Performance of Mutual Funds

This study evaluates the performance of Turkish type-A equity mutual funds and growth equity pension funds for the period between 01.01.2009 and 31.12.2015, using the Sharpe, Sortino, Treynor, Jensen, and Information ratio models, followed by the TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) model, which combines the previously mentioned evaluation techniques to reach to a comprehensive ranking of the funds. In addition, the study tests the ability of fund managers to outperform the market using Jensen's alpha and Treynor-Mazuy models. In this study, a total of 15 type-A mutual funds and 10 growth equity pension funds have been evaluated and ranked. After using the Jensen's alpha and Treynor-Muzay models, the results, in general, indicate that the managers of these funds do not possess the ability to outperform the market neither by stock selection nor by market timing. For market timing, only one pension fund has a statistically significant measure implying that its management possesses the ability to time their investments according to their expectations of the future movements of the market. On the other hand, only one mutual fund shows to have outperformed the market by stock selectivity while statistically significant at the 1% level. The study also ranked the mutual and pension funds using the Sharpe, Sortino, Treynor, Information ratio and Jensen models, followed by the TOPSIS model. On the average, pension funds seem to outperform mutual funds when Treynor, Information, and Jensen models are considered. While, when Sharpe and Sortino models are considered, mutual funds seem to outperform pension funds. In addition, it seems that mutual funds outperform pension funds when all measures are combined using the TOPSIS model.

Mutual fund management companies have offered to reduce the absolute level of fees and alter the fee structure as a step to reaching a settlement with the New York Attorney General. This has raised questions about how these changes will impact the future profitability of the funds, and the prospects of new money inflows. In this article, Duke and Upadhyay analyze the factors in the mutual fund industry affecting the demand from investors, the follow-on reaction of the mutual fund management companies, and the anticipated impact on the investment and marketing performance of the funds. They suggest that while increasing the size of the fund may be good for economies of scale and increasing earnings from the fees associated with fund management, it may not be good for the fund's overall investment and long-term marketing performance.

The Growth rate of investment in mutual funds has exceptionally increased over the last decade. Many studies have compared between the performances of conventional and Islamic mutual funds in the developed markets and only a few have studied emerging markets. The aim of this study is to focus on the investigation of the factors affecting and the performance of Islamic mutual funds in comparison with their conventional counterparts in Egypt as an emerging market in mutual funds generally and Islamic mutual funds specially. The main objective of this study is to investigate the factors affecting the financial performance of Islamic mutual funds (IMFs) in comparison with the conventional mutual funds (CMFs). Risk and return relationship is evaluated relative to market benchmark over an 8-year period from January 2006 to December 2013 divided into pre-financial crisis phase (27 months), during financial crisis phase (45 months) and post-financial crisis phase (24 months). The data cover...

An empirical study on the mutual funds’ performance of ICB closed ended mutual funds in Bangladesh market by using statistical approach is presented in this paper. On 30 June 2013 the market value of the ICB mutual funds exceeded 29681.57 lac.tk invested by more than 19799 people. Therefore, the performance by the mutual funds is of great interest to a large proportion of the Investors, and along with the huge amount of money managed by the ICB mutual funds, it is very important to shed light on the returns that the mutual funds are able to obtain. In this paper an attempt has been made to study the performance of ICB mutual funds based on risk return relationship models and measures. The study conducted on 8 mutual funds of ICB from the time period of fiscal 2013 to 2014. The analysis is made on the basis of mean return, beta risk and coefficient of determination, Sharpe ratio, Treynor ratio, and Jensen alpha, and Fama’s measure. From the empirical results suggest that there significant evidence that the funds are earning less on an overall basis compared to their risk category. Most of the mutual funds are underperforming. In this paper the relation between the market return and risk free return has been analyzed of the study period with the help of regression analysis. The test results suggests that there is no significant evidence that the funds return during the period is related to the return earned from the market portfolio taken as benchmark for analysis.

We are indebted to the mutual funds for providing access to their detailed data. Also, we are indebted to the Ontario Securities Commission, and in particular Minami Ganaha, Rhonda Goldberg, Chantal Mainville, and Dennis Yanchus, for their help with facilitating data collection.

In the current complex financial scenario, mutual funds are an ideal investment vehicle to the small investors. Mutual funds which have been operating for
greater than five years and performing during the period of study (i.e. 2003 – 2007) are selected for the present research. The sample for the study consists of 340
mutual funds belonging to four categories - Money market category funds, Debt Category Funds, Equity category funds and Balanced category funds. These are
further classified into private and public mutual funds. The performance of selected funds is evaluated using average rate of return of fund, standard deviation,
Risk/Return, Sharpe Ratio, Treynor ratio and Jensen ratio. Benchmark comparison is also made as it indicates to what extent the fund managers were able to
produce better performance of managed portfolio compared to the market or index portfolios.

