Mutual funds are looking for rentier – Finance – Kommersant
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Management companies are gradually beginning to offer clients open-end mutual funds with regular income payments. This option allows shareholders to receive money without redeeming shares, saving on commissions. However, investors should take into account that the payment of income at the moment reduces the value of the share, and the income itself is not fixed, and in some periods they may not be. At the same time, in the case of long-term investment, classical funds without payments are better suited, where income is reinvested by the managers themselves.
First three
In 2022, management companies have the opportunity to create open-ended and exchange-traded mutual funds with the possibility of regular payments on shares. Prior to the entry into force of amendments to the law “On Investment Funds”, the possibility of paying current income was provided only in closed-end and interval funds. To date, the Russian market has five open-ended investment funds with regular payments from three management companies: Alfa Capital, Otkritie, Pervaya. Of these, three funds are of a mixed type and one fund of stocks and bonds each.
The income that fund shareholders can count on is formed from receipts in the form of dividends on shares or coupon income on securities. “The Russian stock market does not have a long dividend history, therefore, within our fund, we include in its portfolio securities of companies that plan good payments in the near future, as well as shares of companies that may not yet be ready to pay dividends, but their quotes show good dynamics,” said Eduard Kharin, Head of the Directorate for Work with Shares and Automation of Trading Operations at Alfa Capital.
The most popular assets are oil and gas “blue chips”: shares of LUKOIL, Rosneft, Gazprom. In addition to them, the assets of the Cash Flow Fund (MC Alfa Capital) include shares of Magnit, GC Samolet, as well as a large share of the bonds of the Ministry of Finance, in the mutual fund First – Mixed Fund with income payment – shares of Sberbank, Norilsk Nickel, NOVATEK, Tatneft, MTS, in the Otkritie-Balanced Rentier fund – shares of PhosAgro, Gazprom Neft, RusHydro.
Stability is only a dream
For all funds, payments are made quarterly, and their size depends on the volume of coupons and dividends received in the reporting period. “We are not talking about some fixed amounts, since the amount of dividends can change or, for various reasons, the company changes its dividend policy,” explains Eduard Kharin. So, until this year, a number of companies, primarily in the metallurgical industry and fertilizer producers, paid dividends quarterly, some companies in the oil and gas sector (Rosneft, LUKOIL, Tatneft) – twice a year, but most often – once a year ( in particular, Sberbank and Gazprom). However, this year, due to the unstable situation in the economy, many issuers have postponed annual and interim payments. And the shareholders of Gazprom at the annual meeting even refused approve record dividends recommended by the board of directors. However, two months after such a decision, the board of directors reiterated pay dividends in the same amount.
If during the reporting period no funds were received, referred to the base for calculating income, income for the specified reporting period is not accrued and is not paid. This is possible in the case of equity funds if none of the companies paid dividends during the reporting period.
Payment of income on open-ended investment funds is carried out no later than 30 calendar days from the date of the end of the reporting period. However, it is important to keep in mind that these dates may differ in different funds. For most funds, this is the end of the calendar quarter, but there are funds where the reporting date is taken on the 15th of the next month, for example, October 15th. On the last day of the reporting period, the Management Company calculates the amount of payments and transfers them to the bank account of the shareholder within the allotted time.
Subtleties of payments
Payout funds are suitable for those clients for whom it is important to receive income on an ongoing basis, as is the case with deposits, savings accounts, stocks with dividends and bonds with coupon payments, says Evgeny Gorbunov, head of investment products and technologies at Otkritie Management Company. In classic funds, in order to receive part of the invested funds, the shareholder needs to sell part of the portfolio, which is associated with additional commissions. In the case of income, no commission is charged, however, a tax of 13% will be charged.
During the payment period, the value of the share will decrease by the amount of the payment of investment income, as is the case in closed-end funds, says Andrey Makarov, head of the sales department of MC Pervaya. This must be taken into account when buying shares of the fund. “We do not recommend choosing the moment of entry as close as possible to the date of payment of the intermediate income. After all, the shareholder receives a share at a cost that already includes a profitable part: coupons accumulated for the quarter and dividends. And when paying income, tax will be withheld from it, ”says Evgeny Gorbunov. Therefore, a more preferable option would be the moment of investment after the payment has been made.
In the case of long-term investment, the advantages of a dividend fund become its disadvantages. Firstly, the shareholder faces the question of self-refinancing the funds received. Secondly, when buying additional shares, he will have to pay a commission. Thirdly, he loses part of the tax benefits, since in the case of investing for a period of three or more years, up to 3 million rubles. income per year from the increase in the value of the share will not be subject to personal income tax. “For three years, the amount of income not subject to taxation will be 9 million rubles, for five years – 15 million rubles. etc.,” Andrey Makarov notes.
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