Main types of investments. Open-end mutual investment fund of market financial instruments "Arsagera - mixed investment fund Division by form of ownership of resources

In this article, we will look at the topic of mixed investment mutual funds and answer the question of whether it is worth investing in them.

A mutual fund whose assets are invested in bonds, that is, fixed income securities and equities, is called a Mixed Investment Mutual Fund.

Trade-off between reliability and income

The main task of mixed investment fund managers is to find a compromise between profitability and investment security. The fund manager must be a high-class professional in order to extract the maximum benefit for investors using the available financial instruments.

Experts treat mixed investment mutual funds with a certain degree of distrust; from their point of view, fund managers are not always able to make correct predictions of changes in stock markets.

But these are just doubts, and, of course, you shouldn’t put them at the forefront. The advantages of mixed mutual funds become obvious in a fickle but predictable financial market. However, if there is stable market growth, for mixed investments this means a decrease in profitability.

For investors who like the concept of mixed investments and want to personally manage their existing assets, experts advise using a profitable share exchange strategy. In our table we bring to your attention several mutual funds of mixed investments:

The table below contains both open-end mutual funds and interval mixed investment funds. If in open mutual funds you can buy and sell on weekdays, then in interval mutual funds transactions are carried out only at the time intervals specified by the fund.

It is recommended to purchase index funds in the initial growth phase, but when signs of decline appear, you should purchase bond funds. The advantage of this approach is that both index and bond funds have low premiums, commissions and discounts. This approach is not good for every situation - if we are talking about a small amount, for example, 10 thousand rubles, then it is not worth changing shares, time will cost more. In this situation, mixed funds are better.

How to choose a suitable mutual fund

Before deciding which mutual fund is worth investing in, you need to take the time to thoroughly study the conditions for purchasing and selling shares, understand the fund's strategy and communicate with the managers to form an opinion about their qualifications and get answers to all questions. This is the only way it will be possible to invest money in a truly reliable and profitable mutual fund.

From characterizing the economic essence of investments, let us move on to considering the main forms of their implementation.

An analysis of economic literature has made it possible to identify a fairly large number of approaches to the classification of investment forms, both at the macro and micro levels.

Let's look at the main ones.

Figure 2.1 shows the classification of investment forms according to the system of national accounts (hereinafter SNA) and the developments of the State Statistics Committee of the Russian Federation created on their basis.

Rice. 2.1. Classification of investments according to SNA

According to this classification, the following types of investments are distinguished.

1) Capital-forming investments, ensuring the creation and reproduction of funds. They involve investing capital directly in means of production and consumer goods. In other words, capital-forming investments represent the investment of capital in fixed assets and in the increase in inventories.

Capital-forming investments include:

Investments in fixed assets or, in other words, capital investments;

Major repair costs;

Investments in the acquisition of land plots and environmental management facilities;

Investments in intangible assets such as patents, licenses, research and development, etc.;

Investments in replenishment of working capital reserves.

At the same time, capital investments, which represent fixed assets, characterize the volume and structure of capital-forming investments. Capital investments should include the following types of costs:

For new construction;

For reconstruction;

For expansion and technical re-equipment;

For housing and cultural construction.

2) Under financial investments refers to investing in financial assets such as shares, bonds and other securities, as well as hoardings and bank deposits.

3) As can be seen from Fig. 2.1, the system of national accounts identifies in a separate group intellectual investment. These include investments in personnel training, transfer of experience, licenses, know-how, scientific developments, etc.

The classification presented above is limited to one classification feature - investment objects, while the most comprehensive classification of investments is carried out in the work I.A. Blanka.

Figure 2.2 shows the classification of investments according to individual characteristics.

Rice. 2.2. Classification of forms of investment according to individual characteristics

According to Fig. 2.2 investments are classified as follows:

1. By investment objects

Under real investments understand investing in real assets – both tangible and intangible. Financial investments represent investments in various financial instruments, among which securities occupy a significant share.

2. There are direct and indirect investments.

Direct investments– this is the direct participation of the investor in the selection of investment objects and investment of funds. Under indirect investments refers to investment mediated by other persons (intermediaries).

3. By investment period distinguish between short-term and long-term investments.

Under short-term investments means investments of capital for a period of no more than one year. Long-term investments– is an investment of capital for a period of more than one year. In the practice of large investment companies, long-term investments are detailed as follows: a) up to 2 years; b) from 2 to 3 years; c) from 3 to 5 years; d) over 5 years.

4. By forms of ownership investors are divided into private, state, foreign and joint investments.

Private investment– investments made by citizens, as well as enterprises of non-state forms of ownership. TO public investment include investments made by central and local authorities and management, as well as state-owned enterprises and institutions at the expense of their own borrowed funds. Under foreign investment refers to investments made by foreign citizens, legal entities and states and entities of a given country. Joint investments is a combination of two or more of the above forms of investment.

5. By regional basis allocate investments domestically and abroad.

The above classification of investments reflects their most essential features and, if necessary, can be expanded depending on business or research purposes.