The main purpose of this paper is to identify the effectiveness of working capital in terms of short-term liquidity of the private sector steel companies in India. Since LPG, to ensure swift economic development it was deemed essential that a sound steel production program with private sector on a formidable basis must be formulated. To some extent the priority given by the country failed to flourish due to poor capacity, under-utilisation and poor consumption. Working capital in terms of liquidity is accountable for poor capacity, under-utilisation and 2 poor consumption. There exists a relationship between liquidity and profitability indicators.

The main purpose of doing this project was to know about mutual fund and its functioning. This helps to know in details about mutual fund industry right from its inception stage, growth and future prospects.
It also helps in understanding different schemes of mutual funds. Because my study depends upon prominent funds in India and their schemes like equity, income, balance as well as the returns associated with those schemes.
The project study was done to ascertain the asset allocation, entry load, exit load, associated with the mutual funds. Ultimately this would help in understanding the benefits of mutual funds to investors.

In today's volatile financial world Mutual Funds provide professionally managed, safe and less risky option for investment to the investors, that's why throughout the world Mutual Funds are an attractive and most invested option of investment. But in Pakistan Mutual Funds are a relatively new market, less research and less known option by the investors. Therefore, the main purpose of this research project is to analyze different demographic factors that impact an investor's awareness level towards mutual funds and to analyze different factors that shape the investor's perception and their inclination of investment in mutual funds. Quantitative research method is used in this research with a sample of 150 respondents. Based on the sample responds it is found that different demographic factors such as age and education level play a significant role in increasing the awareness of investors about the investment options. Whereas the factors like transparency, fund's reputation and risk management are involved in shaping the investor's perception. This research can help mutual funds organization to better understand the perception of investors towards mutual funds.

A Mutual Fund is a professionally managed collective investment scheme that pools money from many investors and invests typically in securities (stocks, bonds, short term money market instruments, other mutual funds and other securities) on behalf of the investors/unit holders and distributes the profits. In other words, a mutual fund allows an investor to indirectly take a position in a basket of assets.
Bangladesh has a small community of 29 merchant banks licensed by the SEC. These merchant banks lack skilled personnel and possess too small a market share to exert any impact in the domestic capital market. The pool of organized investment funds is miniscule hence the merchant banks have failed to build up a viable retail client base. Complementing the role of merchant banks are 323 securities firms that are members of the stock exchanges. These companies suffer from low capitalization, weak governance, and inefficient operations. Here were the corporate governance plays a big role. It is the system by which companies are directed and controlled. It considers such matters as how board of directors operate the role of executive, compensation in determining firm performance, and the role of multiple shareholders. Corporate governance in financial intermediary’s (mutual funds) in Bangladesh is a paramount issue as economic reforms have not only increased growth prospects, but they have also made markets more competitive. This means that in order to survive companies will need to invest continuously on a large scale. And due to this large scale investment it is imperative for firms to rely on capital markets to a greater degree for their needs of additional capital. Simultaneously, the increasing institutionalization of the capital markets has enhanced the disciplining power of the market. In case of mutual funds it’s applicable that they will invest in these shares and it’s important that there is good corporate governance to make sure.............

The main purpose of this paper is to present mutual funds historical background and growth trends in Indian mutual funds. The paper is purely based on secondary data collected from SEBI bulletins, mutual funds websites and previous research articles. The evolution of mutual fund industry in India is shows in phase wise developments from 1964 to till date. Growth trends in mutual funds industry in India is based on the gross mobilization from 2001-02 to 2016-17, scheme wise fund mobilization from 2002-03 to 2016-17, scheme wise resource mobilization from 2011-12 to 2016-17 and the paper also discusses in a nutshell the differences between mutal funds and banks. The analysis shows that The Indian Mutual Fund Industry has recorded Rs. 13,460 billion Assets under Management (AUM) by December 2015 and is reporting a steady growth till date, total gross mobilization in terms of crores has increased from Rs.1,64,523 in 2011-02 to Rs.1,76,15,549, net scheme wise resource mobilization has increased from (Rs 22,024) mn in 2011-12 to Rs.3,43.049 mn in 2016-17.

