To receive a profit from the investment, the shareholder redeems his shares in management company at the current estimated value of the share. The current value of a share may be either higher or lower than the value at which the shares were purchased by the investor (investments in mutual funds may be unprofitable). The profitability of investments in mutual funds is not guaranteed either by the management company or the state.

What determines the current value of a share and the investor’s income in a mutual fund?

Unit trust- this is nothing more than a general investment portfolio valuable papers, in which each shareholder owns a certain share (units) in proportion to the amount of his investment. The market value of securities on the stock exchange is constantly changing during trading. As a result, the total market price investment portfolio of a mutual fund, and hence the value of the fund’s shares. The value of the share depends on the general market situation on the exchange and the ability of the management company to effectively manage investment portfolio fund.

What is the NAV of a mutual fund?

Estimated value of the share determined by division NET ASSET VALUE (NAV) fund for the total number of shares.

The shareholder's income or loss is determined as the difference between the redemption cost and the acquisition cost of the shares.

The investor does not purchase a certain number of shares, but invests any amount above the minimum threshold into the fund. As a rule, for private investors this threshold does not exceed several thousand rubles.

Then the registrar credits the shareholder’s account with a certain number of shares. It is calculated by dividing the amount contributed by the investor by the estimated value of one share on the day the information is added to the register. Please note that in this case the amount is reduced by the amount of the surcharge. The number of shares owned by one investor may be fractional.

How many shares are in one mutual fund?

The answer to this question depends on the type of fund. The number of units in an interval and open-ended fund is not limited. That is, the management company can issue as many shares as Money shareholders will contribute throughout the life of the fund. The number of units in a closed-end fund is limited.

We've come to the most important part of this lesson - indicators of investment attractiveness of mutual funds. Each fund has two such indicators: cost net assets fund and the estimated value of the share.

Net asset value (NAV) of the fund- the total value of all fund property (securities, cash, deposits, accounts receivable etc.), from which is subtracted accounts payable fund and reserves for future expenses and payments. NAV is the main characteristic of the fund's size.

Estimated value of the share- the price at which the management company issues and redeems shares. It is on this indicator that the shareholder’s income depends. The estimated value is determined based on the net asset value. To calculate it, the NAV of the fund is divided by the number of shares issued at the moment.

Estimated share value = NAV / Number of shares

These calculations are simultaneously carried out by both the management company and the specialized depository, because, as we remember, the depository controls the management company. After this, the information can be disclosed to all interested parties. For an open mutual fund, this information is published daily, while for an interval mutual fund - once a month.

Example: this is what they look like financial indicators mutual fund "Sberbank-Electricity" in 2015-2017.

How to use these indicators?

NAV changes under the influence of two factors: changes in the market value of assets in the fund’s portfolio and the inflow/outflow of funds from shareholders into the fund. The estimated value of the share depends only on changes in the market value of the assets. If you compare the dynamics of both indicators, you can find out whether investors are investing or withdrawing money from the fund. That is, how attractive a given fund is from a market point of view.

If the growth in NAV over a certain period of time is equal to the growth in the value of the share, the value of the fund's assets changes only because of the growth of the stock market. If the growth in NAV exceeds the growth in the estimated value of the share, we can speak of a net influx of capital into the fund - a good sign for investors.

A mutual fund is a unique form of collective investment of funds with subsequent receipt of profit. The funds of many investors are pooled into a single fund and some assets are purchased with it. They are bonds, shares, deposits, real estate, that is, the standard gentleman's set of financial instruments permitted by law. The activities of the fund's employees are aimed at obtaining maximum profit using the funds received under management, so that the fund's assets increase and shareholders can receive the profit they are entitled to.

Pros of a mutual fund

Starting capital may be small. Some funds are ready to accept a contribution in the amount of one thousand rubles. You don't have to study the market on your own. This is already being done by specially trained people working in the fund.

How it works

Not any organization, much less can create a mutual fund. This is a licensed activity. The license is issued by the Federal Service responsible for control over financial markets RF. This body both issues a license and controls the subsequent activities of the mutual fund. The inspection takes place at least once every three years. That is why the fund must conduct all operations correctly and work within the framework of the law.

