Mutual investment funds which one to choose. Investment in Pifs
The question is often asked: but how do I choose a mutual fund? Which fund to choose? As you understand, there is no universal answer, since the banal truth says that all people are different, with different opinions, goals, opinions, amounts and other factors. What suits one may not suit the other. That is, ideally, each investor should have its own criteria for choosing a mutual fund for investment.
However, in the field of finance there are laws that work regardless of the worldview of those or other participants in this sphere + reasonable logic. Based on this, you can make a set of rules, following which you can choose a mutual fund. This is what we will try to do in today's article. Naturally, there will be no ready-made recipes, since the investor must be able to act independently + no one is immune from mistakes.
Mutual Fund Selection: Foreword
This series of articles is designed for those who already know the basics of mutual funds (what are mutual funds and asset management companies, what are open, interval and closed-end funds, share investment funds, bonds, etc.), but the question of choosing a mutual fund remains unresolved.
Mutual investment funds (Mutual funds) - A great choice for investors who, on the one hand, are not satisfied with the relatively low profitability of bank deposits, and on the other hand are not willing / unable to conduct active activities in the stock market + who wants to diversify investments. Mutual funds are a Russian analogue of American mutual funds (mutual funds). Moreover, if the mutual fund industry in Russia arose relatively recently (10-15 years ago), then developed countries it has existed for decades and there is much to learn.
What are mutual funds and what are their types? How to choose the best check investment fund? What features does a closed foreign investment fund have?
Hello dear friends! Connected Denis Kuderin, Investment Expert.
Our new topic is investment funds, a tool that will help preserve and increase your finances without much labor.
The article will be useful to anyone interested in passive income and wants to make investing a profitable business.
And now, first things first!
1. What are investment funds and what are their functions?
Surely you have already heard or met in the articles on financial topics the abbreviation "PIF". So, it’s about mutual funds - Unit Investment Funds - that’s what we’ll talk about today.
In a broad sense, investment funds are forms of collective investment, property complexes with different structures.
Funds are joint stock companies or organizations with shared ownership of participants that share a common essence - collective ownership of assets.
A few words about why mutual funds are needed at all. Their long-term and priority goal is to preserve and increase the capital of participants.
The existence of investment companies is due to the fact that a large number of citizens with savings do not always have the skills to invest correctly. In the period of stabilization of the economy, the number of funds increases; during the crisis, the activity of such organizations declines.
The scheme of the funds is extremely simple:
- participants (shareholders) contribute their share to the common boiler;
- managers invest in promising financial projects (securities, real estate, gold, venture capital funds, etc.);
- the profit from the turnover is distributed among the shareholders according to the contributed shares.
Mutual investments are classified as highly liquid assets. A participant can at any time sell (sell) his share if he considers that it is profitable or he just needs cash.
Another plus is that investors manage funds of investors, which significantly reduces financial risks. Managers know which investment areas are most profitable at the moment and use their skills for successful cash investments.
An ordinary investor often has neither time, nor knowledge, nor abilities for competent financial management. Therefore, the professional player takes care of increasing the welfare of shareholders.
To better understand the principle of operation of mutual funds, I will give a clear example.
Example
Ten friends decided to do agriculture and acquired a large plot of land. To maximize the use of resources, they hire an experienced farmer, a dock in agricultural work.
In the fall, they harvest. About a tenth of the crop (or profit from its sale) they give to the farmer, the rest is divided among themselves. The more efficient the specialist’s work, the more the owners and the farmer will receive. This is how mutual funds work.
Management companies are vitally interested in the competent allocation of capital, because the size of their remuneration directly depends on this: they receive commissions from profits.
We list the main advantages of investment funds:
- professional asset management;
- diversification of deposits - risks are reduced due to investments in various investment instruments;
- minimum costs for financial transactions;
- transparent internal structure;
- large joint capital brings more profit than small single deposits.
And a small fly in the ointment: mutual funds do not guarantee compulsory income for their participants. As in any other investment transactions, there is a risk of loss of funds associated with unsuccessful investments, falling markets and other objective factors.
Although the activities of funds are controlled by the state (in particular, the Federal Securities Commission - the Federal Commission for the Securities Market), no legislative requirements regarding the profitability of such structures are provided for.
2. What are the investment funds - TOP-5 of the main types
Now about what are mutual funds. There are several classification criteria for stock organizations.