The study examines the performance of 37 mutual funds distributed over six broad portfolio classes traded on the Nigerian Stock Exchange using monthly data from January 2012 to December 2015, with a view to evaluating the stock selection skills of the fund managers. Their performance was evaluated using the Sharpe and Treynor ratios and Jensen's Alpha measure. The results showed that the market generally generated negative risk premium and the mutual fund portfolios similarly generated negative mean excess return, failing to compensate investors for investing in risky assets. The Sharpe, Treynor and Jensen's Alpha measures showed that the funds consistently failed to provide superior risk-adjusted returns and so fund managers cannot claim to have demonstrated any form of stock selection or portfolio diversification skill.

Indian mutual fund industry is experiencing tremendous growth, which is the outcome of infrastructural expansion and advancement in India. This paper contributes to the mutual fund performance literature by bridging the gap of an empirical research based on determinants of mutual fund family as a predictor of mutual fundperformance in the context of Indian mutual fund industry.In preference to treating mutual fund as an entirely independent entity, it has been treated as a larger group, the mutual fund family. It has been witnessed that creating multiple mutual funds is somehow inefficient. So, to overcome the inadequacy associated with single stand alone funds, fund family concept has been launched. This paper encapsulates the central line of reasoning of mutual fund separation theorem and with this foundation it presents the influential factors which contour the fortune of a fund family and its associated funds in the Indian market in the form of an analytical graphical model which represents a set of variables and their interrelationships on the basis of structured questionnaire based on Inductive approach and Likert scale method of responses. Along with this, effect of demographic variables on investor's decision have also been analyzed.A sample size of 200 based on stratified sampling technique has been considered, which have been bifurcated as 100 mutual fund professionals and 100 mutual fund investors.PCA Method of Exploratory Factor analysis has been used for data analysis. Sampling frame considered for data collection are the mutual fund professionals along with mutual fund investors from Delhi/ NCR. Results of the study reveals that compared to stand alone funds, a fund family has a greater flexibility in reallocating its human and other resources in response to market opportunities and its performance is mainly affected by factors like fund family returns, market coverage, economies and management structure of fund family.Along with this demographic variables also play a very crucial part in framing the psyche of an investor about any investment avenue, especially mutual funds. As mutual funds are in an embroyonic stage in India as compared to global market.

Mutual Fund Investment: is it a panacea or a peril? The fascination about mutual fund investment has attracted many investors since its inception due to its perfect arbitration between risk and return. Till December 2013, the total investment in mutual fund industry stood at ₹8,765,220 million and is growing at a rate of around 11 per cent every year. Whether these investment made into mutual fund are giving better return or are the fund managers efficient? This article has made an effort to understand and analyze the risk and return performance, stock selection ability and market timing ability of the fund managers for the period January 2008 to December 2013. Five Indian asset management companies were selected and their equity fund’s performance were tested by applying certain statistical measures like beta, Treynor ratio, Jensen’s alpha, Henriksson–Merton model. From a sample size of 41 equity funds, we found very few funds with superior return while average stock selection ability and almost no market timing ability found.

methodologies to be used, estimation procedures and analytical tools, interpretation of results. This chapter, A mutual fund is an entity that pools the money of many therefore, focuses on both theoretical and empirical literature investors and invests in different securities. Investments may to understand the need for regulation, the form of regulation, be in shares, debt securities, money market securities or a approaches to risk and performance assessment of funds and combination of these. Those securities are professionally also estimating cost functions. Mutual funds play a crucial role managed on behalf of the unit-holders, and each investor holds in reducing risk and transaction cost while investing in the a pro-rata share of the portfolio i.e. entitled to any profits when stock markets. The pioneering work on the mutual funds in the securities are sold, but subject to any losses in value as U.S.A. was done by Friend, et al., (1962) in Wharton School of well. There are lots of benefits in investing in mutual funds Finance and Commerce for the period 1953 to 1958. like; professional investment management, diversification, low cost, convenience, flexibility, liquidity and transparency Friend, et al., (1962) made an extensive and systematic study etc. Mutual funds are ideal vehicles for individual investor of 152 mutual funds and found that mutual fund schemes who don't have the time, willingness or ability to manage their earned an average annual return of 12.4 percent, while their own portfolio of bonds and stock.

The main purpose of doing this project was to know about mutual fund and its functioning. This helps to know in details about mutual fund industry right from its inception stage, growth and future prospects.
It also helps in understanding different schemes of mutual funds. Because my study depends upon prominent funds in India and their schemes like equity, income, balance as well as the returns associated with those schemes.
The project study was done to ascertain the asset allocation, entry load, exit load, associated with the mutual funds. Ultimately this would help in understanding the benefits of mutual funds to investors.

