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Not to complicate definition of mutual funds, we will formulate so: Mutual fund is a portfolio of securities (for example, actions) which the group of shareholders of fund owns, and the management company operates these papers.
Basically, it is possible to put an equal-sign between mutual fund and the PIF: the essence of their work is identical. But some differences nevertheless are.
Mutual funds offer different variants of use of dividends – them rein. or transfer to the investor. It means that the client has possibility to choose fund which approaches him by the given criterion more. There is no necessity that cash regularly dripped? Then it is better to get shares of mutual fund, dividends in shares of the given fund. If you want to receive the passive income of the investments, it is necessary to choose fund which pays dividends to shareholders. By the way, by working out of pension portfolios (portfolios on which clients want to receive the passive income) such funds often join.
To the fund name the explanatory is usually added: income fund (Inс) if he pays dividends, and accumulation fund (Acc) – . An example: fund Threadneedle European High Yield Bond Retail Gross EUR Acc reverse money of clients, and fund Allianz RCM BRIC Stars - A - EUR Inc translates dividends into accounts of the shareholders.
Other essential difference – possibility to get shares of funds through Internet brokers. Contracts with the basic management companies on sale of their funds have the majority of brokers existing abroad. That is I as the investor, wishing to buy shares of any fund, is not obliged to go to office UK, to conclude there the contract and then to transmit into her account money for purchase of shares. I can simply give to buy the commission to the broker for me shares of this or that fund from means which are on my account at the broker.
As it was already mentioned, the investor can пробрести mutual funds through the Internet broker. Other kind of the intermediary is a bank-depositary. In the developed countries managing directors don't contact to clients. Function client management is carried out by the large banks-depozitarii having contracts with considerable quantity УК. The investor can get funds of the different companies, having addressed in uniform bank-depositary. In Russia it while is impossible – to buy shares "Uralsiba", it is necessary to go in "Uralsib" and to buy "Alpha capital" shares – поезжайте in "Alpha" (the financial supermarkets selling shares of the different companies, while in Russia a rarity
That's all the basic differences. They exist only because the foreign market of funds has considerably the big history of development, than very young Russian market. Most likely, these differences will be erased the next years.
Accordingly, you can define, what it is funds:
Oil and gas branch,
Metallurgy,
The Internet companies,
Biotechnologies,
The gold mining companies,
The companies-kladoiskatelej.
Sounds ridiculously, but such funds can quite exist. No less than funds of others more or less exotic branches.
If you know still any branch in which would like to put up money, be assured that there will be a fund taking shares of the companies of this branch.
Here, say, fund Cowen Climate Change INST A Acc. It is literally translated as fund of climatic changes. Where, you think, he puts up money? In action of the companies which receive the basic gain from realization of the goods or the services connected with climate control and ecological projects. So, the fund structure includes company Vestas Wind Systems which is engaged in manufacture and realization of the equipment for use of wind power, including – wind turbines.
The mention of this fund doesn't mean at all that I recommend him for purchase. Only an example of that among funds it is possible to find it anything you like.
Sounds ridiculously, but such funds can quite exist. No less than funds of others more or less exotic branches.
If you know still any branch in which would like to put up money, be assured that there will be a fund taking shares of the companies of this branch.
Here, say, fund Cowen Climate Change INST A Acc. It is literally translated as fund of climatic changes. Where, you think, he puts up money? In action of the companies which receive the basic gain from realization of the goods or the services connected with climate control and ecological projects. So, the fund structure includes company Vestas Wind Systems which is engaged in manufacture and realization of the equipment for use of wind power, including – wind turbines.
The mention of this fund doesn't mean at all that I recommend him for purchase. Only an example of that among funds it is possible to find it anything you like.
These funds are good for realization coun*diversifications.
Though more often the global funds investing in papers of emitters of the different countries of the world are applied to this purpose (Templeton Global Bond Fund A Acc).
Once again I will repeat that you can find any funds what only to you will like. It is much more difficult to understand that you want to find and how in them it is possible to invest the money.
