Yatırım fonları

Abstract

Yatırım fonları küçük tasarruf sahiplerinin serma ye piyasalarına girmesini teşvik ederek piyasanın geniş lemesine ve kaynakların etkin dağılımına yardımcı olan bir yatırım aracıdır. Bunun için tasarruflar yönetici niteliğinde bir ortaklıkta toplanır. Bu ortaklık kendi nam ve hesabına menkul değerler alarak bunu işletir ve ortaklığa katılanlar bunun gelirlerini paylaşırlar. Ya tırım fonlarının temel amacı ortaklığa katılanların bi rikimleriyle bir menkul kıymetler portföyünün riskin da ğıtılmasını sağlayacak bir biçimde işletilmesidir. 20. yüzyılın başlarında Amerika Birleşik Devlet leri'nde ortaya çıkan ve giderek yaygınlaşan yatırım fon ları daha sonra diğer ülkelerde de gelişmiştir. Türkiye' de ise ancak 1980' li yıllarda yatırım fonları oluşturul muş fakat kısa dönemde büyük gelişme göstererek sayıları hızla artmıştır. Türkiye'de yatırım fonlarının en büyük özellikle rinden biri fonların sadece bankalar tarafından kurul a b ilmesidir. Bankalar bir fon içtüzüğü hazırlayarak ve gerekli makamlardan izin alarak fonu oluştururlar. Bu fon içtüzüğünde bulunması gereken bazı şartlar vardır. Bu belirtilen şartların sağlanması gerekir. Kurucu ban ka fonun kurulması için içtüzükte öngörülen miktar ka dar avans tahsis eder. Bu avans ile fon portföyü oluş turulur ve fonun katılma belgeleri halka arz edilir. Katılma belgelerinin değeri her gün. günlük olarak tespit edilir ve belge sahipleri günlük değer üzerinden belge nin geri alınmışını bankadan her zaman talep edebilir. Fonun yönetiminde temel prensip önce riskin dağıtıl ması ve sonra da inançlı mülkiyet esasına göre portföyün işletilmesidir. Bu amaçla da Sermaye Piyasası Kurulu bazı sınırlamalar getirmiştir. Yönetim sırasında bu il kelere uyulması zorunludur. Her hesap döneminin bitimin de fonun hesap raporu hazırlanarak ilan edilir. Hesap dönemi sonunda çeşitli kalemlerden oluşan kara katılma belgesi sahiplerinin iştirak şekli fon içtüzüğünde be lirtilen esaslara göre yapılır. Vergilendirme açısından incelendiğinde ise yatırım fonlarının portföy işletme ciliğinden doğan kazançları kurumlar vergisi ve gelir vergisinden muaftır. Ülkelerde sermaye piyasalarının gelişmesinde büyük rol oynayan yatırım fonlarında günümüz koşullarına uygun olarak SPK'da yapılacak değişikliklerle Türkiye' deki gelişmenin daha da hızlanması beklenmektedir.

