Issue №: 1 (67)
The journal deals with the issues of efficiency of functioning of the national economics and organizational forms of management of the national economy. Attention is paid to the problems of marketing, management and efficiency of production and economic activity of agrarian enterprises. The issues of public administration and administration, accounting and taxation, banking and insurance, forecasting and modeling of economic processes, foreign economic activity, commodity flows of economic entities and their infrastructure support.
INVESTMENT FUNDS AND THEIR ROLE IN THE STOCK MARKET: ETF, MUTUAL FUNDS, HEDGE FUNDS
ZAICHKO Iryna – Candidate of Economic Sciences, Associate Professor of the Department of Finance, Banking and Insurance, National Academy of Statistics, Accounting and Audit (04107, Kyiv, 1, Pidhirna Str., e-mail: zkiv26@gmail.com).
RIZNYK Dmytro – Candidate of Economic Sciences, Doctoral Student of the Department of Finance, Monetary Accounting and Credit, Ivan Franko National University of Lviv (79000, Lviv, 1, Universytetska Str., e-mail: dmytroriznyk@gmail.com).
YATSENKO Oleksandr – Doctor of Economic Sciences, Professor, Head of the Department of Enterprise Economics, Accounting and Audit, The Bohdan Khmelnytskiy National University of Cherkasy (18031, Cherkasy, 81, Shevchenka Av., e-mail: allexsan1974@gmail.com).
The financial market is constantly developing and becoming more complicated: new financial instruments appear, the approaches to existing ones are improved and modernized, parameters and methods of calculations change. Investing in mutual funds is one of the most applicable tools to use in the stock market, which suits investors with different goals and interests and requires minimal involvement in asset management. The article examines the role of investment funds in the stock market: portfolio diversification, liquidity, professional management, access to markets. The definitions of «exchange-traded funds (ETFs)», «mutual funds», «hedge funds» are given. The article reveals the concept of stock exchange investment funds as an investment tool on the stock exchange. The scheme of operation of stock exchange investment funds, consisting of four stages, is given. The following advantages are considered: the investor does not need to independently conduct a deep analysis of various securities, most of the work of asset management is undertaken by the management company, the owner of the shares is allowed to hedge, the shares of investment funds are much cheaper, they are easy to use, they are of interest to the industries in which they are applied, and also available not only to medium and large, but also to small investors. Exchange investment funds by countries of the world are analyzed. The advantages and disadvantages of investing in exchange investment funds are studied. The US TIAA ESG mid-cap index for 2018-2023 was analyzed. The advantages and disadvantages of investing in mutual funds are characterized. It is explored the types of available mutual fund investment vehicles to: types of mutual funds, fund performance, fees and expenses, fund manager. The dynamics of the share price of the first Ukrainian hedge fund RAISEN was analyzed. Features characteristic of hedge funds are considered: a private investment fund with weak legislative regulation, the use of a wide range of strategies and tools for portfolio formation, management by highly professional investment managers, the direct dependence of managers’ remuneration on the fund’s profit, openness to a limited number of investors. The difference between a hedge fund and other investment funds is established.
1. Cheberiako, O.V. (2014). Sutnist ta osoblyvosti diialnosti investytsiinykh fondiv na fondovomu rynku [The essence and peculiarities of the activity of investment funds on the stock market]. Naukovyi chasopys NPU imeni M.P. Drahomanova. Seriia 18. Pravo – Scientific journal of the NPU named after M.P. Drahomanova. Series 18. Law, 24, 196–213 [in Ukrainian].
2. Yurkevych, O.M. (2011). Vyznachennia sutnosti ta roli instytutsiinykh investoriv na finansovomu rynku Ukrainy [Defining the essence and role of institutional investors in the financial market of Ukraine]. Formuvannia rynkovoi ekonomiky v Ukraini – Formation of market economy in Ukraine, 26, 149–157 [in Ukrainian].
3. Mehei, V.V. (2020). Zarubizhnyi dosvid funktsionuvannia instytutiv spilnoho investuvannia [Foreign experience of joint investment institutes]. Visnyk Khmelnytskoho natsionalnoho universytetu. Seriia: Ekonomichni nauky – Bulletin of the Khmelnytskyi National University. Series: Economic Sciences, 1, 62–70. DOI: https://www.doi.org/10.31891/2307-5740-2020-278-1-13 [in Ukrainian].