Mutual fund industry is responding very fast in Indian financial market in last ten years as it provides more promising solutions to the investors. According to data from the Association of Mutual Fund India Asset Under Management (AUM) of the Indian Mutual Fund industry as of 30th September,2020 stood at rupees 26.85 trillion. The AUM of the Indian Mutual Fund industry has stood rupees 6.57 trillion as of September 30,2010. Indian mutual fund industry grown about 4 folds in 10 years. The Indian mutual fund industry over the year seen a dramatic improvement in terms of quantity as well as quality of the product and service offerings in recent years. This study made an attempt to analyze the performance of selected Debt, Equity and Hybrid fund schemes and compare the performance of selected Debt, Equity and Hybrid mutual fund schemes, measure the risk- return relationship and market volatility of the selected mutual fund schemes. The evaluation was achieved by using various financial tools like: Rate of Return, Standard Deviation, Beta, Sharpe Ratio, Jenson ratio, Treynor Ratio. The data was collected from the various authorized websites and factsheets of funds. This analysis concluded that majority of the funds selected for the study are average or below the average performer in CRISIL Rank. From selected funds Debt Mutual Fund schemes are best performer in CRISIL Rank. Majority of the funds outperformed in Sharpe, Treynor and Jenson ratio.  Key words: Mutual fund, Debt funds, Equity funds, Hybrid funds, CRISIL Rank, Sharpe, Jenson, Treynor ratio

The research paper aims to provide clarity on the role fees play in terms of the
performance achieved by these funds and to determine what the relationship is between
fee structure and performance achieved by equity retail funds in the UK. It will also identify
if the fund fee structures create value for money in terms of their performance and
realised returns for their investors.

The present research aims to an overview of the mutual fund in Egypt. The establishment of the first mutual funds was achieved in 1994. Nowadays, the total mutual funds reached 90 funds , approximately. The income funds represent the largest share of the Egyptian mutual funds (40%), growth funds (25%) and the private equity funds is at least (1%). The population of the study was 22 Egyptian mutual funds. Finally, the study found that Egyptian mutual funds have an impact on fund return, total risk and systemic; when analysis relationship between risk and return. The study found influencing for mutual fund's objectives on Sharpe and Terynor ratios.

Mutual fund industry has experienced a drastic growth within the past twenty years. Increase within the number of schemes with increased mobilization of funds in the past few years provide benefits to the importance of Indian mutual funds industry. To satisfy the expectations of many retail investors, the mutual funds are required to function as successful institutional investors. Proper assessment of varied fund performance and their comparison with other funds helps retail investors for creating investment decisions. This paper examines the performance of mutual fund schemes ranked 1 by CRISIL and compares these returns with SBI domestic term deposit rates. While considering the interest of retail investors simple statistical techniques like averages and rate of returns are used. The results obtained from the study clearly depicts that, in most of the cases the mutual fund schemes have failed even to supply the return of SBI domestic term deposits.

Use of environmental, social and corporate governance (ESG) scores as investment selection criteria is gaining recognition throughout the world. It is claimed that companies complying with the ESG mandates are likely to deliver a sustainable performance over long term and hence, investors looking for attractive opportunities for long term investments should certainly consider investment products such as mutual fund schemes built around the ESG philosophy. Following its global peers, India also have joined the bandwagon of ESG investing in the fields of mutual funds. Since the thematic sector is yet to be explored fully, investment in this category is expected to provide lucrative return in the years to come. In this context, the present article attempts to investigate the growth of ESG funds in India as well as to analyze the performance of existing funds in the category. The study finds a phenomenal growth of these funds in terms of number of schemes, average AUM and inflow. Based on risk adjusted performance metrics, the study reveals that majority of the funds have beaten the market portfolio in 2021 as well as for the period since inception.

The Growth rate of investment in mutual funds has exceptionally increased over the last decade. Many studies have compared between the performances of conventional and Islamic mutual funds in the developed markets and only a few have studied emerging markets. The aim of this study is to focus on the investigation of the factors affecting and the performance of Islamic mutual funds in comparison with their conventional counterparts in Egypt as an emerging market in mutual funds generally and Islamic mutual funds specially.  The main objective of this study is to investigate the factors affecting the financial performance of Islamic mutual funds (IMFs) in comparison with the conventional mutual funds (CMFs). Risk and return relationship is evaluated relative to market benchmark over an 8-year period from January 2006 to December 2013 divided into pre-financial crisis phase (27 months), during financial crisis phase (45 months) and post-financial crisis phase (24 months). The data covers 34 mutual funds from Egypt, consisting of 9 Islamic mutual funds (IMFs) and 25 Conventional mutual funds (CMFs) covering only open-end equity funds for the purpose of standardization and relativity of the comparison. 