By type of accessibility for deposits, they are divided into:
- open;
- closed;
- interval.
Openas the name implies, they practice free sale and purchase of shares. That is, you can become a co-owner of a company at any time, unless, of course, there are sufficient resources to purchase a share.
The total amount of capital, as well as the number of participants in open funds is not limited. Such structures usually invest in highly liquid and reliable financial instruments.
Closed funds sell the shares of participants immediately after the establishment of the organization, after which the sale of shares ceases. Closed-end mutual funds are limited in terms of their work, which are agreed in advance.
Often, such funds specialize in a particular industry. For example, they work only with the real estate market or invest assets in innovations.
Characteristic feature interval Mutual funds in that the sale of shares and their redemption occurs at certain intervals. Typically, interval funds work with stocks - engage in professional stock trading.
Another classification criterion is in the area of \u200b\u200binvestment. Species that differ in this sign, we consider in detail.
Type 1. Equity funds
The most popular type of mutual funds. The purpose of such a fund is to profit from investing in stocks of various companies.
Since production (and any other) companies vary in size working capital, Mutual funds are also divided into those that work:
- with small enterprises (turnover - less than $ 500 million);
- medium (from 500 million to 5 billion dollars);
- large (turnover - more than $ 5 billion).
The latter type of investment is the most reliable, but is designed for a long term (3-5 years). Investors call high-income enterprises leading in their sectors “blue chips”. Net income from deposits in shares of large corporations is 10-15% annually.
Obviously, when choosing a fund, one should take into account both the size of own investments and the principles of the mutual fund. Some institutions prefer to work with stocks, which are characterized by rapid (and not always predictable) growth, while others choose more stable partners.
Another tip from experienced investors - do not put all your eggs in one basket, that is, do not limit yourself to one fund. If finances allow, it is better to create a "portfolio of funds", which will include shares in several organizations that are different in structure and focus.
Type 2. Bond Funds
Bonds are investment instruments with fixed income (this is their difference from stocks, the value of which is constantly changing).
Funds that invest exclusively in bonds are called bond funds or bond funds.
Investments of this type bring regular dividends to depositors - the interest on deposits and the profit from the difference in prices are summed up. The net profit of bond funds is low (from 6-8%), but the risks are minimal.
Depending on who issues securities, bond funds are divided into:
- state (federal);
- municipal;
- corporate.
Government bond funds are considered the most reliable. Also popular are papers issued by regional governments.
Corporate bonds are a risky, but in case of success, very highly profitable investment tool.
Type 3. Real estate funds
Such organizations receive income from contributions to the construction and operation of real estate. Institutions have various specializations - some funds sell houses and apartments, others rent them out, and others specialize in land transactions.
Usually these are funds of a closed type: this peculiarity is related to the fact that housing (especially acquired at the construction stage) lasts longer than, say, liquid shares of Coca-Cola.
Given the high cost of housing, the minimum initial share contribution of a participant to such funds is quite impressive - approximately $ 10,000.
A variety of real estate funds can be called mortgage funds - closed-type organizations that earn on mortgage bonds.
Type 4. Money market funds
These are the most conservative mutual funds in the world. Their essence lies in the fact that the managers keep 50% of the participants' assets on deposits, and only the second half of the money is involved in circulating investment operations.
Finances are invested in the most reliable instruments - bonds, currency. Experts Count Funds money market a kind of alternative to short-term bank deposits. The risk of losing deposits in such institutions is minimal, as, however, is the profit of depositors.
Type 5. Balanced (mixed) funds
It is easy to guess that such funds work with various tools. Usually these are bonds and stocks: the most liquid varieties valuable papers.
Mixed fund management tactics require experience and special knowledge from the management company. Market experts should constantly analyze the situation, buying and selling securities at the moment of their most profitable value for shareholders.
The table shows the main types of funds and their basic indicators:
№ Types of funds Profitability Investment Features 1 Equity funds From 10% and above Relatively high risks 2 Bond funds 6-8% Low risk 3 Real Estate Funds From 7-10% Designed for long-term investments 4 Money market funds 7-10% Reliability and low risk 5 Mixed From 12% and above Require competent management 3. Features of check and foreign funds
A few words about the less popular, but also noteworthy varieties of investment funds.
Foreign funds allow you to invest your savings in foreign and international companies.
