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Introduction. The research relevance is in the need to improve the process of physical education of 5-6 year-old children based on the development of sound quantitative criteria of pedagogical control over the level of motor abilities development. Research purpose is to identify the features of development of general and strength endurance in 5-6 year-old boys and girls and substantiate the standards for their assessment. Materials and methods. The study was carried out with the participation of healthy 5-6 year-old children who do not have medical contraindications for attending physical education classes. The sample size exceeded 1,600 preschoolers in the age group under study. The research methods included motor readiness testing and mathematical-statistical processing of the obtained data. The statistical significance of the differences was determined by Student’s t-test for independent samples and Fisher’s F-test. Research results. The study obtained extensive information about preschoolers’ motor fitness. It was found that 5-6 year-old children are statistically significantly inferior to 6-7 year-old preschoolers in terms of the level of development of general (t=9.57; p

This study shows various methods and indicators for measuring the public sector in the economy using the example of Russian companies that are issuers of securities.

Currently, world science is actively conducting research aimed at analyzing the influence of the modern digital environment on motor fitness, physical development and functional capabilities of preschoolers. Despite the available data, the problem under consideration remains poorly understood, especially in relation to preschool children. The aim of the study is to identify the features of the functional development of children 6–7 years old, taking into account the level of informatization of living conditions. Research methodology. The study involved practically healthy children 6–7 years old. To assess the information load of children when using digital technologies, a modified index of informatization of living conditions was used. The set of physical fitness tests included control exercises to assess speed, speed-strength, coordination motor abilities, flexibility, general and strength endurance. According to the well-known formulas, a double product, Kerdo’s vegetative index, Myznikov’s index, an indicator of the body’s adaptive potential and body mass index were determined. Results. The data obtained indicate that boys, on average, are characterized by a higher indicator of informatization of living conditions in comparison with girls. The differences were revealed, determined by the degree of informatization of living conditions, in terms of general and strength endurance, speed, speed-strength and coordination abilities, physical development, as well as the functional capabilities of the organism. The results of the study give grounds to believe that an adequate mode of physical education, ensuring the satisfaction of the biological needs of children for physical activity, may be the most important factor in increasing their motor fitness, preventing adverse changes in functional development with the active use of digital technologies in everyday life. Conclusions. Analysis of the influence of digital technologies on the functional development of children aged 6–7 years has shown that the features of motor fitness, functional capabilities of the body and physical development of boys and girls aged 6-7 years depend on the level of informatization of living conditions. It turned out that with an increase in the time of using digital technologies in the daily routine, there is a decrease in the considered indicators of the morphological and functional development of children.

Aim. The article aims to identify the effect of regular physical activity of medium and high intensity on the functional status of 5–6 and 6–7-year-old children. Materials and methods. The study involved children assigned for health reasons to the main medical group. A set of indicators characterizing the physiological, psychological, and behavioral aspects of the functional status was used. The experimental programs differed in the intensity of physical exercises. Results. Training programs based on high-intensity physical exercises contributed to a significant improvement in the functional status of the body, autonomic supply, physical performance and physical fitness compared to medium-intensity training programs. Comparison of functional indicators in children revealed that in 5–6-year-old children the level of general activation both in a state of calm wakefulness and under information loads at all stages of the study was higher than in 6–7-year-old children, while physical performance and motor fitness, on the contrary, were lower. Conclusion. The obtained results provide the evidence that 5–6 and 6–7-year-old children making physical exercises of high intensity performed better than those who had exercises of medium intensity as resulted from the degree of positive changes in functional indicators.

The article explores behavior features of different group of private investors on the Moscow and Saint Petersburg stock exchanges. It was found that the change in the size of the biggest group of registered broker clients on Moscow Exchange depended heavily on growth of real income and key characteristics of passive forms of income, such as deposit rates, government bond returns and stock dividend yield. Active broker clients on the Moscow stock exchange mainly focused on more speculative factors, such as equity premium, equity volatility, foreign stocks’ returns and exchange rate. The growth of individual investment accounts depended on factors of both active and speculative forms of income. The quantity of broker clients on Saint-Petersburg Exchange relied on an even wider set of factors, which included not only risk and returns on national markets, but also characteristics of foreign assets and exchange rates. The two Russian exchanges are interrelated. The bond and equity premium growth makes the national market more attractive than foreign assets. The expansion of private investors on the stock market in Russia, which began in 2018, is explained not only by a search for other investment instruments apart from deposits, especially under the ongoing decline in interest rates, but also by a growing interest in individual investment accounts. The latter represent a positive example of state influence on people’s savings through tax policy. Another factor of the raise of private investments was the implementation of modern investment platforms and active promotion of broker services by major banks. The financial crisis which begun in March 2020 can become a serious challenge for millions of private investors who had opened accounts in the previous two years.