Mutual -cunda are investment instrument a that en courage,- small investors to participate into the capi tal markets that leads to the enlargement of the mar ket and the efficient distribution of the resources. Por that reason savings cumulate in the corporation. This corporation manages the funds by buying and selling stocks and the participants of the corporation share the profit. Mutual funds which were set up in 1920' s in U S.A. dispersed everywhere from time to time. Nowadays funds are very wide spread everywhere, especially in U.S,A., U.K. and Switzerland. Despite this in Turkey, mutual funds are established in 1982 by capital mar kets law. But for some reasons the first fund was es tablished in 1987. There are two models for the establishement of the funds and the obtaining of the capital j a- A reliable person's advance : A reliable per son put on an advance for the establishement of the mu tual fund. A reliable person by selling participation certificates to the public, takes his money back. -. In the time when all of the certifacates are sold, the ad vance is taken back. b- Preselling of the participation certificates : In this system, a reliable person doesn't give any money. He sells the participation certificates befo re the forming of the fund and collects the money. In Turkey, advance system is accepted and nooffle could establish mutual funds except bankers. Here, a reliable person is a bank. Funds do not have legal identity. But its ownership of property is indepensnt from the bank* 3. - v« - Apart from these, mutual funds could be separated into two parts according to investment. The former is composite fund which does not have any definite stock belongs to the same sector. Despitethis in the latter which is called specialized fund, the ratio of the same stock is over 50 %. In Turkey, both of them are in use. She first funds was established in 1987 in Turkey and after that the number of funds increased to 17 in the late of igaa's. In the end of 1939 the number of funds was 27. Nowadays, it is 7-U The reason for the increase of the number of funds and the number of funnds and the interest of small investors is the advantages of funds. These advantages are as follows : - The administration of the portfolio and the capital by professional managers. - Risk dispersion, diversification and the capital by professional managers. - To make and investment by depending on more re- lable and speedy facts. - Good timing and buying and selling stocks. - Tax advantage for shareholders. - To escape from the difficulty of following the capital increase, the split of stocks and taking the profit share. - The easiness of buying and selling by the mass purchasing of stocks and administration of the fund. - The easiness of buying and selling of the funds because of being small coupons of the certificates. 7 Turning of certificates into the money whenever it is wanted. In Turkey, despite the Capital Markets Law was valid in 1982, the first mutual funds was established is 1987. The reasons for this are as folbws : 1- Istanbul Stocks Market was not exist and this prevented people from buying and selling stocks at the ourrent price. - VN - 2- Tax disadvantages for fund participants. After the negative factors were removed, mutual funds became attractive investment instruments for the investors. The first reason was that banks could estab lished mutual funds and this ensured people to trust these financial instruments. The other reason was that the interest rates were law in those years. So the in vestors preferred the mutual funds and turned their cer tificate, into money whenever they wanted. But there are still some negative factors that rise from the law. The first one in only banks can es tablish the funds, but it may be posit if if the other stocks corporations can establish funds. The second negative factors is that the big banks can only take 20 % of stocks of their own corporations into their funds. This condition makes it difficult to establish mutual funds for big banks. But these factors may be removed by the change of the law very soon. In addition, Mutual Funds may be used as instruments to make Turkish Capital Market international. There are two models for this. In the. first one, a fund is established by the permission of the government and may be gone into foreign stocks markets. In this model, it is not possible for foreigners to make profit very much. In the second model, it is permitted that fore igners can buy and sell, stocks into their funds in Turkish Stocks Market. But in this case, foreigners take the advantage, of the profit. The most difficult problems of the mutual funds appear during the management of the fund. The main principals in the management of the fund are the dis persion of risk and managing the fund on the base of praperty. So there are some fundamental principals that capital Markets Law has determined. a- The property of fund can only be used for bank to carry out its responsibilities that rise from the fund regulations and law. Fund property can not be pledged and given as a security. Fund can not be pledged by other peohle. b- Neither the manager bank nor the fund can not buy stocks from their own portfolio unless the stocks are 30ld in the stocks market. Fund can not buy the stocks and securities of the manager bank and the participation certificates of the other funds. r vur - Mutual funda also seoarete into two parts accor ding to* their capital's situation of being variable or constant. a- Closed-end : After the mutual funda are es tablished, their capital does not change any longer. Despite the fact that all the participation certifi cates, are sold, if there are new participants, a new fund., is set up with a new capital. In this model, there is no taking back and continous issue. b- Op en- end : Funds do not have obvious capital limit. If there is demand, it meets with taking back certificates. After that new participation certifi cate, are put out. By this way, the capital of fund rises or reduces. In this model when the porticipati- on certificates are presented, it is necessary to pay the money. For this reason, they purschase very liquid stocks from the stock exchange markets. The establishing bank assignes an* advance which defines in the internal regulations to establish a mutual fund and by forming the portfolio participation certificates, are presented to the public. The certi ficate carries out the rights of a person against to the administer bank and it also shows how many- shares a person has. Participation certificates are valuable documents and could be arranged according to their form of order or bearer. It is possible to separate the mutual funds into two parts for the distribution of profit. a- Funds that distribute profit : In this model, the administrator of the fund determines the value and the profit in the end of year. Then, profit is paid to the shareholders. b- Funds thatdo not distribute profit. In this model, the profits of the stocks are added to the funds, and new stocks are purchased. So, the value of the funds and the participation certificates rise. In Turkey, this model is used. - IX c- The manager bank can not buy the stocks of its share holders that have more than 10 % of the bank and the stocks of the corporations of which the chair-.an, general manager and assistant general managers have more than 25 % by oneself or together. In addition the stocks of the bank's corporations can not pass 20 % of the fund's ^.portfolio. d- Mutual funds can not have more than 20 % of an corporation's stocks in their portfolio. When this limit is passed because of changing of the portfolio value of using option right, the passed part should be eliminated, in maximum 6. months. If it is confirmed that it is impossible to eliminate this part in the given time this period may be extended to 3 months. e- The manager bank can not by stocks over the market current price for its fund and sell them under the current price. f- The manager bank and mediator banks are both responsible of the truth of the written declarations about fund requlations or ather docements and things that effect the value of participation certificates. g- The participants can always want to sell back the certificate, at the daily current price. Ministry of Finance can make a decision that this responsibility is not valid for a limited period. h- The manager bank- only in exceptional situa tions and not more than 10 % of fund preperty- informs the Capital Market Committee about to take credit for fund and pay back it. i- The rote rights about stocks in fund portfolio are used by the representatives of the bank. The bank can give this competence to someone a3 exceptional. j- The bank can establish and manage more than one fund. The bank is responsible to follow the fund's property apart from bank's property and acoount for each of them. Fund accounting is a part from the bank. The ma nager bank puslishes balance, sheet, profit-loss table in 3 months after end of accounting period and gives a report to the committee about the contents of fund and developments in that period.