Home  Journals  Economic Analysis: Theory and Practice  41(392) - 2014 November

A structural and dynamic analysis of the Russian market of mutual investment funds

Available online: 4 November 2014

Subject Heading: INVESTING

JEL Classification: 

Pages: 10-19

At the present stage, the issues related to the analysis of the structure of the Russian market of mutual investment funds do not received due attention, though the funds have been existing for almost 20 years. The authors made an attempt to identify long-term structural changes in the Russian market of mutual investment funds for 2002-2013. While conducting the structural and dynamic analysis of the market of mutual funds, in addition to traditionally used indicators at short-term intervals (yield of investment units, percentage of the value of their net assets, growth rates and rates of increment of the mutual funds market and its separate segments) the authors propose to consistently use the intensity of absolute structural shift and the Gatev's coefficient for each identified periods: pre-crisis (2003-2007), crisis (2008) and post-crisis (2009-2013). Using the intensity indicator of the absolute structural shift and the Gatev's coefficient in conducting the structural analysis of the domestic market of mutual funds enabled to obtain more accurate and reliable results, and to trace on a step-by-step basis the structural changes occurring in the market. The authors made the following conclusions: over 2003-2013 there was a substantial change in the structure of the domestic market of mutual funds; the increase in the net asset value was typical of all funds, but in different categories it was extremely uneven; traditional funds that existed at the beginning of the period under review were developing at a much slower pace than the new ones that appeared during 2003-2013; traditional funds, on the average, showed a more significant increase in the net asset value per one category of mutual funds; the domestic market of mutual investment funds exhibits a high level of concentration.

Keywords: mutual investment funds, market structure, securities market

References:

1. Eliseeva I.I., Yuzbashev M.M. Obshchaya teoriya statistiki [The General theory of statistics]. Moscow, Finansy i statistika Publ., 2006, 656 p.
2. Kapitan I. Itogi 2013 goda: analiz raboty paevykh investitsionnykh fondov za period s 28 dekabrya 2012 g. po 31 dekabrya 2013 g [The 2013 year results: the analysis of mutual funds’ operation from December 28, 2012 to December 31, 2013]. Available at: Link. (In Russ.)
3. Kvasha M., Petrova N. Vozvrashchenie v pai [Return to equity unit]. Available at: Link. (In Russ.)
4. Lavrent'ev S. Gonki na PIFakh [Racing on mutual funds]. Available at: Link. (In Russ.)
5. Lavrent'ev S. Na PIFe slavy [The glory of unit investment funds]. Available at: Link. (In Russ.)
6. Lushin S., Mitrofanov P., Samiev P. Obzor rynka PIFov v 2013 godu: konservativnoe vosstanovlenie [A mutual funds market review in 2013: a conservative restoration]. Available at: Link. (In Russ.)
7. Morozova L. PIF ego znaet. Stoit li investoru nadeyat'sya na vysokuyu dokhodnost' paevykh fondov v 2011 godu [Mutual funds – who knows? Should an investor hope for a high yield of mutual funds in 2011]. Available at: Link. (In Russ.)
8. Muravleva T.V., Semernina Yu.V., Chelpanova V.A. Rossiiskii rynok kollektivnykh investitsii [The Russian market of collective investment]. Saratov, SSSEU Publ., 2010, 232 p.
9. Semernina Yu.V., Kolesnikov A.O. Analiz tendentsii razvitiya rossiiskogo fondovogo rynka [An analysis of development trends of the Russian stock market]. Ekonomicheskii analiz: teoriya i praktika – Economic analysis: theory and practice, 2013, no. 11, pp. 32–43.
10. Chelpanova V.A. Sravnitel'nyi analiz struktury investitsionnykh portfelei paevykh investitsionnykh fondov i struktury indeksa Moskovskoi mezhbankovskoi valyutnoi birzhi [A comparative analysis of investment portfolios of mutual funds structure and the index structure of the Moscow Interbank Currency Exchange]. Finansy i kredit – Finance and credit, 2010, no. 35, pp. 74–80.

View all articles of issue

ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 23, Iss. 3 March 2024

Archive