The article analyzes the features of the dividend policy of Russian companies. The first part has contained an overview of academic literature and current trends. In the second part we discuss the results of empirical analysis that is based on a sample of 236 joint-stock companies. The motivation of Russian companies for maintaining the attractiveness of their shares during the period of significant increase of risks and volatility led to the growth of dividend yield. However, the increase of allocated profits observed in the largest state-owned enterprises (SOEs) to a large extent resulted from escalation of the tension in government finances. The threat of budget deficit growth led to partial substitution of tax income for dividend income from SOEs. At the same time some factors of uncertainty for SOEs’ operational strategies were increasing, especially those concerning long-term decisions in capital expenditure programs. The results of our analysis reveal that in private companies or SOEs, where the state has a limited influence on the dividend policy, the size of dividend payments to a greater extent depends on their financial performance, cash flows and the availability of promising investment projects. Moreover, the article shows that such companies are more likely to follow dividend smoothing strategies.

The given research is devoted to the comprehensive investigation of physical working capability within the whole range of accessible loads in healthy schoolchildren aged of 7-8 years (n=159). During the working process there were identifiedfive important facts determining the structure ofpupils ’physical working capability in the researched aged group. They include common working capability, aerobic alactant working capability, anaerobic glycolytic working capability, aerobic power and aerobic volume. The pointed out facts except the fact of common working capability, are associated with the maximum, sub maximum, large and medium zones of relative capacity respectively. During the study there were found out the expressed differences between boys and girls according to the development level of aerobic and anaerobic components ofphysical working capability. Therewith the most substantial differences were observed concerning the variables characterizing the working capability in zones of large and medium power dealing predominantly with aerobic muscle activity power supply, and the least valuable ones - in accordance with working indices in the sub maximum power dealing with anaerobic glycolytic system. The received data can be applied in solving practical problems of hygienic rating and control ofphysical loads value of different relative power during the process of physical education as well as in prenosological diagnostics of children’s health on the base of the evaluation of their organism’s adaptative capabilities.

The article analyzes the problems of applying stock pricing models in the Russian stock market. The novelty of the study lies in the peculiarities of the methodology used and the substantive conclusions on the specifics of the influence of fundamental factors on the pricing of shares of Russian companies. The study was conducted using its own 5-factor basic pricing model based on a sample of the most complete number of issues of shares of Russian issuers and a long time horizon, from 1997 to 2017. The market portfolio was the widest for a set of issuers. We consider the factor model as a kind of universal indicator of the efficiency of the stock market performance of its functions. The article confirms the significance of factors of a broad market portfolio, size, liquidity and, in part, momentum (inertia). However, starting from 2011, the significance of factors began to decrease as the qualitative characteristics of the stock market deteriorated due to the outflow of foreign portfolio investment, combined with the low level of development of domestic institutional investors. Also identified is the cyclical nature of the actions of company size and liquidity factors. Their ability to generate additional income on shares rises mainly at the stage of the fall of the stock market. The results of the study suggest that as domestic institutional investors develop on the Russian stock market, factor investment strategies can be used as a tool to increase the return on investor portfolios.

In 2020, after the sudden financial shock in March caused by sales of risky assets by investors against the backdrop of the rising coronavirus pandemic, stock markets in many countries recovered faster than did the economic indicators. The traditional hypothesis that the value of financial assets depends more strongly on future investor expectations than on past events has been confirmed.

Russian Abstract:В настоящем исследовании показаны различные способы и индикаторы измерения государственного сектора в экономике на примере российских компаний, являющихся эмитентами ценных бумаг English Abstract:This study shows various methods and indicators for measuring the public sector in the economy using the example of Russian companies that are issuers of securities.

Today, there is an urgent need to develop simple, reliable and informative methods to measure the informatization level of children’s life that would be suitable for assessing the daily usage rate of computer equipment and digital technologies.