Such mutual funds are divided into:
- global (allow enrichment due to investments in the economies of other countries);
- international (engaged in investments outside the country of residence of the shareholder);
- developing country funds (risky, but promising investments in the economies of developing countries).
Foreign funds, like any others, are open and closed. In total, there are about 50 thousand funds open to foreign investment in the world.
What check investment funds (CHIFs), remember everyone who lived in Russia in the 90s. These structures were involved in helping citizens manage voucher checks during the period of general privatization.
In the mid-90s, the number of private equity funds in the Russian Federation was in the hundreds. The further fate of such companies is a gradual merger, mutual takeover, reorganization and bankruptcy. Currently, the vast majority of check funds have been liquidated.
4. How to choose an investment fund - 5 simple steps
The right choice of investment fund directly affects the size of your profits and the safety of capital.
To begin, I advise you to decide on the purpose of investment. What income do you need - fast, reliable, permanent? Depending on the final goal, choose the type of fund.
The terms of investment, the amount, the ratio of risk are also taken into account. Remember that mutual funds do not guarantee a fixed profit: success depends on many factors - market conditions, professionalism of the management company, economic situation in the country.
Now - a step-by-step guide for beginner investors.
Step 1. Determine the amount and duration of the investment.
The most important stage is determining the size of the contribution and the timing of the investment.
The smaller the amount, the narrower the range of options available. Solid capital offers great opportunities.
Immediately decide what time frame suits you. Turnover periods in different types of funds are also different. Thus, real estate investments involve long-term investments. In equity and bond funds, funds turn around faster, but risks increase.
Step 2. Determine the type of mutual fund
For holders of capital with a lack of investment experience, the best option is open-end mutual funds with high liquidity in shares. Participants in such funds are entitled to withdraw their capital from circulation at any time. Interval mutual funds sell shares annually or monthly.
Experienced investors, who are able to correlate risks with profitability, use more specialized tools. For example, invest in real estate funds, venture capital and mixed funds.
Step 3. Choose a management company
Management companies rarely engage in direct fraud to investors. They do not do this, if only because they are afraid to break the law, which prohibits giving investors unreasonable promises.
There are also active and passive contributions.
In the first case, the investor can personally control the state of his investment portfolio:
- deposit / withdraw funds at any time;
- keep a balance;
- to do other manipulations aimed at achieving maximum profitability.
Such operations allow holding funds of the open type.
If you want to invest money in a share and forget about them for a while, choose closed funds or interval ones.
Step 4. Compare the ratings of various funds
Mutual mutual fund ratings are published on various information resources. It is better to use several sources and compare their performance. The pages of financial departments and government bodies enjoy the greatest authority.
There are many criteria characterizing the profitability of funds and the principles of their work - the amount of capital raised, liquidity indicators, various financial ratios.
Step 5. Making the final choice
The final choice is made after a comprehensive analysis of the fund and the management company. If doubts remain, I recommend consulting with experienced people or visiting thematic forums of investors.
For beginners, the fundamental factor is usually the stability of the mutual fund and its popularity among other investors. But not always following the opinion of the majority guarantees success.
5. What to look for when choosing an investment fund - useful tips for beginners
In general, mutual funds are reliable and affordable. investment instruments. The activities of such institutions are extremely transparent, due to legislative requirements and customer focus.
When choosing a fund, pay attention to the following indicators:
- level of risk (low, high, medium);
- work period;
- minimum size of a share;
- availability of discounts, allowances and other benefits for shareholders;
- amount of funds raised;
- cost net assets;
- profitability (take into account a long period, not just the last months);
- terms of exchange and sale of shares.
Knowledgeable people recommend choosing mutual funds by exclusion, starting with the type of company and ending with the analysis of financial ratios. The more information about the work of the fund you collect, the safer and more profitable your contributions will be.
6. The best investment funds - TOP-7 companies in Moscow
On the territory of the Russian Federation there are hundreds of mutual funds with different management structures and profitability. In order not to get lost in the ocean of mutual funds, we have chosen the 7 most reliable and profitable metropolitan companies.
The territorial affiliation to the Moscow region does not mean at all that residents of other cities cannot become shareholders of these funds. They can - the Internet allows you to remotely invest funds and withdraw them to your accounts in the same way.
SotsAgroFinance (production and financial company) - professional investment in precious metals, retail sale of jewelry, mining.
