Izimali zenkampani yokutshala izimali

Labo abafisa ukutshala izimali zamahhala banokukhethwa kwezinsimbi zemali, kusukela edijithali elibheke kakhulu ebhange ukutshala izimali emakethe yamasheya. Uma ulandelela izimakethe zezimali nsuku zonke akukho sikhathi noma ithuba, kufanele ucabange ukutshala izimali isikhathi eside. Ungakwazi ukuhlaziya ngokuzimela emakethe futhi uthenge amasheya ngokusebenzisa umdayisi, xhumana nesixhwama sokuthenga noma uthenge izimali zenkomba.

Incazelo

I-Index Investment Fund (ETF) iphothifoliyo yezibambiso ezakha isisekelo sanoma iyiphi inkomba. Izinkampani zamasheya ziyizinkomba ezihambisanayo, ezakhiwa kusukela ekubambeni kwezimpahla ze-chips eziluhlaza okwesibhakabhaka, okungukuthi, izinkampani ezithuthukile kakhulu ezweni. Babonisa isimo sezomnotho emakethe yasekhaya. Izinkomba ezinjalo zikhona kuwo wonke amazwe. E-US - yi-S & P 500, eJalimane - DAX, naseRussia - i-RTS ne-MMBB.

Izikhwama ze-Index ziphinda ziphinde zakhiwe isakhiwo se-index. Kubandakanya ukwabelana kwezwe elithile, isifunda, intengo, noma bahlanganiswe izinkampani ezikhiqiza izimpahla ezifanayo. Amasheya akhona angathengwa futhi athengiswe usuku lonke. Ikhomishana yemenenja i-0.5% yenani lempahla. Lokhu kuyinzuzo enkulu ye-ETF ngaphezu kwezimali ezihlangene.

Inkomba ye-MICEX ihlanganisa amasheya ezinkampani ezinkulu ezingu-45. Ukunciphisa komunye ngamunye kunqunywe ngokulingana nokwenza imali, kodwa ngeke kube ngaphezu kuka-15%. Ezinkampanini ezinkulu kakhulu, isabelo esikhulu somsebenzi wabantu sigxile kakhulu. Kusuka kuwo, inani lamasheya lenziwa. Isivuno sesilinganiso samasheya si-5% esiphezulu kunezinga lokukhuphuka kwamanani. Ngalesi sizinda, izindlela zokucabangela ziphumelela kakhulu. Kodwa esikhathini esizayo, ngokwezimali ezinkulu, inzuzo encane izoletha umphumela omuhle wezezimali.

Izibalo

I-ETF yokuqala ngaphansi kwegama le-TIP 35 ibhalisiwe kwi-Toronto Stock Exchange ngo-1990. Lalandelwa ngo-1993 yi-US SPDR S & P 500, ekuqaleni eyayibizwa nge-SPY, ne-NASDAQ-100. Ngawo-2000, imakethe yokutshala izimali yayisanda. Kuze kube manje, kukhona imali engu-4,724 yokutshalwa kwezimali. Izamba zabo zezimpahla ziyi $ 2.867 trillion, okuyizigidi eziyizigidi eziyizigidi eziyizigidi eziyizigidi eziyizigidi eziyizinkulungwane eziyizigidi eziyizinkulungwane zamaRandi ($ 127 billion) ezibalwa kuphela ngeS & P 500 kuphela. Izimali zekhompyutha eRussia zivele kuqala ngo-2013. Khona-ke kwi-stock exchange yaseMoscow i-ETF ibhalisiwe ngaphansi kwegama elithi FinEx. E-Russia, uhlelo lwe-ETF lulawulwa yi-Federal Law "On Market Securities". Ukukhula okusebenzayo komthamo wokuhweba ku-ETF kwaqala ngo-2013. Ngenxa yokuthi abatshalizimali badlulisela izimali ezivela ku-ETF, umthamo wokuhweba waminyaka yonke wawudlula u-$ 2 trillion, ukwanda kwama-27%.

I-ETF VS Mutual Fund

Izimali ze-Index zamasheya zifana nezikhwama zombambiswano eziningana zezinqubo:

• Ukuphathwa kochwepheshe (i-PIF iphathwa ngumphathi, futhi i-ETF yinkampani efaka imali kuyo).
• "Umngcele" ophansi we-entry (ku-ETF, umnikelo obuncane ulinganiselwe izindleko zesabelo esisodwa, esikhwameni sokubambisana - inani elincane lihlelwe yilayisensi yokuthengisa).
• Ukuchithwa kwempahla.

Ama-ETF ahluke kwizimali ezihlangene ngemingcele enjalo:

• Ukwehla okuphezulu. I-ETF ingathengiswa futhi ithengwe phakathi nosuku.
• Intengo yeyunithi yesikhwama sokubambisana ibalwa ekupheleni kosuku ngezindleko zefa. Intengo ye-ETF ishintsha njalo kwesibili.
• Izinyathelo zezimali ezihlangene azikwazi ukuthengwa ngemali mboleko. Ku-ETF, ungasebenzisa "ukulinganisela".
• Ama-UIF angathengiswa ezweni elilodwa kuphela, futhi ahlanganyele kunoma yikuphi ukushintshaniswa.
• Ngezimali zomphakathi, ngokungafani ne-ETF, amakhomishana angacatshangelwa.