Russian Abstract: В работе рассматриваются различные аспекты измерения государственного сектора в экономике, а также влияние размера государственного вмешательства на эффективность деятельности как корпоративного сектора, так и развитие фондового рынка. Показано, что государственный сектор в России растет по целой совокупности различных мер. Кроме того, получены оценки государственного сектора для выборки стран и выявлено негативное их влияние на все меры развития фондового рынка: капитализацию, объемы биржевых торгов акциями и размеры финансовых активов домашних хозяйств. Было показано, что изменения показателей капитализация/ ВВП, объем биржевых торгов акциями / ВВП и стоимости финансовых активов домашних хозяйств по отношению к располагаемому ими доходу зависит не только от экономических, финансовых и демографических факторов, но и от той роли которую в экономике играет государство. English Abstract: The paper considers various aspects of measuring the public sector in the economy, as well as the impact of the size of government intervention on the performance of both the corporate sector and the development of the stock market. It is shown that the public sector in Russia is growing by a whole set of different measures. In addition, public sector estimates were obtained for a sample of countries and their negative impact on all stock market development measures was revealed: capitalization, stock exchange trading volumes and household financial assets. It was shown that changes in capitalization / GDP, the volume of exchange trading in shares / GDP and the value of household financial assets in relation to their disposable income depends not only on economic, financial and demographic factors, but also on the role that the state plays in the economy.

Russian abstract:Сегодня довольно сложно представить, как будут выглядеть корпоративные и индивидуальные пенсии в России будущего. Однако, вне зависимости от конкретной конструкции этих пенсий, сегодня необходимо понять, что было не так в системе пенсионных накоплений, которая появилась 15 лет назад; почему, в отличие от десятков других развивающихся стран нашей страны, он не принес ожидаемых результатов. English abstract:Today it is rather difficult to imagine how corporate and individual pensions will look like in future Russia. However, regardless of the specific construction of these pensions, today it is necessary to understand what was wrong in the system of pension savings that appeared 15 years ago; why, unlike dozens of other developing countries in our country, it did not bring the expected results.

Fears mount on the global market regarding a “bubble” on the stock market transition of major institutional investors to riskier assets, growth in issuers credit risks. The domestic market demonstrates stock market stagnation against the background of ruble’s depreciation.

Russian Abstract: Проведенная работа была посвящена преимущественно факторам риска на российских рынках акций и корпоративных облигаций, а также исследованию возможностей практического применения знаний о них для изучения возможностей коллективных инвестиций и их анализа. English Abstract: The work carried out was devoted mainly to risk factors in the Russian stock and corporate bond markets, as well as to the study of the possibilities of practical application of knowledge about them to study the possibilities of collective investments and their analysis.

The article reflects the results of research by Russian Presidential Academy of National Economy and Public Administration “Urban projects’ adaptive strategies to changes in legislation and management practices”.The article is devoted to activism focused on urban realm improvement and its specifics in modern Russia. New terminology is proposed for description of bottom-up constructive activism, its major features are summarized, typology is proposed for activities related to urban realm improvement. The article presents results of the research conducted in two cities: Moscow (capital of Russia) and Tomsk (one of major cities in Siberia). The research is focused on management practices of city authorities affecting activists within their projects. Such practices may become resources as well as barriers for citizens on the way to urban space improvement. The research is conducted though in-depth semi-structured interviews with leaders and initiators of urban projects. Theoretic basis for the research are links to major paradigms of sociology of civil society movements. Such terms as internal and external resources and characteristics of political opportunities are used. Examples of “resourcetype” and “barrier-type” management practices are described (according to activists). Specifics of Moscow and Tomsk are highlighted. Major types of contexts for cooperation between bottom-up urban activists and city authorities are suggested: openness, neutrality, dysfunction, closeness (antagonism). Research results can be used for further scientific studies, as well as be practically helpful for urban activists.