V.V. Bocharov gives the following classification of investment forms:

1. By investment objects distinguish between real and financial investments.

Real investment(capital investment) – advance of money into tangible and intangible assets (innovation). Capital investments are classified:

By industry structure (industry, transport, agriculture, etc.);

Reproduction structure (new construction, expansion, reconstruction and expansion of existing enterprises);

Technological structure (construction and installation work, purchase of equipment, other capital costs).

Financial investments– investing in securities: equity (shares) and debt (bonds).

2. By nature of participation in investment– direct and indirect investments.

Direct investments involve the direct participation of the investor in choosing an object for investment. Indirect Investments are carried out through financial intermediaries - commercial banks, investment companies and funds, etc. The latter accumulate and place the collected funds at their discretion, ensuring their effective use.

3. By investment period investments are divided into short-term (for a period of up to 1 year) and long-term (for a period of over 1 year). The latter of them serve as a source of capital reproduction.

4. By form of ownership investments are divided into private, public, joint and foreign.

Private investment express the investment of funds in objects of entrepreneurial activity of legal entities of non-state forms of ownership, as well as citizens. Public investment characterize the investment of capital of state unitary and municipal enterprises, as well as funds from the federal and regional budgets and extra-budgetary funds.

5. By regional basis investments are divided into investments within the country and abroad.

6. By level of investment risk The following types of investments are distinguished:

- risk-free investment— investing in such investment objects for which there is no real risk of loss of expected income or capital and real profit is practically guaranteed;

- low risk investments— investing capital in objects whose risk is below the average market level;

- medium-risk investments— investing capital in objects whose risk corresponds to the average market level;

- high-risk investments— investing in such objects, the level of risk for which is usually higher than the market average;

- speculative investment- investing capital in the most risky assets (for example, in shares of young companies), where maximum income is expected.

As you can see, V.V.

Bocharov expanded the classification of I.A. Form, adding an additional classification feature - the level of investment risk.

The scientific literature provides other classifications of investments. So, V.M. Juha identifies the following characteristics of investment classification.

The first classification feature he identifies is investment ownership forms within which they are carried out, and ultimate investment goals.

Figure 2.3 shows the classification of investments in terms of their focus and effectiveness.

Rice. 2.3. Classification of investments by types of ownership and by ultimate investment goals (V.M. Dzhukha)

The next classification feature identified by V.M. Juha are market areas, on which investments appear, and attachment objects.

As shown in Figure 2.4, depending on the investment objects and market areas, the author distinguishes between portfolio and real investments (capital investments).

At the same time, under portfolio investments means investing in stock market instruments and other financial assets, such as insurance policies, shares in the authorized capital of unincorporated enterprises, target deposits, collateral, etc. Moreover, the investment of such funds must meet at least two requirements:

Profitability (provide high current income or rapid growth of invested funds);

Reliability (liquidity and protection against inflation).

Rice. 2.4. Classification of investments by market areas and investment objects (V.M. Dzhukha)

TO real, or capital-forming, investments include all expenses aimed at construction, expansion, reconstruction (modernization) and equipping investment objects, as well as expenses for the preparation of capital construction and the increase in working capital necessary for the normal functioning of the enterprise.

The last sign of investment classification V.M. Juha highlights ensuring the investment process. This classification is presented in Figures 2.5 and 2.6.

Rice. 2.5. Classification of own investments (V.M. Dzhukha)

Rice. 2.6. Classification of external investments (V.M. Dzhukha)

It should be noted that the author identifies in a separate group foreign investment, defining them as a special form of investment. They can be used as an external source of financing and take three main forms:

- straight;

- portfolio;

- targeted loans at the enterprise level.

1) for its intended purpose:

Production investments, the objects of which are production assets;

Non-productive investments - reproduction of fixed assets for non-productive purposes (social and cultural objects, etc.);

2) by direction of use:

New construction;

Reconstruction;

Technical re-equipment;

Expansion of existing enterprises;

3) by funding sources:

Centralized, carried out at the expense of the state and trust funds of line ministries and departments;

Decentralized (own and borrowed) - created at the enterprise level through depreciation charges, a production development fund, rental payments and bank loans;

4) according to the structure of the consisting elements:

Construction;

Drilling;

Installation work;

Equipment;

Tools and equipment;

Other capital investments.

Classification given by V.M. Jukha, the most complete, as it includes almost all classification criteria. An exception is the classification of investments according to the level of investment risk.

All previously given classifications of investments must be supplemented with a classification of investments at the enterprise level, shown in Figure 2.7.

Rice. 2.7. Classification of investments at the enterprise level

According to Figure 2.7, from the point of view of the enterprise and depending on the investment objects, investments can be divided into two groups: real And financial. At the same time, real investments express capital investments in tangible assets, and financial investments in intangible ones.

In its turn, real investment presented in two forms:

1) investments in production development, represented by costs:

For reconstruction and technical re-equipment;

To expand production;

For the release of new products;

To modernize products and develop new resources.

2) investments in the development of the non-production sector, including the following types of costs:

For housing construction;

For the construction of sports and recreational facilities;

To improve working conditions and increase the level of technical safety.

