Alexander A. Lomonosov Performance and Investment Strategies of Closed-End and Interval Unit Investment Funds in Russian Financial Market

DOI: 10.38050/2078-3809-2026-18-3-117-136

Abstract

This article examines the operations of closed-end and interval unit investment funds (CEUIFs and IUIFs) in the Russian financial market, with a focus on their investment strategies. The study demonstrates that CEUIFs and IUIFs are major players in the securities market, investing across various asset classes through active strategies, including long-short positions, arbitrage techniques, and leveraged trading. The empirical analysis employs index-based methods and the single-factor CAPM model, revealing the model’s strong explanatory power in assessing fund returns. The findings indicate that the performance of most funds is predominantly market-dependent. However, an analysis of a sample of the 30 largest funds (with assets under management exceeding RUB 1 billion) shows that their asset management proved more resilient during crisis periods and outperformed the market on several metrics. The study’s results hold significant practical value for financial market participants and contribute to further research in collective investment vehicles and asset management efficiency.

Keywords: collective investments, unit investment funds, investment fund returns, investment strategies, CAPM model.

JEL: C23, E44, G20, G23.

For citation: Lomonosov, A.A. (2026) Performance and Investment Strategies of Closed-End and Interval Unit Investment Funds in Russian Financial Market. Scientific Research of Faculty of Economics. Electronic Journal, vol. 18, no. 3, pp. 117-136. DOI: 10.38050/2078-3809-2026-18-3-117-136.

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