In the most convenient way I consider use as the broker of the insurance company. It is so-called «an English way» investments. But he we will apply to the sums from $75 000. In this case the investor doesn't have restrictions for choice mutual and hedges-funds, actions and bonds – he can invest in various tools. Here the insurer acts in unusual quality for us. We will tell, at other kind of investment – memory insurance – we receive a guarantee of preservation of the capital plus (sometimes) the small income, but investment strategy of the insurer remains for us opaque. And at "the English" approach the insurance acts as the investment intermediary, and the client bears all market risks. But thus he has an option of funds.
The bank-depositary gives the limited list of mutual funds, but also this list long enough. For example, German Fonds Service Bank, which abbreviation to a pain it is familiar to all of us – FSB, offers the clients the list approximately from 2 000 funds.
Commercial banks and brokers are good that they also offer an extensive set of mutual funds. Besides it through them it is possible to buy and other investment tools (actions, bonds, ETFs **).
** Exchange Traded Funds – actually it is the closed index funds which actions are quoted in a mode of real time, as usual actions. We will tell about this rather attractive tool of investment separately in the nearest numbers «ЛБ»).
Mutual funds:
Mutual funds familiar for a long time to the western investor. Hardly balanced portfolio of the private investor respecting will do without them. Today in the world exist ten thousand funds of most various "specialization". You want to invest in the action of the Chinese companies? Here to you fund. You prefer gold ingots? Here to you another. You want still something? Please, and on it there will be a fund.Not to complicate definition of mutual funds, we will formulate so: Mutual fund is a portfolio of securities (for example, actions) which the group of shareholders of fund owns, and the management company operates these papers.
Basically, it is possible to put an equal-sign between mutual fund and the PIF: the essence of their work is identical. But some differences nevertheless are.
FEEL THE DIFFERENCE
The first difference of mutual funds from pifs – payment of dividends to shareholders. The companies, whose actions enter into fund (the PIF or mutual), pay dividends which arrive in management companies (УК). УК should distribute them between shareholders or rein. in shares of the same fund. In the conditions of activity of all Russian PIFS it is initially specified that dividends reinv. That is the investor doesn't have choice – he can't receive dividends in the form of money for the account. The same concerns the coupon income under bonds, if fund, say, bonded or mixed.Mutual funds offer different variants of use of dividends – them rein. or transfer to the investor. It means that the client has possibility to choose fund which approaches him by the given criterion more. There is no necessity that cash regularly dripped? Then it is better to get shares of mutual fund, dividends in shares of the given fund. If you want to receive the passive income of the investments, it is necessary to choose fund which pays dividends to shareholders. By the way, by working out of pension portfolios (portfolios on which clients want to receive the passive income) such funds often join.
To the fund name the explanatory is usually added: income fund (Inс) if he pays dividends, and accumulation fund (Acc) – . An example: fund Threadneedle European High Yield Bond Retail Gross EUR Acc reverse money of clients, and fund Allianz RCM BRIC Stars - A - EUR Inc translates dividends into accounts of the shareholders.
Other essential difference – possibility to get shares of funds through Internet brokers. Contracts with the basic management companies on sale of their funds have the majority of brokers existing abroad. That is I as the investor, wishing to buy shares of any fund, is not obliged to go to office UK, to conclude there the contract and then to transmit into her account money for purchase of shares. I can simply give to buy the commission to the broker for me shares of this or that fund from means which are on my account at the broker.
And one more difference: in Russia there is no uniform bank-depozitarija.
As it was already mentioned, the investor can пробрести mutual funds through the Internet broker. Other kind of the intermediary is a bank-depositary. In the developed countries managing directors don't contact to clients. Function client management is carried out by the large banks-depozitarii having contracts with considerable quantity УК. The investor can get funds of the different companies, having addressed in uniform bank-depositary. In Russia it while is impossible – to buy shares "Uralsiba", it is necessary to go in "Uralsib" and to buy "Alpha capital" shares – поезжайте in "Alpha" (the financial supermarkets selling shares of the different companies, while in Russia a rarity
That's all the basic differences. They exist only because the foreign market of funds has considerably the big history of development, than very young Russian market. Most likely, these differences will be erased the next years.
