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- Closed opportunities: millions of benefits have been introduced for Russian investors
Closed opportunities: millions of benefits have been introduced for Russian investors
Russian lawmakers have decided to support the field of collective investment. The State Duma has adopted amendments to the Tax Code in the third reading, which equalize the rights of owners of open and closed mutual funds. Previously, the privilege for long-term ownership of securities extended exclusively to open mutual funds, but now holders of mutual fund units traded on the stock exchange will also receive this right. Izvestia investigated why mutual funds are needed, and how this innovation will help them and the stock market as a whole.
Creative capital
Closed-end funds live "in their own atmosphere." Unlike open-ended funds (OPIF), where an investor can repay a share on any business day, mutual funds are created for specific projects for a certain period (usually from 3 to 15 years). It is possible to extract money earlier only through resale of a share on the secondary exchange market.
Historically, mutual funds in Russia have been associated with large private fortunes and corporate schemes. They were used to package factories, shopping malls, and development projects to optimize taxes and consolidate assets. Yulia Savina, Director of Product Development at Finam Management Management Company, believes that this is largely a stereotype.
—The ZPIF is not for very rich people, it's still just a form of product with its advantages and disadvantages," she explains. — Shares of such a fund are a long—term investment of money in a specific project, real estate or strategy. It's fair to get a benefit for patience, because long money is always needed more than short money.
According to the expert, it is possible to build a shopping mall or a factory with the help of ZPIF. This tool is rarely used in speculative short-term strategies, which makes it an ideal channel for attracting creative capital to the real sector of the economy.
However, there is a downside to this coin. Kirill Chernovol, a researcher at the Gaidar Institute's Laboratory for the Analysis of Best International practices, recalls the original logic of tax incentives in Russia.
"Investment tax deductions were created in 2013 as measures to stimulate asset circulation in the Russian market and create an international financial center," he points out. — The logic of the deduction was to expand the circulation of assets in the markets. Open mutual funds fit into this concept, but closed ones did not.
Even during the discussion of these norms in the State Duma in 2013, there were opinions that the right to receive a deduction of up to 3 million rubles per year was actually directed at citizens with ultra-high incomes, the source adds. The expansion of benefits for mutual funds fits into this trend, but now the government is trying to make this tool more accessible to the mass investor.
Credit difficulties
In the context of the Bank of Russia's tight monetary policy and prohibitively expensive loans, mutual funds have become a key alternative mechanism for attracting financing for developers. When the rates on bank loans and bond issues exceed reasonable limits, developers prefer to collect pools of investors.
It is often easier and more profitable for a developer to build an object with shareholders' money than to get into debt to banks, Yulia Savina draws attention.
"The developer will share the profits already earned with the investor, which does not create problems, unlike most other ways to attract financing for construction," she emphasizes.
According to the expert, rental funds with a simple source of profit are becoming particularly popular: not everyone can buy and manage commercial real estate on their own, and funds make this process accessible and transparent.
According to the Central Bank, according to the results of the first quarter of 2026, about 80% of the net inflow into mass mutual funds accounted for funds with investments in real estate. Investors are looking for a "safe haven" in the face of macroeconomic uncertainty. The number of citizens holding shares in mass mutual funds increased by 40 thousand in the quarter. People, having reached the mark of 391 thousand.
Who will bring the trillions
Despite the influx of hundreds of thousands of retail investors, the mutual fund market at the macro level remains the territory of large players and corporations. The growth in demand from the population is fueled by news about the historical profitability of closed-end funds, which, according to RBC, has amounted to an impressive 93.2% over the past five years. Nevertheless, experts doubt that the tax benefit alone can turn the ZPIF into a truly popular tool. Kirill Chernovol is convinced that it is necessary to significantly increase their accessibility in order for closed mutual funds to become widespread.
"Some of the shares in closed—end mutual funds are available only to qualified investors," he explains. — The ZPIF mechanism — minimum investment amounts, a special procedure for the repayment of shares — does not imply that this tool will be easily accessible to ordinary citizens.
The Central Bank's data for the first quarter of 2026 clearly demonstrates this bias. The net inflow of funds to mutual funds for three months amounted to 453.7 billion rubles. At the same time, corporate funds accounted for 72% of this huge amount, while the share of mass funds was a modest 9%. Moreover, even in the "mass" segment, the average check of one shareholder is 2.97 million rubles. This is far from the capabilities of the average citizen and rather describes the segment of wealthy private clients.
In general, in an environment where a liquid stock market does not provide stable returns, and high Central Bank rates make classic loans unaffordable, closed-end funds have become a key bridge between private capital and the real economy. Nevertheless, this measure will primarily support large players and wealthy investors with an average check of more than 3 million rubles. For a mass investor with small savings, mutual funds are still too complex and highly liquid a tool. However, the influx of 40,000 new shareholders per quarter proves that the transition of this sector to retail is underway and benefits can accelerate it.
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