As soon as a license is obtained, the fund can begin to attract investors (shareholders). These can be both citizens and organizations. Each person can buy shares for a certain amount of funds, and this amount is at the disposal of the managers. The fund, with the money of investors, can buy securities that are in free circulation and, by making such transactions, receives a profit, which leads to an increase in the value of the fund’s assets, which means the value of the shares increases.

Pai - what is it?

An investment share is a registered unit that records the fact that the investor has invested a certain amount of money in the fund. In other words, the investor thus fixes his own right to a share of the mutual fund’s property. Documentary ownership is formalized through an entry on the depositor’s personal account, which is opened in the mutual fund register. The number of shares an investor will own will likely be a fraction.

Change in unit value

The value of shares, like the value of any other asset, is subject to investment risks. The share does not have a nominal price, but its estimated value is calculated at certain intervals. Thus, open-end mutual funds calculate the price of the unit every working day (on holidays and weekends the cost is equal to the price for the last working day).

An interval mutual fund does this on the last day of the interval (the period when you can redeem and purchase shares) and the last working day of the month. Closed-end mutual funds calculate the cost on the last working day of the month and the day following the last day for submitting applications for the purchase of additional shares. All transactions for the purchase/sale of shares of this fund are carried out based on their price on the last day when applications were accepted.

The value of the shares is calculated simply: the price of the mutual fund's net assets (NAV) is divided by the number of shares. Information about them can be viewed in the register of fund investors. The net assets of a mutual fund are determined by deducting the amount of the fund's liabilities from its assets (funds in the fund's deposits and accounts).

Profitability Guarantee

Guaranteed profitability of mutual funds, like others financial instruments, absent. Everything is determined by the amount of supply and demand for stock assets. And mutual funds cannot provide guaranteed returns. Moreover, the information about the mutual fund cannot provide any guarantees regarding the profitability of the management company’s work in the future. This is described in more detail in article 51 Federal Law"About investment funds." However, the future investor must understand that only low-yield instruments, such as bonds, can guarantee profit. You just need to minimize the risks at the selection stage, and then the profitability of mutual funds will help increase your funds.

How is profit generated in the fund?

If an investor decided to invest one hundred thousand rubles in the fund, and the cost of one share at that moment was four thousand rubles, then he will be able to purchase twenty-five shares. Let’s say that after some time the fund’s assets have risen in price, and the cost of one share begins to equal six thousand rubles. The cost of all shares acquired by the investor in this case began to be one hundred fifty thousand rubles. So he was able to earn fifty thousand rubles without taking into account commissions and taxes. This is how each of the shareholders can receive their profit using mutual fund shares.

Rules for successful investing

The essence of the rules is simple. You should invest on long term. A mutual fund is a long-term investment instrument (from two years). Therefore, all invested funds should lie quietly for the next two to three years and generate profit. Such investing is good because it is not affected by short-term fluctuations to which the stock market is so susceptible. This provides more high level profitability.

This also leads to the second rule: you should invest available funds, which will not be needed in the near future. Investments for a short period of time are possible and, perhaps, even profitable. But this approach does not guarantee income from each investment in a mutual fund. You should invest in reliable mutual funds, reviews and ratings of which indicate the possibility of making a profit.

Rating of mutual funds

It is not difficult to obtain information about the performance of a particular fund. She is in open access. But when studying it, it is worth considering a number of points.

• What is the rating of the management company in terms of the volume of funds raised over the last year? Two years? Three? When studying the rating of mutual funds, you should understand that the investor invests funds for a long period of time, and the security of the investment and the success of the investment will depend on the ability of the management company to manage investors’ funds.
• What is the management company's net asset value rating? This value indicates how much funds of fund participants are managed by this management company. And the higher it is, the higher the popularity of the management company, and therefore the greater the trust in it.
• What is the rating of mutual funds by the volume of funds raised? It is better to check this indicator for a year and for three years.
• What is the mutual fund's rating based on net asset value?
• What is the mutual fund's profitability rating? It is this rating that attracts the attention of investors in the first place. This indicator ranks funds according to the amount of profitability they were able to achieve over a certain period of time. For example, the management of Sberbank mutual funds led to the fact that the Sberbank - Global Internet fund produced a return for the year of 49.91%.

How to buy shares?

