Abstract:The paper analyses common Russian practice of assessment of the effectiveness of the unit investment fund portfolio management based on the risk/return tradeoff. The paper identifies characteristics, advantages and disadvantages of various portfolio risk measures, and introduces the approach to risk assessment based on the analytical coefficient calculations.JEL Classification: D81, E44, G11, G32

We have analyzed Russian and global experience of investing in housing. We reviewed the fundraising models existing in the Russian real-estate market: mortgage and equity construction. The paper analyzes some statistics relating to the state-ofthe-art in housing construction in the Siberian Federal Okrug (SFO), i.e. housing commissioned (m 2), the average price per m 2 in RUB thousand, the scope and value of mortgage loans issued, the number of registered equity construction contracts, mortgage interest rates offered by major banks in the SFO, and data on the numbers of mortgage loans and equity construction contracts. In Russia, the construction market had been on the rise until 2015. In 2016, the SFO and the whole country experienced a decline in construction, which continued into late 2017. The SFO avoided too significant a decline by lowering the mortgage rates, which helped sustain the demand for housing and increase the value of mortgage loans issued. Despite considerable changes in the equity construction legislation, people still tend to purchase housing as close as possible to the commissioning. The paper presents problems arising when raising funds for housing construction or purchase; it also dwells upon possible solutions.