investments by the legal entities would be invested in closed non-venture funds, and
individuals in the interval JII.
Table 3 Structure of net assets of JII of the different types by categories of
investors in Ukraine as of 01.01.2012-01.01.2018, %
Categories of investors and types of
funds
Year
2011
2012
2013
2014
2015
2016
2017
Investments of legal entities
(residents and non-residents) in
funds:
3,41
4,3
4,9
0,7
1,13
1,35
1,44
– open
59,46
50,7
46,5
1,06
0,02
0,01
1,4
– interval
54,81
49,5
44,7
0,01
21,52
8,92
0,02
– closed (except venture)
25,87
25,0
23,2
10,24
0,21
0,18
8,75
– venture
1,1
12,3
2,4
92,57
2,11
1,79
0,18
Investments of individuals (residents
and non-residents) in funds:
96,59
95,7
96,1
99,29
98,87
98,65
98,56
– open
40,54
49,3
53,5
98,94
99,98
99,99
98,6
– interval
45,19
50,5
55,3
99,09
78,48
91,08
99,98
– closed (except venture)
74,13
75,0
76,8
89,76
99,79
99,82
91,25
– venture
98,9
87,7
97,6
7,43
97,79
98,21
99,82
Source: compiled by the author according to data [26]
The growth of the share of investments of the legal entities in closed non-venture
funds is due to more active growth of investments in such funds from other categories
of investors.
Let's add that the share of individuals and legal entities (non-residents) is
extremely insignificant in each type of JII.
This situation is a negative phenomenon, as
it shows the lack of interest of the foreign investors in investing funds in domestic
investment funds, which is mainly due to the instability of the political situation in the
country and the weak development of the domestic financial market.
The analysis of the structure of JII assets in Ukraine for 2011-2017 shows that the
trends of its change can not be considered positive, since the consolidated portfolio of
funds is characterized by a decrease in the share of investments in stock securities from
22.44% in 2011 to 10.47% in 2017. This is an indication that JII less influences on the
development of the stock market in Ukraine and reduces the implementation of the
stock method of financing its activities. Of course, one can not reject the fact that the
type of funds influences the dynamics of the structure of JII assets, since for each of
them there are certain restrictions on investing in those or other types of assets.
A significant factor in the growth (decrease) in the value of open-end JII assets is
the net inflow (outflow) of their capital.
Which was in: 2011 - (-24 525 million UAH);
2012 - (-54 036 million UAH); 2013 - (-48 207 million UAH); 2014 - (-37 179 million
UAH); 2015 - (-4 316 million UAH); 2016 - (-1 697 million UAH); 2017 - 2179 million
UAH.
It should be noted that, as for the general dynamics of this indicator, it shows a
negative trend of change, as for 2011-2016, open JII had only a net outflow of funds.
However, for the last three consecutive years, although there has been a net outflow of
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