There is nothing complicated here. It is enough to be in the office of the management company or contact its intermediary. The role of mediator is often played investment companies or banks. There you will be asked to fill out and sign the following documents:

• Application for opening a personal account. When a management company has several funds, and the investor decides to make contributions to more than one fund of this company, then accounts must be opened for each contribution.
• Registered person's profile.
• Application for the purchase of investment shares.

All documents are drawn up and signed in triplicate, and when working with an intermediary - in four. Of course, there is a bit of hassle with the papers. After a couple of days, the management company will receive an order to purchase shares with all the details.

Sale of shares

This action is similar to purchasing. You will also have to visit the office of the management company and write a statement, in this case about repayment. Usually, only a passport is required from the documents, but information about the number of shares owned by the investor and the personal account number are sometimes required. Therefore, it is better to go with a full package of documents.

It is worth remembering that sales and purchases from different mutual funds are carried out in different ways, or rather, at different times. Open funds, which are the majority, will allow the investor to sell on any working day, interval funds - at the time the interval opens, closed funds - when the share is formed investment fund or additional shares are placed. But there may be exceptions.

Sales and purchases of shares using a broker

Transactions with shares through a broker have their advantages.

• The purchase of shares of closed-end and interval funds is possible on any day when the exchange is open.
• It is possible to avoid premiums when purchasing and discounts when selling shares.
• Speed ​​of execution of an investor's request.
• There is no need to get to the management company's office.

However, there are also disadvantages. Not every mutual fund lists its shares on an exchange. Promstroybank, Metropol, Interfin Capital, Uralsib are examples of management companies listed on the stock exchange. Sberbank Asset Management, whose mutual funds are listed on the stock exchange, is also one of the largest management companies. Such shares do not have the highest liquidity and therefore the spread will be high. Instead of premiums and discounts, there will be commissions for the exchange and the broker (even if they are several times lower), as well as a fee, although not always, for depository services.

Mutual Fund. Banks

Many banks offer the “Deposit plus Mutual Fund” service. Thus, when placing funds, the investor places part of them at interest in the form of a deposit, and the rest is used to purchase shares of mutual investment funds managed by the management company of the same bank. Whether this is good or bad depends on the work of the management company. After all, if it performs well, the return on the shares will exceed the interest on the deposit, which, of course, will bring joy to the investor. Otherwise, the investor will regret the lost profit that he could have received when he placed all his available funds in the form of a deposit with interest.

Taxation

You will only have to pay when the shares are redeemed. And this is the only payment that needs to be “gifted” to your favorite tax office. Profit is easy to calculate - it is the difference between the current value of shares and the cost of purchasing them. Typically, the calculation and withholding of this tax from individuals- responsibility of the management company. This means that the investor will not have to fill out the information himself. tax return. For residents the tax will be 13 percent, for non-residents - 30 percent.

Shareholder expenses

There are two main types of commissions practiced in mutual funds.

• A commission that increases the cost of a share upon purchase (purchase premium). It should not exceed one and a half percent of the estimated value of one share. Some management companies do not charge it at all.
• A commission that reduces the price of a share upon sale (sale discount). It should not exceed three percent of the estimated cost.

Remunerations for the management company, appraiser, auditor, registrar, depository also belong to the expenses column. But they all lie within a few percent and are taken into account when calculating the value of shares.

Main players

1. Uralsib. Mutual Funds: Uralsib First, Uralsib Perspective Investments, Uralsib Eurobonds, Uralsib Financial Sector, etc. For Lately positive feedback There is little left about Uralsib’s funds, and they are all concentrated on non-core forums. Management company "Uralsib", whose mutual funds initially showed very good profitability, is now under fire from investors. Many investors believe that they could achieve much better results in terms of profitability on their own.
2. VTB Mutual Funds: “VTB - Eurobond Fund”, “VTB - Stock Fund”, “VTB - Balanced Fund”, “VTB - MICEX Index”, “VTB - Telecommunications Fund”, etc. VTB funds vary in profitability, but many complaints are received about customer service. Therefore, when considering VTB mutual funds as an investment instrument, you need to be prepared for this.
3. Sberbank's main management company is Sberbank Asset Management. Mutual funds: "Sberbank - Natural resources", "Sberbank - Financial Sector", "Sberbank - Europe", "Sberbank - America", "Sberbank - Gold", etc. This management company has proven itself to be reliable, which is not surprising.

