INVESTMENT LIBRARY

11.10.2020

MIF CLASSIFICATION

According to the terms of sale and purchase of their units, mutual funds are classified into open-ended mutual funds, interval mutual funds and closed-end mutual funds.

OPEN-ENDED MUTUAL FUND:
units can be bought or sold on any day, based on daily calculation of the net asset value;
they differ from other investment instruments in its high liquidity — investors have the opportunity to withdraw at any time, by contacting the asset management company or its representative and closing their units;
As a rule, the return on the units of open-ended mutual funds is lower than on the units of interval or closed-end mutual funds.

INTERVAL MUTUAL FUND:
investors may apply to the asset management company or its representative to redeem their units only within strictly defined periods. At any other time, units cannot be redeemed;
the asset management company may invest in longer, and therefore less liquid projects, that are thus, potentially, more profitable.

CLOSED-END MUTUAL FUND:
the mutual fund is established for a specified period;
Throughout the effective period of the fund the units cannot be redeemed. The investor receives all the profits at the end of the fund’s effective period.
As a rule, CEMFs are established for particular projects;
they are less liquid than OEMFs (Open-End Mutual Funds).
Название RU:  КЛАССИФИКАЦИЯ ПИФОВ
Название EN:  MIF CLASSIFICATION
Превью RU:  Паевые фонды классифицируются по срокам продажи и покупки паев на открытые, интервальные и закрытые.
Превью EN:  According to the terms of sale and purchase of their units, mutual funds are classified into open-ended mutual funds, in ...
Полная версия RU:  Паевые фонды классифицируются по срокам продажи и покупки паев на открытые, интервальные и закрытые.

ОТКРЫТЫЙ ФОНД:

• паи можно купить или продать в любой день на основе ежедневно производимых расчетов стоимости чистых активов;
• отличаются от других инструментов для инвестирования своей высокой ликвидностью – инвестор имее возможность в любой момент выйти из числа участников, придя в управляющую компанию или к ее представителю и закрыв свой пай;
• как правило, доходностьпо паям открытых фондов ниже, чем по паям интервальных или закрытых фондов.

ИНТЕРВАЛЬНЫЙ ФОНД:

• инвестор может обратится в управляющую компанию или к ее представителю и погасить свой пай в строго определенные периоды. Во всякое другое время погашение паев не производится;
• управляющая компания может инвестировать в более длительные и, соответственно, менее ликвидные проекты, а значит, потенциально более доходные.

ЗАКРЫТЫЙ ФОНД:

• паевой фонд создается на определенный период;
• в течение всего времени действия фонда паи не выкупаются. Инвестор получает всю прибыль в конце периода существования фонда.
•  ЗПИФ создаются, как правило, под определенные проекты;
•  менее ликвидные, чем ОПИФ.

Полная версия EN:  According to the terms of sale and purchase of their units, mutual funds are classified into open-ended mutual funds, interval mutual funds and closed-end mutual funds.

OPEN-ENDED MUTUAL FUND:
units can be bought or sold on any day, based on daily calculation of the net asset value;
they differ from other investment instruments in its high liquidity — investors have the opportunity to withdraw at any time, by contacting the asset management company or its representative and closing their units;
As a rule, the return on the units of open-ended mutual funds is lower than on the units of interval or closed-end mutual funds.

INTERVAL MUTUAL FUND:
investors may apply to the asset management company or its representative to redeem their units only within strictly defined periods. At any other time, units cannot be redeemed;
the asset management company may invest in longer, and therefore less liquid projects, that are thus, potentially, more profitable.

CLOSED-END MUTUAL FUND:
the mutual fund is established for a specified period;
Throughout the effective period of the fund the units cannot be redeemed. The investor receives all the profits at the end of the fund’s effective period.
As a rule, CEMFs are established for particular projects;
they are less liquid than OEMFs (Open-End Mutual Funds).