The objective of the paper is to analyze the activities of Russian mutual funds of real estate and the development of the collective investment industry. To do this, we compare the results of the activities of the Russian mutual funds of real estate with analogues existing in the United States (REITs). We show that such mutual funds of real estate take an important place in the Russian financial system. But the average annual profitability of the closed-end investment fund of real estate in Russia was 6.14 % during 2013–2017, which did not exceed inflation (7.73 %) and the yield on bank deposits (7.86 %). The USA’s REITs profitability over the same period was 9.9 %, which is several times higher than inflation (1.32 %) and deposit profitability (0.6 %), which explains the popularity of this collective investment instrument among the population in the United States. The assets of the mutual funds of real estate in Russia are many times less than the analogues in the USA. The advantage of REITs is that their shares are freely traded on the stock exchange. For the purchase or sale of shares of the closed-end investment fund of real estate, you need to catch the moment of the beginning of the formation or termination of the fund's activity, respectively, and shares are rarely circulating on the exchange. For the period 2015–2017 inflation in Russia drops significantly, reaching 2.51 % in 2017. Together with it, the rates on deposits gradually decrease. If this trend continues, investment in the closed-end investment fund of real estate will become more attractive. The factor of growth of the Russian mutual funds of real estate could be the amendments to the Federal Law No. 214 “About Participation in Shared-Equity Construction of Apartment Houses…”

Today, strategic planning is widely used in the contemporary Russian public administration practices for regional socio-economic development. Since 2005, the regions have started to develop their own economic strategies, most of which were adopted before 2020, so it is not too soon to sum up the implementation results of regional strategies for this period, i.e. assessment of target values of socio-economic indicators, implementation of socio-economic projects, completion of the construction projects provided for in the strategic planning documents. The paper analyzes the achievement of certain targets indicators in the development strategies of the Republic of Tuva and the Novosibirsk Region. Currently, the mechanism to monitor the implementation of strategic documents is not well developed. The development of such a monitoring procedure would make it possible to turn the strategy from a “goal setting document” into an effective tool for the public and non-government organizations to evaluate the efforts of regional executive bodies towards promoting socio-economic development of the region. The development of performance assessment methodologies is complicated by the impossibility to apply a uniform strategic methodology because the strategies are different for each region.

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After the transition to program-targeted management methods in the Russian Federation, government programs have been actively developed at the federal and regional levels since 2013. Currently, it is of scientific interest what is the current state of these programs and how objectively they are evaluated using existing methods. Each region independently develops both government programs and methods of their evaluation. In this paper, using the example of the methodology for evaluating the effectiveness of the government program on Development of the Economy and External Relations in the Kursk region, the weights of the indicators of the government program in the final evaluation of the effectiveness of the program are calculated. For comparison, the results of calculations of the weights of the indicators of the government program for the Republic of Buryatia on Economic Development and Innovative Economy are given. The results obtained can be used in the development of methods for evaluating government programs at the federal and regional levels. The paper also shows the problems of creating government programs at the level of the subjects of the Russian Federation, such as a weak connection with the strategic goals of the socio-economic development in regions, an excessively large number of target indicators and their insufficient validity, high and insufficient validity of the weight indicators of individual subprograms and activities, and insufficient funding of programs in comparison with the stated goals. To improve the effectiveness of government programs, it is necessary to develop standards for such programs, as well as information disclosure standards, which would allow an independent assessment of their effectiveness.