This article attempts to estimate the scale of state participation in the Russian economy in temporal dynamics and in comparison with other countries. Our unique methodology suggests a set of alternative approaches to measuring 3 independent components: stateowned enterprises (SOEs), state unitary enterprises and the public administration sector. Our results reveal growth of state involvement in the economy up to 46% of GDP in 2016. The share of SOEs and public administration in GDP rose from 20.2% and 16.9% in 2006 to 25.3% and 19.2% in 2016, respectively, by conservative estimates. A crosscountry comparison suggests that market capitalization, employment and SOEs’ share in GDP are significant and increasing. The share of public administration corresponds to the same estimate for OECD countries, but it is also increasing. The total state share and its growth can be evidence of an alarming trend for the Russian economy. It is 6%-12% higher than the estimate for most developing countries and, unlike in China or India, it keeps growing. This leads to state expansion in the economy, growth of state influence on SOEs and a transfer of noneconomic risks to SOEs. Apart from increasing state involvement in added value creation, the state plays an active role in reallocation of financial resources, and there is some evidence that it is even more significant than the state share in creating added value measured by GDP.

In the last two decades, the massive genome sequencing of strains belonging to the Saccharomyces genus revealed the complex reticulated evolution of this group. Among the various evolutionary mechanisms described, the introgression of large chromosomal regions resulting from interspecific hybridization has recently shed light on the Saccharomyces uvarum species. In this work we provide the de novo assembled genomes of four S. uvarum strains presenting more than 712 kb of introgressed loci inherited from both S. eubayanus and S. kudriavzevii species. In order to study the prevalence of such introgressions in a large population, we designed multiplexed PCR- markers able to survey the inheritance of 8 chromosomal regions. Our data confirm that introgressions are widely disseminated in Holarctic S. uvarum population and are more frequently found in strains isolated from human-related fermentations. According to the origin of the strains (nature, cider or wine related process) some loci are overrepresented suggesting their positive selection by human activity. Except one locus located on chromosome 7, the introgressions present a low level of heterozygozity similar to that observed for nine neutral markers (microsatellites). Finally, most of these loci tested showed an expected Mendelian segregation after meiosis and can recombined with their chromosomal counterpart in S. uvarum.

Russian Abstract: Анализ открытых паевых инвестиционных фондов облигаций проведен за период 2011-2018 гг. Выбор бенчмарков осложнен малым количеством индексов и короткими интервалами их расчета поставщиками индексов. Для оценки эффективности портфелей использованы два подхода: однофакторная модель (аналог CAPM) и многофакторная модель (аналог моделей Кархарта и Фамы-Френча). В многофакторную модель наравне с рыночной премией вошли факторы, представляющие рыночный риск акций, риск дюрации и риск дефолта. Фактор фондового рынка является показателем общих экономических условий, а остальные факторы риска представляют собой риски на рынке облигаций. Большинство премий по исследуемым факторам риска значимо отлично от нуля. Для всех премий высокая волатильность и изменчивость знаков в отдельные периоды означает проявление основного свойства факторных стратегий – необходимости им следовать долгое время. English Abstract: Analysis of open-ended mutual investment bond funds held for the period 2011-2018. The choice of benchmarks is complicated by a small number of indices and short intervals of their calculation by suppliers of indices. To assess the effectiveness of portfolios, two approaches were used: one-factor model (analogue of CAPM) and a multi-factor model (analogue of Carhart and Fam-French models). The multifactor model, along with the market premium, includes factors representing the market risk of equity, the risk of duration and the risk of default. The stock market factor is an indicator of general economic conditions, and other risk factors are risks in the bond market. Most of the premiums for the studied risk factors are significantly different from zero. For all premiums, high volatility and variability of signs in separate periods means the manifestation of the main feature of factor strategies - the need to follow them for a long time.

Russian Abstract: На основании выборки из 213 нефинансовых публичных российских компаний из листинга Московской биржи за период 2005-2017 гг. в работе исследуется дивидендная политика корпоративного сектора России. Протестированы сигнальные и агентские дивидендные гипотезы для российских компаний. English Abstract: Based on a sample of 213 non-financial public Russian companies listed on the Moscow Exchange for the period 2005-2017. The paper explores the dividend policy of the corporate sector in Russia. Signal and agent dividend hypotheses for Russian companies were tested.

Russian Abstract: В работе представлены, собранные на основании отчетности НПФ, данные саморегулируемых организаций и Банка России, длинные ряды рублевой доходности НПФ, включая наши оценки чистой доходности фондов. Данные показатели сравниваются с уровнем инфляции и доходностью портфеля ОФЗ. Подготовлены предложения по совершенствованию публичной отчетности НПФ, которые могли бы помочь стать более доступной для вкладчиков фондов и всех заинтересованных лиц информацию о результатах деятельности фондов. English Abstract: The paper presents data collected from non-state pension funds, self-regulating organizations and the Bank of Russia, long series of ruble non-state pension funds, including our estimates of the net return of funds. These figures are compared with the rate of inflation and the return on OFZ portfolio. Prepared proposals to improve the public reporting of non-state pension funds, which could help to become more accessible to fund investors and all interested parties information about the performance of the funds.