Financial investments or, as they are also called, portfolio investments, can be divided into the acquisition of securities and investments in the assets of other enterprises. Investments in the acquisition of securities represent investments in shares and bonds of other commercial organizations, as well as financing of other types of securities aimed at obtaining certain benefits. Investments in the assets of other enterprises are investments in the assets of manufacturing enterprises, investments in the assets of financial institutions, as well as investments in the assets of other commercial organizations.

The main difference between this classification and those previously discussed is that it gives a real idea of ​​the purposes for which enterprises can direct investments. In other words, this classification characterizes the investment portfolio of an enterprise. Optimizing this portfolio to minimize risk and maximize economic benefits is one of the most important problems in an enterprise.

Rice. 2.8. Investment classification

Analysis of the above classifications of investments made it possible to formulate a classification of investments presented in Figure 2.8, according to which it is advisable to identify eight main characteristics of the classification:

1) form of ownership of investment resources;

2) level of investment risk;

3) the nature of participation in the investment process;

4) investment period;

5) regional feature;

6) objects of investment and use at the enterprise level;

7) sources of financing;

8) economic goals.

This classification, shown in Fig. 2.8, most fully reflects all forms of investment activity carried out by individual economic units.

Investment declaration fund is part of the rules of trust management and describes the types of assets that may be part of the fund’s property, as well as restrictions established by law on the structure of the fund’s assets, which reduce the risks of shareholders.

The functions of monitoring compliance with the Fund’s Investment Declaration are assigned to Specialized depository- an organization that bears, in the interests of shareholders, the responsibilities of storing the property that makes up the fund and monitoring the disposal of this property.

Investment regulations- a document approved by the Management Board of the management company, which reflects additional restrictions on investment risks. In fact, the regulation determines the investment strategy for the fund, taking into account the restrictions established by the Investment Declaration.

According to the organizational structure of the Arsagera Management Company, control over compliance with investment regulations and ranking of assets is carried out by Department of Internal Control, Monitoring and Risk Management. If the limit established by the regulations is exceeded, this department identifies the reason for such an excess and notifies the Investment Management of the need to bring the portfolio into compliance with the regulations.

Analytical management carries out analysis of a wide range of assets traded on the market (this is over 200 issues of shares and all ruble bond issues traded on exchanges). When choosing investment objects, their current and projected future values ​​are compared - thus, the potential return on assets is determined. The forecast of potential profitability for asset groups in accordance with the current ranking - the so-called “hit parade” - is included in Portfolio Investment Management. The task of this division, in accordance with the “hit parade” of assets, is to form and maintain the structure of portfolios in such a way that they constantly contain assets with the maximum potential return, taking into account the restrictions established by investment regulations.

In this section you will find information on the following issues:

Investment objects

"Arsagera - mixed investment fund" is intended for investing shareholders' funds in shares and bonds of the most effective Russian companies. The main difference between this fund and the Arsagera - Equity Fund fund is that its portfolio, along with shares of the most efficient Russian companies that play a significant role in the Russian economy, includes bonds, the main criteria for the selection of which are the liquidity and reliability of the issuer.

At the same time, the range of the share of shares in the fund’s assets is clearly defined: from 40 to 60%, depending on the ratio of the average potential return of shares and bonds. This is due to the fact that Arsagera Management Company adheres to a strategy of clearly defined product specialization based on risk. This enables our clients to understand the level of risk involved in their investments and to be confident that the risk level once selected will not change.

It is important to understand that the measure of risk determines profitability:

The higher the return an investor wants, the more risk he must accept. Below is the fund's position on the risk/return scale compared to the company's other products.

The combination of bonds and shares in the fund's assets makes it possible, with a high level of reliability (the bond part plays a compensating function, ensuring stability), to achieve returns that exceed conservative types of investments (bonds, bank deposits).

Efficiency and business development potential are not the only criteria when choosing investment objects. In addition to the above criteria, we also pay attention to the scale of a company's business and the liquidity of its shares - factors that determine the risk of investing in equity instruments. A larger-scale (and, as a result, capitalized) business is more stable, which makes the forecast of the financial results of such companies more predictable. The higher the liquidity of shares, the easier it is to carry out transactions with them and the greater the chances, if necessary, to quickly exit the investment. The main criteria when choosing bonds are their liquidity and the reliability of the issuer.

Asset selection

The history of the functioning of stock markets in developed countries and research by Arsagera Management Company, conducted on the Russian stock market, show that in the medium and long term, the price dynamics of a company’s shares are influenced, first of all, by its economy. Therefore, at Arsagera Management Company, we consider the purchase of securities of domestic companies not as a game on fluctuations, but as an investment in their business.

The stock market is and will be an integral part of the market economy, which allows companies to raise funds for their own development, and provides investors with the opportunity to participate and own an effective business.

Accordingly, investors who invest regularly and over a long period of time benefit the most. Regular and competent investment is the key to human well-being.

Our company strives to create for its clients the opportunity to invest capital in the most effective Russian assets, as well as become their co-owners and participate in the profits of the most successful Russian enterprises.

