mutual funds available to non-qualified investors has grown rapidly, but still occupies a small part of the market. Market participants and experts as you can see in the serp example above say that a good step would be to reduce the minimum entry threshold. Is this possible, given that mandatory testing has been introduced for the purchase of such products since October?
Over the past year, the mutual fund segment
has grown more slowly than other types of funds. Thus, the net asset value of closed-end real estate mutual funds for non-qualified investors at the end of 2021 was RUB 170 billion, with an increase of only RUB 4 billion over the year. The increase in assets of other funds for non-qualified investors over the same period was higher: for assets of closed-end mutual funds of other categories — from RUB 17 billion to RUB 248 billion, open-end mutual funds — from RUB 254 billion to RUB 921 billion, and open-end mutual funds — from RUB 127 billion to RUB 212.5 billion.
At the same time, the number of shareholders
in closed-end real estate mutual funds grew more significantly: threefold, to 25.5 thousand persons. The yield of such closed-end mutual funds in 2021, according to preliminary estimates, was 8.2%, which was within the inflation rate (8.4%) and appealing to strong emotions higher than the average yield of open-end mutual funds and mutual funds. However, we must not forget that real estate investments have a complex pricing model and low liquidity. In the america email modern history of Russia, the real estate market has already gone through a number of crises, accompanied by both price stagnation and their high volatility.
