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The mass of the investor there is a new tool that allows you to receive income in dollars, and foreign currency mutual Funds. What they invest and how to buy their paper?
Bet on ETF
the Domestic collective investment sector continues to grow all new exchange funds. Last week another management company — BKS announced the launch of the mutual Fund "BKS Fundamental choice," investors who can receive income in foreign currency. And in early April on the creation of a second monetary Fund said the UK "Alfa-Capital". Plans to create a monetary mutual Funds have virtually all the major UK. "We are considering the creation of such a Fund, as we see high demand from our clients on these tools," says asset Manager "Region ESM" Alex Skaballanovich. Similar plans have of UK "Opening".
the BCS Fund will invest in us ETFs, corporate bonds and US Treasury bonds. Now his assets amount to 150 thousand USD share price — about $ 15. As told by the operating Director of UK BKS Olga Coalescence while to invest in mutual funds only in roubles, but in the near future to buy his shares it will be possible for the U.S. currency. Minimum amount — $ 1,000. To purchase units, you will have to open a brokerage account with which you can transfer currency to the management company. While in the BCS promise to take the minimum Commission — the purchase will cost a few cents. "BKS Fundamental choice" is focused on ETF, but according to the company, it is about the active management of a portfolio of 10 to 15 exchange traded funds. "Depending on the situation we can talk about index ETFs or bond funds," said Collesano. She also said that the company develops a secondary off-exchange circulation of securities of the mutual Fund.
the Focus on ETFs is a characteristic feature of many Russian mutual Funds for foreign stocks and bonds. For example, the Fund "Sberbank — Emerging markets", according to his statements, 89.5% of assets were in iShares Core MSCI Emerging Markets. Fund "Alfa Capital Gold" at the end of 2018 held over 70% of the funds in American investment Fund SPDR Gold Trust. In the exchange funds managers also often rely on ETFs, which follow any market or industry index. For example, the "Technology 100", "alpha-the Capital" invested almost all the funds in American investment Fund Invesco QQQ Trust, Series 1 and recently created the Fund to the S&P 500 index repeats the Ishares Core S&P 500. With the exception of UK Fund "Sberbank asset Management" on the S&P 500 index, which invests in a basket of securities included in the index. In the top 10 largest positions — stock Microsot, Amazon, Apple.
According to the Director for analysis of financial markets and macroeconomics UK "Alfa-Capital" Vladimir Bragin, the binding of mutual Funds to ETFs due to the fact that while the assets of these funds are relatively small. The volume of one of the first established in Russia monetary funds "Aton — Eurobonds Fund" now amounts to about $ 20 million. "In the future, the portfolio will have more stocks and bonds, but this requires that their volume amounted to several hundred million dollars," he says.
meanwhile, managers seek to reduce their costs and increase the attractiveness of monetary Funds, following the global trend. Commission for foreign ETF are hundredths of a percent, in recent years began to receive funds, which generally do not need to pay the Manager. And in March, Bloomberg reported that the company Salt Financial intends to attract investors who will receive 50 cents for every thousand dollars of its stock Fund. However, this offer will be valid only for a year.
the Ability to create funds investing in foreign securities, Russian managers appeared long ago. But until recently investors could invest in them only rubles. It is, in fact, leveled the whole point of the investment: for example, to make the Russian Eurobonds 4-5%, the future shareholders had to Deposit rubles, which then govern themselves converted into dollars. Conversely, if the shareholder decided to exit the Fund, by translating it again roubles which UK bought at the current rate. In the end, all foreign exchange risks remained on the investor and high yield in rubles did not mean that the dollar amount of savings increased.
"Double conversion kills the whole effect of the investments", — complained in November 2017 at the conference "Retail investor" chief Executive officer "VTB Capital Investments" Vladimir Potapov. Last year, the dollar rose against the ruble by more than 20%, and this increased the interest of Russians to invest in the currency. Among the tributaries from individuals, about 20% is in various foreign instruments, stocks, ETFs and the like, said Potapov at the end of 2018 in an interview with Banks.ru. According to estimates portal Investfunds.ru this year the funds investing in foreign securities also are leading in terms of attraction. Only in mutual investment Fund "Alfa Capital Eurobonds" investors have invested about $ 2 billion.