The key to successful forecasting of prices of financial assets is the use of economic models. The acquisition of company shares is preceded by a multi-level analysis, during which a comprehensive study of factors influencing the activities of companies is carried out. The search for the most promising investment objects is carried out using economic models at all stages of analysis.

At the first stage, the external conditions in which the company operates are subjected to a detailed analysis: the macroeconomic situation in the country, the development of the industry in which the company operates (the balance of supply and demand is predicted, and a forecast of the price environment for industry products is made).

At the second stage, a thorough analysis of specific issuers is carried out, the result of which is a forecast of the main financial indicators of the enterprise (revenue, net profit, equity, etc.).

The key to successful investing in the bond market is forecasting the level of interest rates in the economy. To determine the yield at which investors will be willing to purchase bonds in the future, our company uses economic models that describe the future behavior of various economic entities that influence the level of interest rates. A forecast of the future required return on investments in bonds allows you to create the optimal structure of a securities portfolio (for example, in the event of a fall in interest rates, investments in bonds with a long duration will bring the highest return).

Thanks to such in-depth study, shareholders of the Arsagera - Mixed Investment Fund fund can be sure that by purchasing a share of this fund, they become owners of the most effective and promising Russian companies and creditors of enterprises with a good level of financial stability.

When choosing investment objects, their current and projected future values ​​are compared - thus, the potential return on assets is determined. Potential profitability is the main criterion when investing, which creates the basis for applying a full investment strategy. In the Arsagera - Mixed Investment Fund fund, the share of cash is kept to a minimum. This is because the potential return on cash is zero (merely holding cash does not generate income). Cash appears only when the portfolio is restructured or as a result of new shareholders joining the fund.

Every investor wants to get the maximum return on his investments, but only at a level of risk that suits him. After all, for example, not everyone is ready to invest their own funds with a high risk of losing them for the sake of a 100% annual return. On the other hand, the profitability of a deposit in a bank, which guarantees repayment of funds, is also not very tempting. In the case when an investor independently selects specific assets for investment, he himself determines the risk level of his investment portfolio, guided by his own knowledge in the field of risk management, experience and intuition. What if the funds are transferred to trust management and the selection of specific assets is entrusted to professionals from the management company? In this case, it is necessary to clearly understand the level of risk with which the management company will invest funds.

Arsagera Management Company has developed a risk management system based on investment postulates:

The measure of risk determines profitability. In other words, risk and return are “two sides of the same coin.” The higher the level of expected return, the greater the risk the investor must take on, and, accordingly, the higher the investment risks, the higher the return investors will demand from this investment.

The risk/return ratio is determined by the client, since this is an individual (personal) characteristic of each person. And the management company’s task is to form an investment portfolio from the most potentially profitable assets, without exceeding a given level of risk.

Regular ranking-the best way to form groups of assets that are homogeneous in terms of risk. To explain this postulate, let us give an example. The shares of Gazprom and Tatneft belong to the same category of assets, so the types of risks associated with investing in these assets coincide. At the same time, it is intuitively clear that investing in Gazprom shares is less risky than in Tatneft shares, that is, the measure of risk is different. The Arsagera Management Company has developed a ranking methodology that makes it possible to give quantitative estimates of investment risk measures instead of conditionally dividing shares into the first, second and third echelons, and to form groups that are homogeneous in terms of risk. Similar techniques have been developed for other categories of assets.

Before explaining how risks can be managed, let's define the concept of risk. Risk is the possibility of the occurrence of one or another unfavorable event that negatively affects the profitability of investments. Respectively, risk management system is a set of methods and actions aimed at limiting the consequences of risks associated with investing.

At the initial stage, specialists from Arsagera Management Company analyzed all the risks associated with investing in stocks and bonds, identified ways to limit them (Table No. 1), and also developed a ranking methodology. In accordance with the current ranking methodology, stocks are divided into 5 groups depending on the risk associated with investing in them. The ranking criteria are the issuer's capitalization and the average daily turnover of its shares. Bonds are divided into 6 groups. The criteria are the degree of solvency of the issuer, the level of its corporate governance and the average daily trading turnover.

Table No. 1. Types of risks associated with investing in stocks and bonds and how to limit them

