Determinants Dynamics Analyses of the Net Asset Value of Collective Investment Fund

One of the most common and affordable types of collective investments in Russia are mutual investment funds. The share of mutual Funds in the market of collective investments in Russia exceeds 50%. Owing a massive amount of mutual Funds market in Russia, there is a need to evaluate the efficiency and investment attractiveness of collective investment instruments. Unfortunately, currently, there is no typical methodology of evaluation of investment attractiveness of mutual Funds and management efficiency. In General, we can talk about some problem of the Russian market of collective investments: the mutual Funds considered in the context of a single indicator - the estimated cost of the unit. Net asset value may change as the exchange rate difference securities or assets in which the Fund invests, and from the inflow/outflow of investors – shareholders of the Fund. In this work, we will analyze a number of factors that can affect the inflow of investments in the Fund and increase the value of the net assets of the Fund. In the current study there were analyzed the works devoted to the analysis of the quality and efficiency of management of investment funds. In the practical part of the work we built three regressions to analyze factors affecting the change in net asset value of mutual funds. The first part was a set of macroeconomic determinants that have the greatest influence on the attraction of new investments mutual Funds. This was considered the time interval from 2013 to 2016. In the second part of the study we analyzed the investment attractiveness of open and interval mutual investment funds with a net asset value of more than 1 million rubles. The third part of the study was devoted to the competitive ability of open-end mutual funds specializing in shares. Yield of mutual Funds and inflows of cash for the previous periods were considered as variables of regression.