The company attracts private investment to finance its own highly profitable commercial projects. Investment contracts with by individuals have a fixed interest rate. The company's prospects include increasing production volumes.
Finance Invest - the oldest in the Russian Federation investment companyoperating since 1995. It specializes in emerging markets of Russia and neighboring countries. The management core of the company has been working in the field of profitable investments for more than 10 years and is constantly being strengthened by attracting professionals from international and Russian commercial banks.
Stocks or bonds
The main cash inflow over the summer came from bond funds - they totaled 20.2 billion rubles in total. Investing in bonds is suitable for investors who are not ready to take significant risks, since the debt market is less affected current situationthan the stock market, notes Bogdan Zvarich.
What type of securities to invest depends on what investment period the shareholder expects. According to experts, for short investments (up to three years), mutual funds of bonds are more suitable, for a longer term, you can choose stocks. According to Investfunds, for three years (from September 2014 to September 2017), the return on equity funds amounted to more than 68%, the return on bond funds - about 60%. At the same time, the opposite picture can be observed for a shorter period: for example, from January to September 2017, the yield of bond funds amounted to 6.7%, equity funds - 5.7%.
You can choose mixed mutual funds, that is, those that are embedded in different instruments. “The longer the investment horizon, the more stocks can be allowed,” says Nikita Emelyanov. At the same time, he believes that an investor can afford to invest about 10% of his portfolio in stocks for a short time.
Bond funds are not always uniquely profitable, and when choosing them, experts advise paying attention to the quality of securities in which the mutual fund management company (UK) is invested. “I would advise you to choose funds whose portfolio is made up of bonds of the first class of issuers, that is, securities of large companies and companies with state participation,” says Dmitry Alexandrov. The yield on bonds of small companies is usually higher, but the risks, especially the liquidity risk, are very large, the expert believes.
According to him, it is worth taking a closer look at the Eurobonds of Russian issuers. There are also such mutual funds, but in this case it is important that only senior issues are included in the fund's portfolio, and not subordinated (that is, those for which payments are made last in the event of bankruptcy of the issuer). “I would also advise investing in Russian and not in foreign securities, since for managers this is a more understandable and controlled product. In addition, they have higher returns than foreign ones, ”notes Alexandrov.
Vladimir Kreindel, Executive Director of FinEx Plus Management Company, believes that you should not choose any separate class of assets (stocks or bonds) and invest only in it, trying to guess the direction of the market movement. “The more correct way is to create and maintain a balanced portfolio, which includes stocks, Eurobonds, gold,” the expert says.
How to choose a fund
When choosing a mutual fund in which to invest, a shareholder should first of all look at the stability of the fund's indicators and the predictability of its profitability, said Nikita Emelyanov. At the same time, the analyst does not advise focusing only on historical profitability. “This, of course, is an important parameter, but it is far from the key. The manager could be lucky, and he invested in an asset that grew along with the market. It happens that one successful transaction can lead the fund to leaders in terms of profitability for the whole year, but this does not guarantee that the investment strategy of the UK will continue to be successful, ”says Emelyanov.
Dmitry Alexandrov adds that the history of the management company and its reliability (according to ratings of rating agencies) are also of great importance.
In addition, the size of the mutual fund is important. The value of the fund’s net assets (NAV) is a publicly available indicator that shows how much money the fund has net of liabilities on the settlement date. According to analysts, the larger the fund, the less dependent the shareholders on the actions of other large shareholders of the same fund.
And, of course, the shareholder should get acquainted with the investment strategy of the UK. Lawyers note that this issue is controlled by the Central Bank, and deviation from the instruments permitted in the strategies is prohibited. “The Central Bank itself and the special depository (asset storage) monitor the execution, which approves transactions, conducts operations at the request of managers and blocks if transactions are unusual or harmful to shareholders,” explains the managing partner law firm YurPartner Anton Tolmachev.
How much will the shareholder get
It is not difficult to buy or sell a share of an open fund, explains Vadim Yarosh, head of the Client Relations Development Department of Kapital Managing Company. The client needs with a passport and bank details contact the management company or the agent (usually the agents are banks that provide services for the execution of sales transactions with mutual funds). You can apply for a purchase or sale (repayment) on any business day. “The conditions for the acquisition and repayment are prescribed in the rules of the fund. You can withdraw part of the assets, in the same way, an investor can freely purchase shares, if he wishes, ”the expert says.