In 2018, the Russian stock market held up its reputation as one of the most volatile markets in the world. In 2018, Russian companies’ stocks turned out to be instruments with highest returns, outperforming 36 world’s largest stock exchange markets, in contrast to 2017, when Russian stocks were at the bottom of the list of stocks with lowest returns. In 2018, the MOEX Russia Index (formerly the MICEX Index) picked up 12.3 percent, whereas the RTS Index lost 7.4 percent. In 2018, the MOEX Russia Index found itself in a small group of stock indices of Brazil, India and Argentina that managed to stay within a range of positive returns (see Fig. 1). While being composed of the same companies, the two of Russia’s indices differ in that the dollar-denominated RTS Index offers bigger returns than the ruble-denominated MOEX Russia Index. Therefore, when the Russian ruble depreciates the ruble-denominated returns on investment in the stocks composing the MOEX Russia Index are higher than the dollar-denominated returns on the RTS Index portfolio.

Russian Abstract: Авторы на основе краткого исторического экскурса анализируют современные приоритеты российской приватизации. В докладе оцениваются размер государственного сектора экономики и целесообразность приватизации некоторых крупных российских компаний с государственным участием в условиях санкций. Показано, что сводные финансовые характеристики компаний с госучастием, как правило, хуже показателей частных компаний и зарубежных конкурентов, а совокупный доход по акциям первых меньше минимальной рыночной доходности по акциям. Эмпирическая часть доклада подготовлена по материалам выборки из 265 крупнейших частных и государственных российских компаний, по которым доступна публичная финансовая отчетность. English Abstract: The authors, on the basis of a brief historical excursion, analyze the current priorities of Russian privatization. The report assesses the size of the public sector and the feasibility of privatizing certain large Russian companies with state participation in the context of sanctions. It is shown that the consolidated financial characteristics of companies with state participation, as a rule, are worse than those of private companies and foreign competitors, and the total return on the shares of the former is less than the minimum market return on shares. The empirical part of the report is based on a sample of 265 largest private and state-owned Russian companies for which public financial reporting is available.

The article aims at revealing the functional state of girls aged between six-seven and 10-11 years with a generally high level of key motor skills due to the intensive use of digital technologies. Experimental studies comprised practically healthy girls aged between six-seven (n>1,200 and n=60) and 10-11 years (n>1,000 and n=74). To assess the information load of children, the authors of the article determined the total screen time and the digitalization of their living conditions. The level of digitalization was studied based on a modified Informatization Index (Imod). The heart rate and blood pressure were recorded. Based on these measurements, the authors calculated average pressure, the vegetative index of Kerdo, double product, the Myznikov index and changes in the functional index. They measured chest circumference, the length and weight of the body to calculate the body mass index. The battery of motor fitness tests included a 30-meter sprint, front bend, three sets of a 10-meter shuttle run, sit-ups, a long jump, a 6-minute run, PWC170. Physical activity was studied using the adapted questionnaire “Global Physical Activity Questionnaire (GPAQ)” and the timing of motor actions. During the intensive use of digital technologies, girls aged between six-seven and 10-11 years with a high level of motor abilities could be characterized by the most favorable functional state of their body in comparison with the same children with insufficient motor fitness. They had the hypertonicity of the parasympathetic division of the vegetative nervous system, the predominance of the autonomous regulation of the heart rate over central regulation, the expanded adaptive capabilities of the organism, harmonious physical development and high physical activity. The study results give reason to believe that an increase in the level of motor fitness of preschoolers and primary school children can have a significant effect on improving the functional state of their bodies due to the intensive use of digital technologies.