A few questions about mutual funds

Is it possible to donate shares? Yes, it's possible. It is enough to conclude a standard agreement in ordinary written form.

Can shares be inherited? Yes, they can, in general procedure. Civil Code Russian Federation describes in detail how this is done.

Conclusion

So, mutual funds are a great way to invest and increase your funds. The main thing is to choose a worthy fund. When comparing a mutual fund and how to invest, a novice investor should choose the first option. After all, in addition to the advantages described above, there are additional ones:

• You can invest a small amount of money and get the benefits of the most profitable instruments (index portfolio, real estate and others).
• An investor, when investing money in mutual funds, trusts management to professionals (in this regard, a fund is similar to trust management).
• Although investing in a mutual fund does not allow you to use all the opportunities of the securities market yourself, the investor frees up his time for other things. And this, you see, is also a huge plus.

In other words, if an investor does not like to deal with all the intricacies of the securities market, but wants to invest money, then investment mutual funds are exactly the tool that will allow not only to preserve, but also to increase savings.

Net asset value (NAV) is important indicator for any commercial organization. It is NAV that many investors first pay attention to, sometimes without even knowing this abbreviation. This happens because in the layman's sense, the equivalent of net asset value is conditionally words such as largeness, fame or size of the company. NAV can be calculated for many organizations: small industrial enterprises, giant joint stock companies, mutual fund management companies, etc. Funds with the longest history in their class tend to have high NAVs. This phenomenon is sometimes called “first mover advantage.”

IN general case Net asset value is nothing more than the difference between the assets and liabilities of a company. In order to calculate the net asset value, the amount is taken total capital, that is, all short-term and long-term assets (minus debts on contributions of founders to authorized capital and expenses for repurchase of own shares), and liabilities and expenses are deducted from it. Depending on the approach, liabilities can be either current or long-term; the first case is more often applied to companies that, due to their specific nature, have a large share long-term liabilities is the standard. The costs of investment funds are: registrar fees, depository fees, loans, management commissions, and various investment servicing operations. A more precise name for this calculation is book value net assets.

According to the law, data on the NAV of investment funds must be publicly available, so there is a special need for self-assessment There is no net asset value. If desired, NAV can always be found on the Internet - more on that below. Depending on the nature of the enterprise, the NAV indicator is calculated at different intervals. So, for example, for OJSC it is mandatory will be published annually along with annual report(and if the need arises at any other time), and for open-end mutual funds - at the end of each trading day.

Difference between book NAV and company capitalization

Book value of net assets should not be confused with a company's market capitalization. NAV in general can be less than market capitalization, equal to it, or greater. Why is this happening?

Market capitalization joint stock company equal to the number of company shares multiplied by the cost of one share. As you know, the market value of a share depends both on the company’s business and on the subjective assessment of this business by investors. In a favorable market with good reporting data, investors tend to be optimistic (revaluate shares) and the company's market capitalization becomes higher than its book NAV. Conversely, during periods of crisis or bad news from a company, investors can be overwhelmed by fear and the market capitalization falls below the net asset value (share undervaluation).

Occasionally this happens by a noticeable amount - this situation is an excellent chance to buy shares cheaply. It is significant that at the end of 2007 market capitalization Russian companies exceeded the value of their net assets on average by almost 3 times, and at the end of 2008 it already accounted for only 61% of NAV. Those who bought large Russian shares at this time could more than double their wealth over the next year. A similar situation regarding post-crisis profitability was in the American market.

By the way, the strategy of acquiring shares of those issuers whose market capitalization is lower than the value of the company’s net assets (roughly speaking, when market price company below its real value) is quite popular not only during a crisis. One of the reasons: simplicity even for an inexperienced investor. The net asset value of the issuer of a stock can usually be found in the quarterly . Knowing the price of shares and their number (also included in the reporting), it is easy to calculate market capitalization. Next, we look for an undervalued share of a well-known company, which is sold only when the capitalization “pulls up” to the NAV.