Each fund has an entry threshold. “On average, this is from 10 thousand rubles, but many companies set a lower threshold,” says Vadim Yarosh. In some cases, the exchange of shares without commission is also possible between the funds of one management company.
When calculating the value of the unit, the investor must take into account the costs - discounts and allowances that must be paid during the transaction. Upon entering the fund, the investor pays a premium, the amount of which depends on the amount of acquisition. This percentage is charged as a reward to the person accepting the application for admission and, according to the Law “On Investment Funds”, is not more than 1.5% (for some funds the surcharge is 0%). For example, if a share is worth 10 thousand rubles, and the premium is 1%, then the total value of the share is 10.1 thousand rubles.
When a depositor decides to leave the fund, he must pay a discount (remuneration to the person accepting the buyback application), which is no more than 3%. For example, if the value of the units purchased increased to 15 thousand rubles, and the discount is 1%, then 150 rubles will be deducted from this amount during the sale.
Also, income must be paid tax. “If a person sells shares after three years of ownership, then there is no taxation at all, and if before three years, then 13% of the income is charged tax agent", - explained Anton Tolmachev.
Cons of mutual funds
Despite the increase in the amount of funds raised in mutual funds, many analysts are skeptical about this tool. “Attitude to mutual funds has changed after the financial crisis of 2008. Then the funds showed very poor dynamics, and most of the shareholders did not manage to withdraw funds on time, having lost significantly, ”Bogdan Zvarich reminds.
Mutual funds can hardly be called the best option for russian investor, says Vladimir Kreindel. “High costs and losses caused by the peculiarities of the operation of mutual funds (for example, the need to maintain a high share of the fund’s portfolio in rubles) can seriously worsen investment results,” he said.
In addition, unlike bank deposits, investments in mutual funds are not insured by the state, even if the units were purchased through a bank. And a bond portfolio can significantly lose value. “Say, a fall in bond prices at the end of 2014“ erased ”all revenues for the two or three previous years,” says Kreindel.
Nevertheless, he adds, these shortcomings do not mean that collective investment instruments should be ignored, because increased returns compensate for the possibility of drawdowns in the form of a temporary reduction in value.
How to invest in mutual funds and is it reasonable? What are the advantages and disadvantages of this type of investment. What funds are there, how do they work. Are there any risks and what guarantees can the Management Company give. We will talk about this in this article.
What is a mutual fund? A mutual investment fund (mutual fund) is a property complex that is based on the trust management of a management (specialized) company.
The purpose of the fund is to increase the value of its property. Its assets consist of property - shares - founders, who transferred the reins of management to the management company.
The management company carries out trust management within the framework of the law and in the interests of investors. The proportion of investors depends on the number of investment units. An investment share is a security that certifies the owner’s ownership of the property and shows its share in the fund.
How to choose In which mutual fund to invest money with the greatest benefit?
By depositing funds in a mutual fund, the investor acquires his share. The fund will combine securities purchased at the expense of its investors, as well as cashthat have not yet been used to purchase securities. Thus, a fund portfolio is created. The investor receives a certain share of this portfolio, depending on the funds contributed. The future of the entire investment fund depends on the literacy and balance of the selected shares.
To invest in mutual funds is quite simple. To do this, you must choose a management company and buy the desired number of shares of the investment fund. You can use the services of specialists - financial consultants - when choosing a management company.
Units can be bought directly in the UK, through agents, by mail, through the Internet, on the exchange (for private investors, in fact, also through the network).
Choose mutual funds for profitability over the past few years. At least it should be higher average rateoffered by banks on deposits.
Your profit from mutual funds depends on many criteria:
- professionalism of the management company (we study the statistics of work in recent years),
- management strategy and investment object (portfolio).
According to financial analysis, a stable but small profit, with minimal risk provide mutual funds that invest in bond funds.
If investing in stocks of companies of a certain sector for a long period, then you can get high profit, but the risks are maximum.
It is believed that mutual investment funds bring stable and high earnings. But based on the ratings of last year, most of them became unprofitable. However, if you are ready to put your hand in the distribution of funds yourself - choose Management Companyin which you can transfer funds between mutual funds, so changing, for example, unprofitable sectors to growing ones, you will remain in profit.
Also, if you are willing to take risks, pay attention to interval funds.
In each case, the choice is between risk and profitability.