Isakhiwo semakethe

Imakethe yezinkomba zezinkomba ihlukaniswe yaba yimpumelelo (ukukhishwa nokuhlengwa kwamasheya) kanye nesibini (ukusakaza kwamasheya). Abahlanganyeli abagunyaziwe kuphela abafinyelela emakethe enkulu. Baqala ukukhishwa kwamasheya, okungukuthi, bashintsha imali yamasheya, futhi baqhuba inqubo eguqukayo - bayabuyisela le nkinga. Amasheya ahlengezwa ngamasheya angu-50,000 amasheya. Sekuvele emakethe yesibili, izinhlangano zomthetho nabantu ngabanye benza ukuthengiswa kokuthengwa nokudayiswa kwemfihlo.

Uhlaka lwezomthetho

E-USA, izimali zokutshala izimali ziqondiswa ngumthetho ka-1940, lapho kwakuwumbuzo wezimali ezivulekile zomphakathi. Nakuba i-ETF ingenzi imisebenzi eminingi yezimali ezihlangene. Ngezinye izikhathi zidalwe ngendlela ye-trust trust bese zibhaliswe nge-SEC.

Izimali zaseYurophu zisebenza ngesisekelo se-UCITS Directive eyamukelwa ngo-2009. Izici zazo ziyi: ukuvuleka kubo bonke abatshalizimali, ukulawulwa okuqinile kwempahla kanye nezinqubo zokudalula. Ngesikhathi esifanayo, isikhwama esivuliwe e-Luxembourg noma e-Ireland singasebenza kulo lonke i-European Union.

Izici zokusebenza

Ake sicabangele ngokuningiliziwe ukuthi izimali zenkomba yokushintshaniswa zihlelwe kanjani. Okokuqala, inkampani ingavami ukutshala zonke izimali ezitholwa kumtshali zimali. Ngokuvamile, u-5-10% wezimali eziphakanyisiwe ukuthenga ikusasa lempahla ephindaphinda inkomba. I-90% esele yenkampani ingayilahla ngokuqonda kwayo. Kodwa kunesibopho sokubuyisela utshalomali ngesidingo sokuqala, ngokucabangela izinga elithembisiwe lokuzuza. Okusho ukuthi i-ETF ayisebenzisi izimali zayo.

Okwesibili, izimali eziningi azinawo iBhange Elikhulu nhlobo. Zenza ukuziphatha kwenkomba. Ngenxa yalokhu, isivumelwano siphethwe nebhange ngokushintshaniswa kwezimali. Isikhungo sesikweletu sikwenza ukuqinisekisa ukuthi inzuzo yenkomba, okuyinto ithola inzuzo kumpahla yesikhwama. Esikhundleni sephothifoliyo esinjalo, imali engama-90% isetshenzisiwe. Uma inkomba ingenisa imali engenayo ngaphezu kwephothifoliyo yeBhange Elikhulu, isikhwama sithola isinxephezelo ebhange. Ngesinye isimo, yena ngokwakhe ukhokha umehluko ebhange.

Izingozi zebhange

Ingozi yukuthi izimali zenkomba azikwazi ukuphambuka ohlwini. Thola wonke amasheya afakiwe ohlwini, abizayo. Umphathi ngamunye uzama ukukhiqiza iphothifoliyo yakhe futhi akenzi ngaso sonke isikhathi indawo eyanele yeBhange Elikhulu. Ekuqaleni kwathiwa akuzona zonke izinkampani ezitshala imali ngokuhlanganyela. Abanye bahlanganisa inkomba ngokusebenzisa idiphozi yasebhange. Izitshalomali ezinjalo ezakhiweni zifana nezivalo zezikweletu. Zinezinkinga eziphelele. Uma ibhange lihlehliswa, ke u-10% wediphozi uzolahleka ngokushesha. Bonke abanye abatshalizimali bazokwazi ukuthola ngesimo sezimfanelo zemali.

Inani lokukhishwa

Yilokho. Ukwakha i-ETF ephinda i-RTS, udinga ukuthenga ikusasa ku-index. Izimali zenkomfa yezinkampani ezithengiswayo zithengeka kunezimpahla abaziphinda. Endabeni yokuthenga leyo mali kuzodingeka ukhokhe u-$ 3000, futhi uma uthenga ikusasa - $ 300. Izimali ezisele zingabekwa kwidiphozi.