This value investing strategy has indeed delivered benefits for many decades relative to the "standard" market of the size-weighted S&P500 index - but last years this gap is reduced to a minimum. It is unlikely that any factor will be underestimated by the market “forever” - although the advantage of value companies is that many people find it psychologically difficult to force themselves to buy “bad” stocks. Gazprom can hardly be considered one of these - however, for a number of years, the market capitalization of this company was inferior to its NAV.

NAV of investment funds

If in the case of shares they all have market circulation, then in the case of shares the situation is different. Let me remind you that mutual funds are a method of collective investment, when a management company collects many assets and forms from them shares containing a “piece” of each issuer in a certain proportion. To assets mutual funds will not include any equipment, like a company like Gazprom - their assets are formed from depositors' funds and invested in various securities.

Mutual funds can be actively managed and passive - for example, tracking ones. In addition, mutual funds are divided into open, interval and closed - they accept and return investments in different time periods. Units of open mutual funds (especially bonds) usually do not have exchange circulation: the management company itself handles settlements with investors, issuing additional units when funds inflow and reducing their number when investors leave the market. Thus, the value of the share does not depend on the actions of investors. With shares of closed mutual funds, the situation is different: they are traded on the stock exchange and their number does not change - investors sell them not to the management company, but to each other. This is called secondary circulation of shares and is similar to the shares discussed above - but unlike first-tier shares like Gazprom, closed mutual funds are usually very low.

These definitions, by the way, hide a huge difference for an asset manager. Investors in open-end funds can withdraw funds at any time - as a rule, mass withdrawal occurs at the peak of the crisis, i.e. the manager is forced to sell assets very cheaply when, on the contrary, he should have bought them. In a bad scenario, the company is left with a small number of assets and, accordingly, a small NAV - and it becomes difficult for it to support analysts, managers, rent offices, etc., since the commission on small amounts is also small. The fund is under threat of closure and liquidation. The manager of a closed-end fund does not depend on investors - they resell shares to each other. Peter Lynch, the legendary manager of the Magellan fund, noted this point in his book, since for the first 4 years his fund belonged to the closed type, subsequently changing it to open, i.e. began accepting investor money.

The net asset value of Russian mutual funds can be found on the website investfunds.ru by selecting “Mutual Funds and Trusts - Market Statistics - Mutual Fund Market Profile” or by following the link http://pif.investfunds.ru/analitics/statistic/market_profile/:

Overall, we see that the NAV of bond funds is approximately twice the NAV of equity funds. However, the leaders are rental mutual funds and real estate mutual funds, where the open type is not provided for by law. In total, about 648.5 billion rubles have been accumulated in all mutual funds. Very similar data can be found on the website nlu.ru in the section “Market Statistics - NAV of Mutual Funds”:

There you can also call up tables for funds of certain types, for example stocks (and see that the largest bond fund is approximately 4 times larger than the stock fund - 20 versus 5 billion rubles), and also build a graph of changes in the dynamics of NAV:

It is clearly seen that over the past 15 years, the NAV of Russian mutual funds has made a colossal leap: from 3 to approximately 645 billion rubles, i.e. 215 times. The largest decline was expected to occur during the 2008 crisis, when NAV dropped by about half - but today the value of net assets is at historical highs. The MICEX index also grew, but much less significantly: for the period from the end of 2002 to today (November 2017), excluding dividends, by approximately 7.3 times. Nevertheless, the NAV charts and the MICEX index look quite similar, so it seems interesting to consider one more issue.

Relationship between NAV and share price

In summary, the relationship from the previous example seems proportional: if the market grows, then both the value of the funds’ net assets and the value of their shares should increase, albeit at different rates. However, this is not always the case. As an example, let’s take one of the oldest open ones - the Dobrynya Nikitich stock fund:

Above is a graph of the fund’s net asset value, below is the value of its share. It can be seen how, having simultaneously reached a maximum by the end of 2007 (at the level of 20 billion rubles), in subsequent years the value of Dobrynya’s net assets almost constantly fell and has now rolled back to a level not much higher than the original one. Causes? Investors' distrust of the market may play a role, but no less important is the policy of the management company regarding the amount of commissions, changes in debt obligations and the presence of competitors. The latter developed quite rapidly in the 2000s, which caused an outflow of investors to other funds - but in general, thanks to a large line of funds, it still remains a leader in the field of mutual funds. First mover advantage.