Type of risk	Restriction methods
Country risk is the possibility of an unfavorable change in the value of securities caused by changes in the political, economic or social situation in the country.	It is limited by establishing a limit on securities of issuers of one country.
Currency risk is the possibility of an unfavorable change in the value of securities caused by changes in the exchange rate of the currency in which they are denominated.	It is limited by establishing a limit on securities denominated in one currency.
The risk of changes in the market value of shares is the possibility of an unfavorable change in the value of securities as a result of a decrease in the prices of shares of one or more issuers.	Usually limited by setting a limit on the share of shares in the investment portfolio. Since Arsager Management Company has developed a methodology for ranking shares into homogeneous groups according to risk, it is possible to make more precise settings for limiting this risk by setting limits on the total share in the portfolio of shares of each group, according to the ranking, and on the share of shares of one issuer.
The risk of insolvency of the issuer of debt obligations is the possibility of default by the issuer of bonds.	Since one of the criteria for ranking bonds is the solvency of the issuer, this risk is limited by setting limits on the total share in the portfolio of bonds of each group, according to the ranking, and the share of bonds of one issuer.
The risk of loss of liquidity of securities is the possibility of an unfavorable change in the value of an asset caused by the inability to quickly sell the asset without a significant decrease in its value.	When ranking stocks and bonds, the average daily trading turnover is taken into account, so this risk can be limited by setting a limit on the total share of securities in each group.
Interest rate risk is the possibility of an adverse change in the value of debt securities caused by rising interest rates. For example, if an investor bought a coupon bond with a yield of 10% for 100% of the face value, and after some time interest rates rose, and the yield of bonds with a similar measure of risk increased to 15%. Accordingly, the investor either sells this bond below par or waits for its redemption, receiving a return on investment that is 5% less than the market.	To limit this risk, you can set a maximum period until repayment (including early repayment, redemption under an offer) of bonds purchased for the portfolio.
Industry risk is the possibility of an unfavorable change in the value of securities caused by the occurrence of events that significantly worsen the business conditions of issuers in a particular industry.	As demonstrated in the example, this risk is limited by a limit on shares of issuers belonging to the same industry.

In securities funds managed by Arsagera Management Company, the risk management system is carried out according to the following scheme:

Let us give an explanation to the above diagram.

The fund's investment declaration is part of the trust management rules and describes the types of assets that may be part of the fund's property, as well as restrictions established by law on the structure of the fund's assets, which reduce the risks of shareholders. The functions of monitoring compliance with the Investment Declaration of the fund are assigned to the Specialized Depository - an organization that, in the interests of shareholders, is responsible for storing the property that makes up the fund and monitoring the disposal of this property.

Investment regulations are a document approved by the Management Board of the management company, which reflects the restrictions listed in Table No. 1. In fact, the regulation determines the investment strategy for the fund, taking into account the restrictions established by the Investment Declaration. According to the organizational structure of Arsagera Management Company, control over compliance with investment regulations and ranking of assets is carried out by the monitoring and risk management department. If the limit established by the regulations is exceeded, the monitoring and risk management department identifies the reason for such an excess and notifies the investment department of the need to bring the portfolio into compliance with the regulations.

The analytical department prepares a forecast of potential profitability for asset groups in accordance with the current ranking - “hit parade”. The investment department, based on analysts' forecasts, forms and reformates portfolios, ensuring that the portfolios constantly contain assets with the maximum potential return, taking into account the restrictions established by investment regulations.

This scheme of work allows us to minimize the possibility of a conflict of interest, since control of compliance with the fund’s investment declaration is carried out by a Specialized Depository, independent of the management company, and the functions of portfolio management and control of investment risks in the Arsagera Management Company are assigned to independent divisions.

To ensure the operation of a mutual investment fund, the efforts of one Management Company are not enough. In accordance with the law, other organizations must also participate in the activities of the fund.

Management Company

Carries out trust management of the fund's property with the aim of its growth in accordance with the investment declaration.

Public Joint Stock Company "Arsagera"

Investment is a type of property and intellectual value that is invested in objects of entrepreneurial or other activity to generate income or achieve social status. There are a huge number of different criteria for classifying investments; let’s look at the main types of investments.

Taking into account the objects in which funds are invested, real and portfolio investments are distinguished.

So, real investments imply the investment of capital in intangible and tangible assets, which include intellectual property, as well as working and fixed capital. As a rule, these types of investments are long-term investments in the reproduction and creation of fixed assets.

There are several types of real investments:

1. Investments in enhancing the efficiency of your own production or enterprise. As a rule, the purpose of such investments is to reduce costs for replacing equipment, modernizing central assets, and relocating production facilities.
2. Investments in production expansion (or extensive investments), the purpose of which is to increase production volumes within an existing enterprise.
3. Investments in the formation of new production, the purpose of which is to invest capital in the reconstruction of existing production or the launch of new production.
4. Investments in non-own enterprise or production are types of investments that involve participation in investment projects or the execution of any order (including government orders).
5. Investments to meet government requirements. to comply with product safety, economic standards and other operating conditions.

Financial or portfolio investments involve the formation of portfolios. They represent capital investment in a variety of financial instruments: precious metals and stones, shares, currencies. A portfolio is the total volume of different investments that are put together to achieve the investor’s specific goals. These types of investments in the vast majority of cases are made not by the investor, but by various investment funds, managers or consultants.

Depending on the nature of participation in the investment process, direct and indirect investments are distinguished.

Direct investments are types of investments in which the investor personally participates in the selection of investment objects. In addition, direct investment means the contribution of funds to the authorized capital of an entity, the purpose of which is to generate income or obtain rights to a share in the management of this investment object. World practice considers investments that form at least 25% of the company’s total capital as direct investments.

In the case of indirect investments, investment objects are selected not personally by the owner of the invested capital, but by a variety of investment advisers, mutual funds, companies and other financial organizations.