Types of mutual funds
Mutual Funds have the following classification: open, closed and interval.
- An open-end investment fund makes it possible to redeem and acquire units at any time.
- In a closed-end fund, units can be acquired exclusively during the formation of the fund and repaid only when it is closed.
- In the interval investment fund, the acquisition and redemption of units is carried out at specific times, but not less than once a year.
By investment areas, mutual funds are divided into the following categories:
disadvantages
- This is a more risky tool than fixed income solutions (bank deposits) or even structural products.
- Part of the profits goes to pay for the services of the management company, and here several types of payments take place here (for details, see the agreement with the company).
- A significant part of funds is unprofitable (it is enough to study ratings and statistics).
- What prevents you from building a similar portfolio on your own? And you don’t have to pay a commission (pay a commission even if you go far into minus). Concerning index funds, here, and the actions of managers by choice as such - no, just following the index.
- You do not decide which paper to buy.
How much money do you need?
Beginning investors should decide on the amount of money that they wish to invest in the mutual fund. In general, many management companies set a small threshold for entry, if you have 10,000 rubles, you can start investing. However, the profit from such an amount will be very insignificant, since even with a significant increase in capital, the percentage of profit will be very small.
It is believed that it is worth starting with the amount of 50-100 thousand rubles. A beginner needs to assess the risk of investment activity, it is worth considering which industry is best to invest in. To do this, it is worth studying and analyzing the situation on the market, comparing it with the types and portfolios of funds, their statistics.
Why invest in mutual funds
To understand why it is worth investing in mutual funds, it is necessary to note their main advantages.
- First of all, this is quality money management. Many investors do not have the professional knowledge and skills to function independently on financial markets. And investment funds employ high-quality professionals. The investor can only analyze the risk of invested funds, and then monitor the change in the value of the unit.
- Secondly, the investor can use the unit as collateral or transfer it by inheritance.
- Thirdly, money can be received at any time (however, experts recommend focusing on investment lines from 3 years).
- Four is a low entry threshold.
- Five: transparent investment infrastructure: shareholders' deposits are kept in a specialized depository, separate from the money of the management company.
- Six: tight legal regulation.
- Seven: no action is required on your part, except for the choice of the mutual fund itself.
Leading mutual funds of Russia
Separate reviews of various funds:
Mutual investment funds (Mutual Funds) are funds collected from many investors and invested in certain assets (real estate, stocks, bonds and much more). At the same time, the management of general funds is carried out by professionals (Management Companies). Private investors choose only the type of assets in which they want to invest.
How to invest in mutual funds?
As in any investment campaign, investments in mutual funds are also associated with financial risk for the investor. As a rule, the higher the yield of a mutual fund, the higher the risk of losing invested funds. In order to correctly invest in mutual funds, it is necessary to assess the possible losses and possible profits, view the history of the chosen direction.
To minimize the likelihood of financial losses and increase the chances of a significant increase in investment, it is recommended to adhere to the following principles.
Diversify your investment
You should not invest all the free money in one mutual fund. It is highly advisable to choose at least two. Investment in mutual funds usually requires a relatively small minimum contribution. This allows diversification. It is recommended that novice investors choose one mutual fund with high profitability and medium-high risks (for example, stocks). And the second one is to secure the first one - with low risks and, accordingly, low profitability (for example, investments in bonds). If a profitable and risky mutual fund generates income - well, if not - it’s okay, the losses are compensated by the second mutual fund.
Invest for a long period
The increase in asset value is not a quick process. Investments of less than one year usually do not justify themselves. A two-year period is optimal for most mutual funds. In the case of investments in bonds or other mutual funds with a low level of risk, a year is enough. If investments are made in stocks, it is better to wait 3-5 years, that is how long an economic full cycle lasts.
Make investments in selected mutual funds permanent
Repeated regular unit purchases in mutual funds will help a new investor increase the likelihood of making a profit on mutual funds. According to statistics, this technique also allows you to significantly increase the final return. Of course, buying units during the period of their fall in price and selling during the increase is more efficient. However, only professionals have a chance to predict the situation on a mutual fund, and this is far from always the case. Therefore, if an investor takes his first steps in the investment business, then regularly buying shares in the selected mutual funds for him is a more acceptable strategy than trying to predict the market.
Mutual investment funds for retail investors. How to invest and how to choose an acceptable level of risk?