The research purpose is to find out the influence of physical working capability level appeared at the maximal zone, submaximal, high and reasonable power to organism’s functional state and effectiveness of intensive cognitive activity among children at critical periods of development under the conditions of informative-educational environment of modern school. 6-7 aged children (n=134) and 11-12 aged immature girls (n=221) related by the health state to the main medical group have taken part in the research. The research results allow to make a conclusion that at critical periods of development the physical working capability causes a significant influence on children’s FS changes under intensive cognitive activity. A high level of aerobic and anaerobic glycolytic capabilities appeared predominantly at reasonable zones, high and submaximal power on one hand and a high level of anaerobic alactic capabilities appeared in the maximal zone power on the other hand provide the opposite functional effect. The first ones provide the decrease of extra psychophysiological reactivity, increase of intensive cognitive activity effectiveness, and possible, the personal anxiety decrease, the second ones in opposite provide predominantly hypermobility of autonomic systems of 6-7 supply of activity. The obtained data show that the improvement of intensive cognitive activity effectiveness among children and their FS normalization at the conditions of informative-educational environment of modern school can be reached on the base of directed and balanced increase of physical working capability at different zones of relative power.

Russian Abstract: На основании показателей выборки из 146 российских публичных компаний за период с 2006 г. по 2016 гг. в статье исследуются тенденции в сфере их дивидендной политики. Были выявлены существенные отличия в дивидендной политике частных компаний и КГУ. Начиная с 2007 г. зафиксирована стабильная тенденция переноса сроков выплаты дивидендов по итогам прошлого года на более поздний период времени внутри текущего года. В работе показаны разные модели дивидендной политики частных компаний и КГУ в зависимости от изменения рентабельности капитала и уровня долговой нагрузки. У КГУ зависимость между коэффициентом дивидендных выплат относительно чистой прибыли и рентабельностью капитала являлась значимой и отрицательной, в то время как у частных компаний она была незначима. Было установлено, что на процесс принятия решения о произведении дивидендных выплат в текущем году влияние прямой или суммарной государственной доли незначимо, а влияние косвенной доли значимо и положительно. Косвенное владение позволяет выплачивать дивиденды, которые являются следствием более эффективного управления и повышенности финансовой результативности. Также результаты оценки подтверждают, что финансовая эффективность и наличие притока денежных средств после учета инвестиционной программы ведет к росту вероятности дивидендных выплат. English Abstract: Based on the sample numbers from 146 Russian public companies for the period from 2006 to 2016, in the article tendencies in the sphere of their dividend policy are investigated. Significant differences in the dividend policy of private companies and KSU were revealed. Since 2007, there has been a stable trend of postponing the payment of dividends for the last year for a later period of time within the current year. Different models of the dividend policy of private companies and KSU are shown in the paper, depending on changes in the profitability of capital and the level of debt load. At KGU, the relationship between the dividend payout ratio relative to net profit and the profitability of capital was significant and negative, while for private companies it was insignificant. It was established that the influence of direct or total state share is insignificant on the process of making a decision on making dividend payments in the current year, and the influence of the indirect share is significant and positive. Indirect ownership allows you to pay dividends, which are the result of more effective management and increased financial performance. Also, the results of the assessment confirm that financial efficiency and the availability of cash inflows after accounting for the investment program lead to an increase in the probability of dividend payments.

Russian Abstract: Авторами проведен анализ эффективности управления портфелями пенсионных накоплений НПФ за 2005-2016 гг. Показано, что на долгосрочном временном интервале портфелям пенсионных накоплений в НПФ пока не удалось переиграть инфляцию. Существенным остается разрыв между доходностью портфелей НПФ и доходностью инвестирования пенсионных накоплений на индивидуальных пенсионных счетах граждан в НПФ. Исходя из сложившейся структуры портфелей пенсионных в НПФ была рассчитана потенциальная доходность их портфелей, которая оказалась почти на 3 процентных пункта выше фактической доходности от управления данными портфелями, публикуемой НПФ. Анализ доходности портфелей НПФ с учетом риска показал, что на 10-летнем временном горизонте доходность фондов лежит близко к множеству оптимальных портфелей по Марковицу. Это говорит о том, что основная проблема в эффективности портфельного управления пенсионными накоплениями лежит не в результативности самих НПФ, а ограниченности инструментов внутреннего рынка с точки потенциала доходности и риска. English Abstract: The authors conducted an analysis of the effectiveness of managing the pension savings portfolio of APF for 2005-2016. It is shown that in the long-term time interval, pension accumulation portfolios in APFs have not yet managed to outbid inflation. The gap between the profitability of APF portfolios and the profitability of investing pension savings on individual pension accounts of citizens in APF remains significant. Based on the existing structure of pension portfolios in APF, the potential profitability of their portfolios was calculated, which turned out to be almost 3 percentage points higher than the actual yield from portfolio management published by APF. The analysis of yields of APF portfolios taking into account the risk has shown that at a 10-year time horizon, the profitability of funds lies close to the set of optimal portfolios for Markowitz. This suggests that the main problem in the effectiveness of portfolio management of pension savings lies not in the effectiveness of the APF itself, but in the limitations of the instruments of the domestic market from the point of potential of profitability and risk.