4. Shkura, I.S., Vinichenko, O.M., & Hrybkova, M.A. (2021). Mozhlyvosti vykorystannia potentsialu khedzh-fondiv dlia ukrainskykh investoriv [Possibilities of using the potential of hedge funds for Ukrainian investors]. Akademichnyi ohliad – Academic review, 1 (54), 108–122. DOI: 10.32342/2074-5354-2021-1-54-11 [in Ukrainian].
5. McCarthy, D.F., & Wong, В.М. (2020). A Performance Update – Hedge Funds Versus Hedged Mutual Funds: An Examination of Long-Short Funds. The Journal of Alternative Investments, 23 (2), 35–47. DOI: 10.3905/jai.2020.1.103 [in English].
6. Vinichenko, O.M., & Hrybkova, M.A. (2021). Systema vzaiemodii khedzh-fondiv zi svitovoiu hospodarskoiu systemoiu [The system of interaction of hedge funds with the world economic system]. Investytsii: praktyka ta dosvid – Investments: practice and experience, 7, 5–13. DOI: 10.32702/2306-6814.2021.7.5 [in Ukrainian].
7. Tinus, D. (2023). Investytsiinyi fond: poniattia, vydy, yak vybraty [Investment fund: concepts, types, how to choose]. daliz.finance. Retrieved from: https://daliz.finance/blog/investytsiynyy-fond-ponyattya-vydy-yak-vybraty [in Ukrainian].
8. Zinchuk, S.Iu., & Tymoshenko, N.Iu. (2019). Analiz efektyvnosti stratehii dovhoi/korotkoi pozytsii v umovakh korektsii finansovoho rynku [Analysis of the effectiveness of the long/short position strategy in the conditions of financial market correction]. Molodyi vchenyi – Young scientist, 5, 525–529. DOI: https://doi.org/10.32839/2304-5809/2019-5-69-114 [in Ukrainian].
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10. Kunin, E.L. (2014). Teoretychni aspekty funktsionuvannia ta vykorystannia birzhovykh investytsiinykh fondiv (ETF), yak instrumentu efektyvnoho khedzhuvannia finansovykh investytsii [Theoretical aspects of the operation and use of exchange-traded funds (ETF) as a tool for effective hedging of financial investments]. Efektyvna ekonomika – Efficient economy, 6. Retrieved from: http://www.economy.nayka.com.ua/?op=1&z=3159 [in Ukrainian].
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13. Pershyi v Ukraini khedzh-fond, shcho investuie vidpovidno do mizhnarodnykh praktyk ta ukrainskoho zakonodavstva [The first hedge fund in Ukraine that invests in accordance with international practices and Ukrainian legislation]. raisen.fund. Retrieved from: https://raisen.fund/ [in Ukrainian].
14. TIAA ESG USA Mid-Cap Growth Index (USD). surl.li. Retrieved from: http://surl.li/tgvjv [in English].
About journal
051 Economics
071 Accounting and taxation
072 Finance, banking and insurance
073 Management
075 Marketing
076 Business, trade and exchange activities
241 Hotel, restaurant and catering
281 Public administration
The journal “Economy, finances, management: Topical issues of science and practice” is included in the "List of Scientific Professional Editions of Ukraine".
The scientific edition is assigned the Category "Б" in the field of economics in specialties 051, 071, 072, 073, 075, 076, 241, 281
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The purpose of the journal "Economics, finances, management: Topical issues of science and practical activity» is the coverage of leading scientific ideas in the economic, financial and management activities of the sectors of the national economy and the involvement of representatives of the domestic and foreign scientific professional community.
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- publication of research findings on innovation in the economy, financial and management spheres, innovation of production processes;
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- adherence to editorial ethics.
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It was founded in 1997 under the name "Bulletin of the Vinnytsia State Agricultural Institute". In 2010-2014 he was published under the title “Collection of scientific works of Vinnitsa National Agrarian University”.
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According to the decision of National Council of Television and Radio Broadcasting of Ukraine from 25.04.2024 No. 1337 the scientific journal «Economy, finances, management: topical issues of science and practical activity» has the ID of the Media R30-05171.
