including a brokerage account and MIS".
Nice bonus — the amount of remuneration. The Fund "Raiffeisen Capital" it is 0.5%. The costs of the Depositary and other expenses of 0.85%. For comparison: "VTB Capital asset Management" for management of the same Fund, "VTB — MICEX Index" takes 1.2% of the remuneration, the costs of the Depositary and other at 2.5%, according to data Investfunds.
If no new geopolitical shocks, serious sanctions and other troubles of the Russian market, according to Kirpichev, has good growth potential: the MICEX index in 2018 could add up to 15-20%. He recommends investors now to add to the portfolio of Russian stocks. One of the most convenient options — funds of the overall stock market.
Vladimir Potapov from "VTB Capital asset Management" also anticipates good results in the stock Fund under the control of the company: the increase of the value of the unit will provide stable dividend payments on securities in the Fund, comparable in size with the rates of deposits at large banks. "An additional positive factor for the Russian stock funds is the expected increase in profits per share and the reduction of the discount to foreign analogues — other developing markets," he concludes.
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