Two main channels can be pointed out whereby the state participates in value added chains: through the operation of companies with state stakes, and through the services (in a broader sense of the work) produced by enterprises with state stakes and budget-funded organizations. Consequently, the assessment of the state sector scope inside the national economy consists, as a rule, of two components: an analysis of the relative share of biggest companies with state stakes – state-owned enterprises (SOE) in a country's aggregate economic statistics (the scope of state ownership); and an estimation of the input of the general government sector (GGS) in GDP.

The paper analyzes the impact of regulation and supervision on the effectiveness of investment of pension savings based on international practice. It examines the factors which can potentially affect the real return of pension portfolios in different countries. The authors study the impact of more liberal investment limits on the composition and structure of pension investment portfolio, as well as anti-inflationary policy, on raising the real return. They also examine the factors which predict the degree of severity of asset allocation requirements for pension portfolios in different countries, and estimate the likelihood of their relaxing for Russian pension funds and managing companies.

Hysteresis loops were plotted and dependence of coercive field, residual saturation magnetization and saturation magnetization on size of the Co-Au core-shell nanoparticles were calculated within the developed model. It was shown that decrease in the size of nanoparticles leads to decrease of the abovementioned characteristics. Calculated values of the hysteresis characteristics ​​are in good agreement with the experimental data.

In this paper an attempt on the basis of the theory of mobile cellular automata to develop a model of motion of magnetic nanoparticles in human organs and tissues. In the framework of the method of movable cellular automata, the simulated system (tissues and organs) is represented by an assembly of interacting automata (elements of finite size). The concept of the method is based on the introduction of a new state type – the state of a pair of automata. Setting various parameters of the medium (tissues and organs). We can vary behavior of these particles in these mediums.

An adequate composition of induced anisotropy with crystallographic and form anisotropy was held. A criterion of magnetic uniaxiality of a cubic crystal was set. Critical fields of nanoparticles magnetization reversal were calculated. The study showed that critical fields may vary in non-monotone way depending on a volume of induced anisotropy.

The resources of pension and investment funds for mobilizing domestic savings are particularly important in attracting investment and carrying out large-scale privatization considering restrictions associated with the sectoral sanctions. With all the limitations and disadvantages, the existing non-state pension funds and mutual funds managed by private companies have significant potential in dealing with problems of domestic savings provided stable macroeconomic environment is maintained.

Russian Abstract: В настоящем исследовании рассмотрены пути повышения результативности управления портфелями пенсионных накоплений в Российской Федерации.В нем изучены факторы, влияющие на реальную доходность пенсионных портфелей в разных странах; показана роль более либеральных требований по составу и структуре портфеля пенсионных накоплений, а также антиинфляционной политики в повышении реальной доходности инвестиций. Впервые на примере портфелей пенсионных накоплений и взаимных фондов в России показана ключевая роль в доходности данных портфелей фактора распределения активов по сравнению со стратегиями активного управления. Отдельно рассмотрены факторы, предопределяющие жесткость требований по составу и структуре активов пенсионных накоплений в разных странах, и оценена целесообразность смягчения этих требований для НПФ и управляющих компаний.English Abstract: The present study examined ways to improve the efficiency of portfolio management of pension savings in the Russian Federation.It examined the factors affecting the real return of pension portfolios in different countries; The role of a more liberal requirements on the composition and structure of the portfolio of pension savings, as well as anti-inflationary policy in raising the real rate of return on investment. For the first time on the example of the portfolios of pension savings and mutual funds in Russia is a key role in the profitability of these portfolios factor asset allocation compared with the strategies of active management.Separately considered determinants of stiffness requirements on the composition and structure of assets of pension savings in the different countries, and assess the feasibility of mitigating these requirements for pension funds and asset management companies.