NAV of foreign funds. What is NAV?

Almost simultaneously with Russian mutual funds (4 years earlier), the first ETF funds appeared in the world, which in the Russian investment environment received the translation “exchange-traded funds”. I wrote about them in great detail. Exchange-traded funds are the best today investment instrument for investors of all classes, which is gradually replacing the traditional old class - on the model of which Russian mutual funds were created.

IN English language An analogue of the net asset value of NAV is the abbreviation NAV - Net Assets Value. The first exchange-traded fund to track the US S&P500 index was created in 1993 and received letter designation SPY. Let's get to know him a little closer:

Promotion of this fund has grown quite well - but more interesting is that the fund's net assets are estimated at $254 billion! At the same time, the NAV of the largest mutual fund Vanguard Total Stock (VTSAX) is still 2.5 times larger - $635 billion. Even if we take the peak version of the Dobrynya fund of 20 billion rubles, we will get completely incomparable amounts. At current rate whole dollar Russian market Mutual funds are 60 times smaller than the largest mutual fund. This does not mean that the Russian market in the long run should give a return lower than the American or global one - but it does mean that the American market is still considered the global engine of growth, and emerging markets (including Russian) are traditionally looked at more when in the United States things are not going too well. Or there are good opportunities for oil growth.

Summary

Net asset value is the difference between a company's assets and liabilities, with a rough synonym for the term being "size." For individual companies and their stocks, NAV can be used for a value investing strategy. A large NAV indicator generally indicates the safety margin of a securities fund, but does not say anything about profitability - the NAV of a fund may fall while the profitability of its shares is growing. Closed-end funds accept funds only during the period of their formation - in the future, changes in NAV depend not on the actions of investors, but on the qualifications of the manager and internal factors. The NAV of American investment funds is incomparably higher than Russian ones - the latter constitute a fraction of a percent of the world market.

What is the NAV of a mutual fund, its calculation and application

In investor practice, one often comes across such a concept as the fund's net asset value (NAV). Every investor understands the meaning of the wording “assets” - these are stock instruments that are the subject of capital investment. These can be foreign exchange assets, stocks or bonds. What does the concept of “net assets” mean?

Determining the NAV value

NAV– net asset value – is the difference between the value of the fund’s assets and liabilities. In other words, NAV is an actual indicator indicating the real content of the property fund.

This cost is determined by subtracting the amount of costs from the total capital:

• Contributions to the depositary
• Managers' remuneration
• Registrar payment
• Payment for creditor services

This also includes other expenditure transactions aimed at servicing investments.

How is NAV calculated?

To determine the difference, the actual indicator for all existing assets and their real valuation are taken into account. On the day the value is determined, the weighted average value of the last ten transactions for the trading day is taken for all instruments traded on the exchange. If less than ten transactions were made, the indicators for the last trades in which there were a sufficient number of transactions are taken into account.

The amount of actual costs at the time of assessing the value of net assets is subtracted from the amount received.

In case of assessment of assets that do not take part in exchange trading, independent assessment in accordance with the Regulations on the procedure and terms for determining the value of the net assets of joint-stock investment funds, put into effect by the Order Federal service By stock markets No. 05-21/pz-n. a similar calculation procedure is provided for those assets that have low liquidity. This does not take into account debentures organizations declared bankrupt and overdue payments. Within the framework of this provision, on the basis of the internal Charter, it can establish its own rules for the procedure for assessing assets.

Using the obtained data on NAV, the value of one share is also assessed - by dividing the value of net assets by the number of shares sold.

Why NAV is useful for investors

The higher the net asset value, the more investment attractiveness fund. A large value means that the mutual fund contains a large volume of investments entrusted to it by several large investors or a large number of small shareholders. However, this picture does not always inspire optimism for the following reasons:

Large volumes of assets are always more difficult to sell

A large amount of assets can lead to the dispersal of funds into different projects and excessive diversification of assets.

But a clear advantage is the fact that mutual funds with a large volume of assets endure expense transactions less painfully - payment for the services of a registrar, depository and management company. Naturally, this is reflected in the increased profitability of shareholders. That's why optimal choice Taking into account the advantages and disadvantages of funds with a large net asset value, it is investing in funds with a NAV of 100-300 million rubles.