Investments, depending on the period of capital investment, are divided into:

• short-term are types of investments that involve capital contribution for a period of no more than 1 year.
• medium-term – these are investments for a period of 1-5 years
• long-term investments are investments of capital for a period of more than five years.

Depending on the profitability, investments are divided into the following types:

• high-yield investments characterized by high income, which significantly exceeds the average return on the investment market;
• average-yield investments, the investment return of which approximately corresponds to the average return on the market;
• low-yield investments, the return on which is less than the average profit on the investment market;
• non-profitable investments are made not to make a profit, but to acquire environmental, social and other types of non-economic effects.

Types of investments depending on the degree of expected risks:

• risk-free investments are investments of funds in which there is no risk of loss of capital or expected income and the investor is guaranteed to receive a net profit;
• low-risk investments in which the risk is lower compared to the average risk in the investment market;
• medium-risk investments imply a level of risk approximately equal to the market average;
• High-risk investments have a risk that is significantly higher than the market average. This type of investment includes speculative investments, which involve investing capital in high-risk projects to obtain maximum income.

Depending on the degree of liquidity, the following types of investments are distinguished:

• Highly liquid investments. This type of investment includes capital investments in instruments that can be converted into cash in the shortest possible time without loss of value.
• Medium-liquid investments are capital contributions to objects that can be converted into cash within a period of 1-6 months without loss of value.
• Low liquid investments can be converted into cash equivalent in at least 6 months. As a rule, these types of investments are made in shares of little-known organizations, unfinished investment projects, or in projects implemented using outdated technologies.
• Illiquid investments are deposits that cannot be converted independently, but only within the structure of the property complex.

Depending on the nature of the use of capital, the following types of investments are distinguished:

• Primary investment is the use of capital newly formed from own or borrowed finance.
• Reinvestment is the placement of capital generated from income from the primary investment.
• Disinvestment is the withdrawal of previously invested capital from circulation without its subsequent use in the form of investments.

If investments are considered from the point of view of forms of ownership, then the following types of investments can be distinguished:

• private are investments that are made by individual citizens or private organizations;
• public are investments that are made by unitary organizations, central or local authorities at the expense of budgetary, borrowed funds or through the mobilization of personal financial sources;
• mixed - these are types of investments that are made by various investors, companies and institutions, legal entities and individuals, central and local authorities, investment funds;
• foreign investments are made by foreign powers, legal entities or individuals;
• joint are types of investments carried out with the participation of several states.

In accordance with the investment territory, internal and external types of investments are distinguished.

Domestic investments that are made in objects located within the borders of a given country or region;

External investment is the contribution of funds to objects located abroad.

If we use the principles of accounting as a classification criterion, then all investments can be divided into two types: gross and net.

Gross investments mean the total amount of capital invested in a new organization, the acquisition of objects of labor and intellectual values.

Net investment is the amount of gross investment with deduction of depreciation.

Based on compatibility, investments are classified into the following types:

• interdependent investments, which are characterized by the investment of capital in objects, the order of implementation of which depends on other investment objects and can only be carried out in a complex;
• independent investments are capital contributions to autonomous objects that are independent of other investment objects in the general portfolio;
• Mutually exclusive or alternative are types of investments that have similar implementation goals, product range, and the nature of technology. Investments like these require choices.

Mutually exclusive investments have common characteristics:

• illiquidity – alternative investments involve investing capital in non-traditional assets that are not widely sold on the market;
• long holding period – due to illiquidity, the holding period of alternative assets is about 5-10 years;
• negative correlation with other assets, which makes it possible to obtain additional diversification;
• the need for extensive investment analysis.

Depending on the objects of capital contribution, the following types of investments are distinguished:

• investments in physical assets are the contribution of capital to the reproduction of the potential of an individual enterprise or an entire industry; this type of investment is the basis for creating the production potential of an industry, country or region and a factor that determines production performance;
• investments in intangible assets are capital investments in objects that are not tangible assets, not intended for sale and used in production for more than 1 year. This type of investment includes: the right to use land, patents, copyrights and licenses, trademarks and organizational costs;
• innovative investments represent capital contributions to training programs and objects of scientific and technological progress;
• net investment is a financial contribution that is made on the basis of the purchase of a new organization;
• gross investment is a complex of reinvestment and net investment, which represents the binding of released investment resources, directing them to the acquisition or formation of new means of production to maintain the structure of the organization’s fixed assets.

If a company does not invest, this will inevitably lead to a loss of competitive position. Taking this fact into account, there are 2 types of investments: active and passive investments. Active investments increase a company's competitiveness and profitability. Passive investments the company's competitiveness at the current level.

Now investment decisions have become so widespread that separate areas have begun to stand out in them:

• investments aimed at creating various alliances (financial groups, multinational syndicates, consortia);
• investments aimed at acquiring large organizations whose goal is diversification and access to new sources of resources;
• investments aimed at complex financial instruments.

An absolutely separate type includes annuity investments, which involve investments of financial assets that bring the investor a certain regular profit at regular intervals (in the vast majority of cases upon reaching retirement age). As a rule, annuities are investments in pension and insurance funds.