KIND AND SORT
Them is now such large quantity, what even it is difficult to assume, what area of human activity isn't captured by them yet. Nevertheless I will try to classify funds, having divided them so:1. As tools in which they put up money. Tools are known:
Bonds, Actions, Bank deposits (certificates).Accordingly, you can define, what it is funds:
FUNDS of BONDS – invest money of shareholders in the bond.
FUNDS of ACTIONS – invest money of shareholders in the action.
The MIXED FUNDS – invest money of shareholders in the action (as a rule, 45–60 %), in the bond and in banks.
2. On branch in which invests fund.
These are so-called branch funds. They put means in securities of the companies from one branch. It can be, for example, funds:Oil and gas branch,
Metallurgy,
The Internet companies,
Biotechnologies,
The gold mining companies,
The companies-kladoiskatelej.
Sounds ridiculously, but such funds can quite exist. No less than funds of others more or less exotic branches.
If you know still any branch in which would like to put up money, be assured that there will be a fund taking shares of the companies of this branch.
Here, say, fund Cowen Climate Change INST A Acc. It is literally translated as fund of climatic changes. Where, you think, he puts up money? In action of the companies which receive the basic gain from realization of the goods or the services connected with climate control and ecological projects. So, the fund structure includes company Vestas Wind Systems which is engaged in manufacture and realization of the equipment for use of wind power, including – wind turbines.
The mention of this fund doesn't mean at all that I recommend him for purchase. Only an example of that among funds it is possible to find it anything you like.
Sounds ridiculously, but such funds can quite exist. No less than funds of others more or less exotic branches.
If you know still any branch in which would like to put up money, be assured that there will be a fund taking shares of the companies of this branch.
Here, say, fund Cowen Climate Change INST A Acc. It is literally translated as fund of climatic changes. Where, you think, he puts up money? In action of the companies which receive the basic gain from realization of the goods or the services connected with climate control and ecological projects. So, the fund structure includes company Vestas Wind Systems which is engaged in manufacture and realization of the equipment for use of wind power, including – wind turbines.
The mention of this fund doesn't mean at all that I recommend him for purchase. Only an example of that among funds it is possible to find it anything you like.
3. On the countries. These are so-called city-funds.
From definition it is possible to guess that the given funds invest means of clients in securities which are emitted by the companies of any country. For example, fund Templeton China A Acc puts in the action of the companies of China, DWS Russia – in the Russian actions (this fund, by the way, well copies a Moscow Interbank Stock Exchange index), fund Morgan Stanley – Emerging Europe, Middle East and North Africa – in the action of the companies of developing countries of Europe, the Near East and the North Africa.These funds are good for realization coun*diversifications.
Though more often the global funds investing in papers of emitters of the different countries of the world are applied to this purpose (Templeton Global Bond Fund A Acc).
Once again I will repeat that you can find any funds what only to you will like. It is much more difficult to understand that you want to find and how in them it is possible to invest the money.
FOREIGN INTERMEDIARIES
The foreign commercial bank, bank-depositary, the Internet broker, the insurance company can be such broker.In the most convenient way I consider use as the broker of the insurance company. It is so-called «an English way» investments. But he we will apply to the sums from $75 000. In this case the investor doesn't have restrictions for choice mutual and hedges-funds, actions and bonds – he can invest in various tools. Here the insurer acts in unusual quality for us. We will tell, at other kind of investment – memory insurance – we receive a guarantee of preservation of the capital plus (sometimes) the small income, but investment strategy of the insurer remains for us opaque. And at "the English" approach the insurance acts as the investment intermediary, and the client bears all market risks. But thus he has an option of funds.
The bank-depositary gives the limited list of mutual funds, but also this list long enough. For example, German Fonds Service Bank, which abbreviation to a pain it is familiar to all of us – FSB, offers the clients the list approximately from 2 000 funds.
Commercial banks and brokers are good that they also offer an extensive set of mutual funds. Besides it through them it is possible to buy and other investment tools (actions, bonds, ETFs **).
** Exchange Traded Funds – actually it is the closed index funds which actions are quoted in a mode of real time, as usual actions. We will tell about this rather attractive tool of investment separately in the nearest numbers «ЛБ»).
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