In the UK "Opening" say you see a very large customer interest in products denominated in foreign currency. "Many investors see the ruble strengthening, just as a possibility at a favorable rate to invest in foreign exchange products," — said the head of the Department of the stock of UK "Opening" Vitaly Isakov. According to Skaballanovich, demand is also due to the economic instability and geopolitical risks. "The strengthening of the ruble is widely perceived as a temporary phenomenon. In conjunction with elevated expectations of return on foreign securities that resulted in a demand for the securities of such mutual Funds," he notes.
However, the demand for investments in foreign stocks and bonds exist for a long time, but until recently, clients had limited investment opportunities in foreign currency. To get around these restrictions, managers began to invent various schemes. For example, in Aton's client who would like to invest the cash dollars in the Fund, buying Russian and foreign Eurobonds need to open a brokerage account, and in the criminal code "Alfa Capital" as an alternative offer to conclude a contract with the company trust management. The minimum amount for investment is $ 300. You will have to pay a fee in the amount of 0.9%. The existence of a contract do, according to Vladimir Bragin, enables the client to buy and sell foreign currency assets. Now the management company has launched two exchange-traded Fund whose shares are traded on the exchange in dollars — the PIF "the alpha Technology 100" and "Alfa Capital S&P 500".
Income and expense
the Main advantage of stock mutual Funds — relatively low Commission costs. For example, buying shares in the Fund on Mosberg, you pay a Commission to the broker, and during the possession of securities will have to spend on remuneration the Manager. Talking about relatively small amounts. For example, in the "Alfa-Capital" is about 0.7% for Fund "Sberbank — S&P 500" maximum Commission is 1%.
However, when buying on the exchange the investor may have to pay significantly more than the current quotation of securities of the mutual Fund. Applications for the purchase and sale of puts of shares authorised agent (market maker), who can earn on the spreads. As assure of the company "Alfa-Capital", speech can go about 0,3—0,5%. Managing Director of "Sberbank asset Management" Vasily Illarionov said that the difference for the Fund "Sberbank — S&P 500" is normally 0.5%. Thus, according to him, while U.S. markets are closed, the calculation of unit value is based on quotations of futures on the S&P 500 index.
the foreign exchange funds, whose securities are not traded on the market, the investor's expenses on the remuneration of managers can be significantly higher than in the stock market. For example, in the BCS, shareholders would have to pay up to 4% (including costs of SPECDEP, Registrar and auditor), and in the rules of the Fund registered "other expenses". In this case the purchase through an agent he will have to pay another 1% and if the investor decides to sell securities of the mutual Fund's "Fundamental choice" earlier than 1.5 years, it will keep the discount of 1-2%. About the same expenses from the shareholder who has invested in ruble-denominated equity funds.
the point of view of return on foreign-currency mutual Funds look good. For example, during the year the Fund "Aton Fund of Eurobonds," has earned investors almost 6% in foreign currency. Shares exchange-traded Fund "Technology 100" from the start of trading (December 2018) on the exchange rose by 11%. The maximum rates on foreign currency deposits now account for 3-4%, however, the situation with liquidity in banks is improving and the big players are now less interested in attracting dollars. According to estimates by Raiffeisenbank, March 1, banks in the accounts, there were about 8.9 billion dollars. How to earn mutual Funds that invest in foreign stocks and bonds, can be read here.
Experts remind that, in contrast to income from deposits or investments in sovereign bonds, the income received in foreign currency mutual Funds are taxed. Including those that were earned due to currency revaluation. However, like the head of investment products and technologies OTKRITIE Evgeny Gorbunov, unit holders can avail of this benefit: if you hold shares more than three years, the state frees the shareholder from payment of tax on the portion of income received.
albert KOSHKAROV, Banki.ru
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