Some people confuse the concepts of “financing” and “investing,” which are related but not identical terms. Financing is the provision of capital used to create property, and investing is the use of finance to turn it into capital.

The difference between investments and capital investments is that the latter involve the formation of new and restoration of old funds, and investments are a broad concept that implies investments in current assets, intellectual property and financial instruments. Thus, capital investments represent an integral part of investments.

Recently it has become very fashionable to talk about investing. Moreover, this is often done by people who actually have a very vague understanding of the concept and essence of investment activity. The types of investments for many of them remain a closely guarded secret.

At the same time, every competent and successful investor should be able to freely navigate the modern variety of financial investments. Such knowledge allows you to freely navigate existing investment opportunities and help you make the right decisions. Currently, investments can be classified according to several criteria.

If you talk to several different investors and each of them is asked the question: “What are the types or forms of investments?”, the variety of answers may confuse you. Indeed, they can tell you about direct, portfolio, gross, long-term and primary investments of funds. Moreover, this list can be continued for a long time.

All these types of investments exist. The only question is on the basis of what criteria they are classified in each individual case. It is also necessary to take into account that there is no right and wrong division. All of the following gradations have the right to exist.

Investment classification may be based on the following characteristics:

• object;
• investment goals;
• forms of ownership of investment resources;
• profitability factor;
• origin of the capital used;
• degree of risk;
• liquidity level;
• by urgency;
• accounting forms.

Let's look at the listed types of investment in more detail.

Division by object

From the name of this classification it becomes obvious that in this case the investment object is taken as the starting point. In other words, this is the very asset that the investor acquires in exchange for the money invested.

The main types of investments, depending on the investment object, are:

• real - acquisition of fixed assets of production, land, real estate, equipment, trademarks, brands, advanced training of employees;
• financial – purchase of securities (shares, bonds and others), lending to individuals or legal entities, leasing;
• speculative - short-term investment of capital and funds in government currencies, gold with the aim of ultra-quick profit.

In addition, types of financial investments, depending on the object, can be classified in a different way. This is an investment:

• into physical assets - into the direct development of the company through the purchase of means of production;
• in intangible assets - objects of exclusive intellectual property (patents, licenses, logos, etc.);
• in innovative scientific research and study of new technologies.

At the end of this section, it is also necessary to touch upon such concepts as net investment and gross investment. The first is characterized by the investment of financial assets in the purchase of a company or enterprise. Second, it represents the totality of net investment and the reinvestment process. In other words, the investor initially purchases the company. As a result of its operation, he makes a profit, which he reinvests in its further development.

Division by investment purpose

Depending on the goals pursued, there are types of investments:

• direct – investing capital in a real existing business. It can be expressed in the purchase of raw materials, consumables, machines, premises and buildings. Direct investments are always aimed at the development of the company.
• portfolio - directly related to playing on the currency exchange. In this case, funds are invested in the purchase of securities. This process is also known as building an investment portfolio.
• non-financial – investments aimed at purchasing copyright or intellectual property. This group includes the acquisition of a recognizable brand, as well as patents for any type of invention.
• intellectual – associated with the investment of financial resources in research activities and the development of innovations.

Division by resource ownership form

In this case, ownership of the invested resources is of paramount importance. In other words, we start from who actually owns the invested funds or from the sources of financing. Based on this principle, the following forms of investment can be distinguished:

• private – investments of individuals and legal entities;
• state - investment of funds from the budget of a particular country, which is carried out by specific participants in economic activity (for example, the Central Bank or the Federal Ministry);
• foreign - deposits of capital owners who are citizens or subjects of another state;
• mixed – simultaneous investments of several of the above-mentioned entities.

These forms of investment are best understood through a concrete example. Let’s say the Government of the Moscow Region put up a certain number of land plots in the Stupinsky and Ozersky districts for open auction. Thus, any interested owner of capital can invest money in their acquisition. If the winner of the auction is an individual or legal entity, then such investments will be considered private. If an American or Chinese company wins, such investments will be recognized as foreign. And so on.

Division by origin of capital

Depending on the origin of the funds used, the types of investments are:

• primary – initial investments that were formed from own or borrowed funds;
• repeated or reinvestment - this money is formed directly from the profits received from the primary investment process;
• disinvestment – ​​or investment on the contrary. They represent the withdrawal of capital from an investment project. In turn, they can be partial or complete.

Let's take a closer look at disinvestment. The question arises: “In what case can an investor take such a decisive step?” As a rule, we can talk about two situations. Firstly, the investor withdraws money from an unsuccessful investment project when he is finally convinced of its futility.

Secondly, disinvestment can be carried out with the aim of investing money in more interesting investment objects. They are necessary when the investor does not have enough other available funds for this.

Division by degree of risk, level of liquidity, urgency, form of accounting and other characteristics

Types of investment based on risk are distinguished:

• there are practically no risks - extremely rare situations, as a rule, artificially simulated or created (for example, bank deposits in Russia - a depositor with a deposit of up to 1 million 400 thousand rubles is guaranteed to receive income thanks to the Deposit Insurance System);
• risks are lower than the average in the current market - conservative;
• average market risks – moderate;
• risks are higher than the average in the existing market - aggressive.

