Because the outflow of shareholders this year were forced to wind up for three open investment fund. Money were dealt with than the breathe the opening of mutual funds now and which ones have the greatest risk to investors.

In late 2008-th - beginning of 2009 almost all public investment funds were in a deplorable condition. Some of them even suspended for the duration of payments to investors, which then caused a considerable response. Only in September-December 2008 net assets of open funds decreased by 60%, and the cost of certificates for all of last year, some fell by 50-55%. Although the autumn of 2009, the situation has leveled off a bit, still many open mutual funds and can not get into a stable plus.

Despite the significant growth of the Ukrainian shares since the beginning of 2009, the net asset value (NAV) of public mutual investment funds decreased to 7.87%, with the NAV of open funds decreased by 27% (all at the end of summer 2009. - Ed.), - complains director of sales and marketing of AMC Raiffeisen Bank Aval Vladislav Shlomenko.

blame for everything the reluctance of citizens who received a negative investment experience, sit back in stock Carousel, and the choice of the dollar or the euro as currency savings, rather than significantly cheapened the hryvnia.

And yet, despite the crisis, some mutual funds have managed to show and 27% ( TASK Resource), and even 55% ( CEM Agio) returns to the beginning of the year (late August). However, many funds still continue to go in the negative. At the end of summer, the cost of funds certificates Sparta Balanced decreased by 4%, and Millennium Asset Protection - at 26,35%.

Pluses Some funds also do not cause elation shareholders - for example, Parex Ukrainian Bond Fund at the end of July earned just 1.5% since the beginning of the year, Premium Balanced Fund - 1.77%. Recall that the rates on deposits in banks now reach 25% per annum in UAH.

Fondoviki encouraging: the worst - behind, the PFTS index rising, stocks are added to the price, and the stock market may grow by 50-60% for the year. But do not forget that the uncertainty surrounding the rate of the hryvnia and the risk of another turn the crisis can once again crash the economy.

Domino Principle

main dangers faced by participants falling SIF - the inability of the management company to redeem shares upon request of investors. Moreover, such precedents have already been.

In February 2009 AMC Concord Asset Management has temporarily suspended the redemption of and placement of certificates of interval fund Perspective and open funds Prosperity and stability. resumed redemption on April 1. No other cases of default on the repayment of applications we have not seen - told Money Andrew Shevchishin, head of analytical department of investment group TASK .

Reduce Income provoking outflow of investors fleeing in panic to sell their certificates. Market ICI in its size is small (just over 200 million UAH of assets in public funds), and the output or the arrival of even one large investor - a very significant phenomenon. Panic shareholders leads to a drastic reduction in the net assets of ICI, the level of which can not fall below the minimum requirement SSMSC (about 788 thousand UAH), otherwise the fund would have simply eliminated.

Such legislative requirements and was once the reason for a moratorium on the redemption fallen funds, as only the fourth quarter of 2008, investors wanted to withdraw more than a third of them placed certificates. Do not be a decision on the moratorium, the funds most likely would have had to close.

It is difficult to comment on the situation as a whole on all IIS. Number of requests for redemption in our collections, for example, the average for the month decreased markedly compared with the beginning of the year, when the number of applications in January and February amounted to about 35% of the assets of the funds and it was not easy to meet - recognized asset manager Parex Asset Management Ukraine Alexey Dudarenko.

the fall in asset below the minimum required level was eliminated recently and fund Troika Dialog Ukraine - balanced , which did not have time to work out on the market and year. Withdraw funds from it led to the fact that the number of certificates fell by 97.11%, to 604. Following him out of the market had gone Premium Money Market Fund, is under the PIO Global Ukraine, which, as explained in the company and failed to reach the minimum amount of assets.

the way, with the elimination of open-end fund in the first place return money to investors who applied for redemption of investment certificates until the adoption of SSMSC decision to liquidate the mutual fund. All other shareholders, according to Art. 28 of the Law On the ISI, are in the fourth turn. They are calculated after making payments to the budget and payments to creditors of the company itself on asset management.

The defaults are possible

As investors wait for mutual funds in the near future? The probability of ruin of public funds by the end of the year is unlikely, because the world economy began to emerge from recession. This will lead to increased investments in funds, as investors will feel that the end of the crisis is closer than the beginning, and the probability of recurrence of the depth of the failure in 2008 low , - considers the investment manager of AMC Art Capital Management Vyacheslav King.

But the risk that the end of the year the market will be forced to leave several IIS, it is still there. The most difficult situation in the funds in the portfolio that contains bonds problem of issuers, or deposits in the fallen banks, who can not repay them.

Of course, funds, portfolios have been defaulted securities (eg, Caravan , YutiSt , Insaharproma ) will not be easy. They still have to write off these assets, if they failed to achieve, including in court, the return of funds , - says Alexey Dudarenko. Agree with him and Andrew Shevchishin: Bonds have committed a default, a lot, and many of ICI were not ready for such a development. Moreover, it is unclear how to incorporate these assets in the funds because they can significantly affect the value of a unit.

But Money remind shareholders: the Law On IIS, if within one year cost of the certificate mutual fund fell by more than 20% of the nominal value, you can initiate a change management company. Investors may also create their own supervisory board, which will oversee the implementation of the investment declaration.

Engine progress

But not all funds have now problems requiring intervention by the investors themselves. For example, index funds life is pretty quiet, as the rising cost of their securities provide shares included in the basket of index PFTS. Since the beginning of the year at the end of summer Premium Fund Index has earned more than 10% - not too tasty with the rate of devaluation of the hryvnia, but still better than nothing.

Ironically, normally feel and open funds, investing a significant portion of assets in stocks of metallurgical, engineering and energy sectors ( Concord-Prosperity, SEM Agio, Yaroslav the Wise Equity Fund and others). Earning their shareholders from the beginning of the year amounted to 18-55% (at the end of August). However, this does not mean, of course, that these funds are safe for the investor. The risks of such investments are very high.

The main risk of such funds is that, in the case of instantaneous outflow fund is forced to resort to the sale of assets, in this case - the shares, and if the fund is large enough in size that no appreciable loss in low-liquidity of the Ukrainian market to do it be virtually impossible. Accordingly, the Fund will suffer losses that will endanger the investors remaining in the fund, - warns Alex Dudarenko.

Shares, in general, are very dependent on the market. They may bring with it a great profit, and more significant loss than other assets.

Safety Rules

most important thing for an investor, leaving the stock market in time of crisis - to realistically assess risks and take care of maximum diversification of investments.

must also take into account that the investment strategy of AMC have changed. The index mutual fund may invest in shares only 18% of its assets, and the rest - keep in bonds, bank accounts and other conservative instruments. UIF with the title Equity Fund may be transferred to bank accounts 40% of assets, a significant part - to place debt instruments, and in the actions themselves to be represented at a minimum.

So there will be no more than ask the investment declaration of stock and to weigh all possible risks. In investing, it is important to remember that the market is still restless, can to sink and fall back down, despite the attractive growth of index PFTS from the beginning of the year at the end of the summer more than 50%. Money and in good times is not recommended to keep the investment fund over a quarter of savings, and now - even more so.

Investor Glossary

collective investment institution (ISI ) - a way of collective investment, which consists of attracting funds of investors and management with a subsequent investment in various money market instruments with a view to its profitability.

Equity Investment Fund (PIF) - are assets that belong to investors on the Rights of joint partial ownership, are managed by asset management companies and accounted for separately from the results of its business.

Total: defaults in mutual funds has not been, but some funds have had problems with returning funds to investors. Therefore, when investing in them should be extremely cautious.

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