Igama lekusasa lilinganiselwe. Isibonelo, i-RTS yinyanga ezintathu. Okusho ukuthi izikhathi ezine ngonyaka kufanele udlulisele isikhundla - shintsha ikusasa elilodwa kwesinye. Izimali zenkampani zenza lo msebenzi ngaphandle kokubamba iqhaza komtshali. Ngokwenza ukuthengiselana okulodwa, amashaji okushintshanisa ama-ruble amabili. Isikhwama sidinga ukuthenga nokuthengisa ikusasa. Okusho ukuthi, ikhomishini izoba yi-4 r. Noma u-0.044% we-utshalomali. Ngonyaka kuzomele unikeze u-0.17%. Izimpahla zamanzi kuphela kufanele zidluliselwe . Futhi akuzona zonke izinkomba ezinomuso. Okusho ukuthi, ukuphindaphinda isikhundla, umuntu kumele athenge izinkontileka eziningana ngesikhathi esisodwa noma uthenge izibambiso ezingxenyeni eziningana. Lokhu kwandisa izindleko.

Ibhalansi ye-akhawunti yomnikazi wesikhathi esizayo ishintsha nsuku zonke ngokuya ngamanani okushintsha kwamanani. Ukunciphisa ukubambisana ngezansi kwezinga elimisiwe kuholela ekutshaleni ukuthi umtshali-zimali kumele akhokhe inani elingekho, ngaphandle kwalokho isikhundla sakhe sizovalwa ngokuqinile ekulahlekelweni.

Isu lesikhwama sesikhwama kufanele sifake nemibandela ehlukene yokwenza izinkontileka. Ngokumelene nokwehla kwamanani entengo, inkontileka entsha izobiza ngaphezulu.

Izingozi zokutshala izimali

Ngokwakhiwa "okulungile" kwalesi sikhwama, kuphela lezo zinto ezifakwe ohlwini kumele zithengwe, futhi ngesilinganiso esifakwe ohlwini. Inkinga eyodwa. Umphathi kumele athole izinkampani zezinkampani ezingenakukhula kulindeleke eminyakeni emibili elandelayo, kuphela ngoba zikhona ohlwini. Inkinga yesibili. Uma inkampani iqala ukukhula futhi ikhombisa amandla okushintsha amandla emakethe, umphathi angeke athenge amasheya ale nkampani ngaphezu kwesabelo sabo ohlwini. Ngaphezu kwalokho, uma iBhange Elikhulu likhuphuka ngentengo futhi isabelo senkampani ohlwini ludlula inani eliphakeme, umphathi kumele athengise lezi ziqinisekiso.

Isikhwama sesikhwama sesikhwama singenakugwenywa. Kuzo zonke ezinye izikhungo zezezimali, indlela yokulawulwa kwezinhlekelele, ukunciphisa ukutholakala kwemakethe nokulahlekelwa, isetshenziswa. Endabeni yesikhwama sezinkomba, ubona ukuthi imali iyancipha kanjani emva kokuba uhlu luyeke.

Indlela yokukhetha isikhwama

Into yokuqala umtshali-zimali kufanele akwenze ukucacisa ukuthi iyiphi inkomba okufanele ayibeke kuyo. Ngaphandle kokuhlaziywa kwekhono lobuchwepheshe kanye nolwazi olusemqoka , kuyoba nzima ukubhekana nalolu daba. Izimali zenkampani zisebenza ngamasheya, izibopho, imakethe yezimpahla ngisho nefa langempela. I-American PowerShares DB ihlola ushintsho edoli ngokumelene ne-euro, yen, i-pound, i-kroon ne-franc. Ngokusekelwe kwedatha etholakalayo, i-index ye-USDX yakhiwa. I-United States Commodity Index ithatha ikusasa lempahla, futhi i-iShares Global Real Estate ikhophi inkomba yeCohen & Steers Global Realty. Umtshali-zimali we-novice kufanele aqonde kangcono izinkomba ezithandwayo ze-S & P 500 noma i-MICEX. Kulula kubo ukuqoqa ulwazi nokuqhathanisa izibalo kalula.

Uma ukhetha isikhwama, kudingeka uqaphele imigomo emibili: ubukhulu bekhomishana nokulandela inkomba. Isikhukhula esikhulu, cishe kungenxa yokuqedwa ngokushesha. Ukwaziswa okujwayelekile ngemali yaseRussia kanye nemali yokubambisana iyatholakala kwiwebhusayithi ye-National League of Managers. Nakuba ngomthetho zonke izimali zidinga ukubika njalo emiphumeleni yomsebenzi wazo, emva kokukhetha inhlangano ethize kusadingeka ukuhlola izitatimende zezezimali kwiwebhusayithi yesikhwama ngokwaso.

Kubalulekile futhi ukunaka idiphozi encane. Yiba yilungu le-VTB - Index ye-MICEX "ingaba yi-ruble engu-5000., Futhi i-" BCS - MICEX "- ama-ruble angu-50 000. Izimali zaseRussia zikhokhisa amakomidi aphezulu kunama-American. Inani lemali lihlanganisa ikhomishana yesikhwama, imali, i-auditor, umcwaningi wamabhuku, umbhalisi, u-appraiser kanye nalabo izindleko ezikhokhwa ukukhokhelwa. Isayizi sabo esiphezulu sibhaliswe enkonzweni ngokwayo. Isibonelo, ku "VTB" kungu-3.7%. Kuphela emva kokuhlaziywa okuningiliziwe kolwazi lonke kufanele kwenziwe isinqumo sokutshala izimali.