Expert Shatov assessed the prospects of investing in mutual funds

Mutual funds are becoming an affordable alternative for investors with different levels of training — from beginners to professionals. Evgeny Shatov, a partner at Capital Lab, told Izvestia about this on July 22.

A mutual fund is a form of collective investment where the funds of several investors are combined and managed by a professional management company to purchase assets such as stocks, bonds, real estate, and more. Investors, in turn, own shares in this fund, called units," said Shatov.

The expert noted that mutual funds in Russia are classified according to two criteria: by liquidity and by asset type. Open, interval and closed are the three types of liquidity. As for assets, these are stocks, bonds, and real estate funds. In addition, open mutual funds (OPIF) allow an investor to buy and redeem shares on any business day. They are characterized by high liquidity and a low entry threshold — from 1 to 3 thousand rubles. According to him, such mutual funds are suitable for novice investors, providing flexibility in managing funds. However, their disadvantages are "a limited set of assets (for example, you cannot invest in real estate), as well as moderate profitability."

Shatov also spoke about Interval Mutual Funds, which can only be operated on time. This is usually once a quarter. They have average liquidity and are more often available to qualified investors. The expert sees the advantages of such a tool in the ability to build long-term strategies, and calls the main disadvantage "the impossibility of urgent withdrawal of funds."

As for Closed-end mutual funds, Shatov stressed that their shares are placed only when the fund is formed and are redeemed after 3-15 years. They are characterized by a relatively low degree of liquidity and a high entry threshold (from 300 thousand rubles). Their advantages include access to unique assets (startups, real estate, infrastructure projects), while the disadvantage is the risk of long-term "freezing" of funds.

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Speaking about exchange-traded mutual funds (BIFs/ETFs), Shatov noted their high liquidity and simplicity.

"Exchange—traded mutual funds (BFIFS/ETFs) are a special type of funds whose units are traded on the stock exchange as shares. This tool provides the investor with maximum liquidity and assumes passive management (following the index). The advantage of using them is low fees (0.5–1.5%) and portfolio transparency, while the main disadvantage is their high dependence on market volatility," he said.

Among the general advantages of investing in mutual funds, Shatov named: diversification, professional management, tax benefits — personal income tax is not charged if the share is held for more than 3 years, and accessibility — from 1 thousand rubles. Among the risks, he singled out commissions (0.5–5%), possible losses in crises, and restrictions on withdrawing funds to IPIF and ZPIF. There are also no government guarantees on profitability.

Shatov clarified that it is reasonable to invest in mutual funds with a horizon of 3 to 5 years. This period allows you to smooth out market volatility. He added that mutual funds are especially suitable for beginners, and can also be used as a diversification tool, for example, through real estate funds.

At the same time, he warned against investing in mutual funds for short-term goals, risk aversion, distrust of the management company, or a desire for full control over funds.

"Thus, mutual funds are a tool for those who are willing to delegate management and wait for profitability over a long-term time interval. To minimize risks, it is necessary to combine types of funds (for example, bond and real estate) and be sure to check the license of the Management Company on the website of the Central Bank [Central Bank of the Russian Federation], — concluded Shatov.

Fyodor Sidorov, a private investor and founder of the School of Practical Investing, told Izvestia on June 10 that the choice of an investment tool critically depends on the time period: some options are beneficial only for a short distance, others for a long game. In his opinion, bank deposits remain attractive for short-term investments. Despite the reduction of the key rate to 20%, deposits bring in 16-19% per annum. The shorter the term, the higher the yield.

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