Investors who prefer to use an aggressive strategy often prefer investments with a higher level of risk. This is explained simply. Such investments promise maximum profit.

There are types of investments based on liquidity level:

• highly liquid;
• medium-liquid;
• low liquidity;
• not liquid.

The higher the degree of liquidity of investments, the better. In practice, this means that the owner of highly liquid assets can easily find a buyer for it at any time at the price that is currently established in the market.

The degree of liquidity of assets is well understood using the example of currencies from different countries. If an investor invested his money in American dollars or euros, then these were highly liquid investments. They can be easily sold at any nearest exchanger with the appropriate rate. However, if an investor bought Bahraini dinars or Chilean pesos, then it will be somewhat more difficult to sell them, that is, the level of liquidity of investments in this case will be lower.

If we put the time factor at the forefront, then our investment could be:

• short-term – up to 1 year;
• medium-term – from 1 year to 3 years;
• long-term – over 3 years.

According to the accounting form, investments can be:

• gross;
• clean.

In reality, these two terms are closely related. Gross investment is usually understood as the sum of all investments made during the reporting period. To calculate the value of net investments, we should subtract the monetary value of depreciation from the gross funds invested.

When we want to divide investments according to geographical or territorial principles, then first of all we should specify the region or state from which we will start. Depending on the territorial affiliation, investments are:

• internal;
• external.

If we take the Russian Federation as a starting point, then all investments made in the country itself will be internal, and outside its borders external.

An investor does not always manage his own funds. Currently, there is a widespread situation in which capital is given to a third party for management. For example, on a stock exchange this could be a managing trader.

In this regard, investments can be:

• active – the investor himself chooses investment objects;
• passive - funds are given to a third party for management.

Popular types of investments

Every year, investment activity attracts the attention of ordinary people who are not closely related to economics and finance. If you compare the profitability and riskiness of various types of investment, you can determine the most promising and profitable areas of funds. Moreover, most people want to receive passive income, which does not require active action or special financial knowledge.

Currently, the most popular types of investments with passive income are:

• Mutual Funds – mutual investment funds;
• bank deposits;
• trust management;
• non-state pension funds;
• real estate;
• stock market game;
• hoarding investment;
• venture investment.

Let's take a closer look at each of the listed possibilities.

Mutual funds

The mutual fund offers all its potential clients to buy a unit or share in the formed investment portfolio, which includes securities of various companies. This is a classic form of passive investment. At the end of the reporting period (usually a calendar year), the shareholder receives a portion of the profit proportionally equal to the size of the share purchased by him.

The selection of securities for the mutual fund's investment portfolio is carried out by a special manager. The shareholder himself has nothing to do with this process.

Typically, mutual funds form several different investment portfolios, each of which has its own potential return and level of risk.

Bank deposits

The traditional and most popular type of investment among Russians. You don’t need to be a rocket scientist to immediately identify the main advantages and disadvantages of this method of investing money. Its main advantage is the guaranteed receipt of income specified in advance in the contract. The disadvantage of bank deposits is the extremely low level of profitability.

Trust management

In many ways, this method of investing is reminiscent of buying a share in a mutual fund. The main difference is the personalized approach that characterizes trust management. In other words, the investor does not invest money in an already formed investment portfolio, but gives it to his trustee for management. The key figure in this situation is the manager. This must be a legal entity or a specific person, whose professionalism and cleanliness the investor has no doubt about.

Non-state pension funds

These financial structures offer investors services for managing funds, from which their future pension will be formed in the future. The essence of this method of investment is not so much to preserve, but to increase the client’s financial assets.

Real estate

Investments in real estate make sense to be seriously considered during periods of sustainable economic development of the country. This is due to the fact that during periods of economic crises, real estate properties seriously lose value and liquidity.
These attachments are primarily divided by object. It makes sense to talk about residential and commercial real estate.

Stock game

This type of financial investment is much more complex than participating in mutual funds or transferring money to trust management. In such a situation, the investor can rely solely on his own knowledge and experience of stock trading. Consequently, the risks of this type of investment increase significantly. Thus, stock trading is the destiny of confident, experienced investors.

Hoarding investment

Behind this long and difficult to pronounce word lies investment activity, which is directly related to investing money in art (paintings, engravings, etc.), precious metals, stones, jewelry and antiques.

Such investments also require specific knowledge and understanding of pricing factors. In addition, investments of this type are long-term and most often require a significant amount of money.

Venture investing

Such investments have become especially popular in recent years. They are characterized by investing financial assets in start-ups, innovative business ideas and projects.

This area of ​​investment is characterized by very high risks. According to statistics, only 10–15% of all launched startups become successful companies. At the same time, if your choice turns out to be correct, then you may find yourself at the origins of a project that can change the world within a few years.

All of the above types of investments, with the right approach, can bring a lot of money. Choose wisely.