The analysis focuses on risk and return performance, and the impact of funds attributes including age, size, objective, systematic risk and total risk . The study employs Sharpe, Treynor and Jensen models as risk-adjusted performance measures. The study concludes that the performance of IMFs is not significantly different from the CMFs counterparts in the pre-financial crisis phase, during the financial crisis phase, or the post-financial crisis phase. Both IMFs and CMFs outperformed the market index (EGX30) in the pre-Financial Crisis phase and the post-Financial Crisis phase but underperformed the market index during-the Financial Crisis phase. Moreover, both IMFs and CMFs outperformed the T-bill rate in the pre-Financial Crisis phase but underperformed the T-bill rate during-the Financial Crisis phase and the postFinancial Crisis phase. Total risk and systematic risk significantly affect the performance of mutual funds. Income & Growth objective is an important variable that is accompanied with an increase in the performance of the fund. Growth objective and Age also play significant roles in interpreting the performance of mutual funds.

Using a matched-pair approach, this study investigates the performance of faith-based and secular SRI funds in the United States from 2007 to 2015. It finds that neither faith-based nor secular SRI funds systematically underperform similar conventional funds. Faith-based funds tend to be small and share with similarly-sized conventional funds the challenge of attaining sufficient size to fully exploit economies of scale in investing. Given the extent of the market for faith-based investing on a global level, it is possible that this handicap might disappear as this segment of the investment industry develops.

The Mutual Fund Industry is a fast growing sector of the Indian Financial Markets. They have become major
vehicle for mobilization of savings, especially from the small and household savers for investment in the capital market.
Mutual Funds entered the Indian Capital Market in 1964 with a view to provide the benefit of diversification of risk, assured
returns, and professional management. A mutual fund is a special type of investment institution that acts as an investment
conduit. It pools the savings, particularly of the relatively small investors, and invests them in a well diversified portfolio of
sound investment. Mutual fund issue securities to the investors in accordance with the quantum of money invested by them.
The profit or losses are shared by the investors in proportion to their investments. The investment intermediary offer a
variety of services to the relatively small investors who on their own cannot successfully construct and manage an investment
portfolio mainly due to the small size of their funds, lack of expertise and experience. This paper attempts to analyse growth
of mutual funds for last twelve year period i.e. March 2000 to March 2011.Growth of Indian mutual funds is presented by
the parameters: 1. Growth of Asset Under Management 2. Asset Under Management Institution Wise 3. Sector wise mutual
fund sales 4. Sector wise mutual fund redemption 5.Scheme wise resource mobilization by mutual fund and 6. Total Number
of Schemes.

Mutual Fund as an institutional investor plays a vital role in causing the stock
market to function on sound and healthy lines. Worldwide, the mutual fund or
Unit Trust as it called in some parts of the world has a long and successful
history. The popularity of mutual fund has increased manifold. In developed
financial markets, like the United States, Mutual Fund has almost over taken bank
deposits and total assets of insurance fund. In the US alone there are over 5000
Mutual Funds with total assets over US $7000 billion.
In India, the mutual fund industry started with the setting up of Unit Trust of
India in 1964. Public Sector Banks and financial institutions began to establish
mutual funds in 1987. The private sector and foreign institutions were allowed to
set up mutual funds in 1993. Today there are around 40 mutual funds and over
300 schemes with total assets of approximately Rs. 97000 crores. The paper
presents an analysis of Mutual Fund Sector in India with the study of three
significant companies of India.

In India capital market provide various investment avenues to the investors, to assist them to take a position in various industries and to make sure the profitable return. Among various financial products, open-end fund ensures the minimum risks and maximum return to the investors, Growth, and developments of varied mutual funds products has proved to be one among the foremost catalytic instruments in generating momentous investment growth within the capital market. During this context, close monitoring and evaluation of mutual funds became essential. Therefore, choosing profitable mutual funds for investment may be a vital issue. This study deals with the equity mutual funds that are offered for investment by the varied fund houses in India, this study mainly focused on the performance of selected equity(large-cap, mid-cap, small-cap) open-end fund schemes in terms of a risk-return relationship. The most objective of this research work is to analyse the financial performance of selected open-end fund schemes through statistical parameters like (Jenson’s alpha, beta, standard deviation, Sharpe ratio). The researcher concluded that 10 funds out of 15 performed well in a highly volatile market. The researcher found that an investor must consider risk ratios of the fund before investing. The findings of this research study are going to be help full to investors for his future investment decisions.

The objective of this study was to investigate the factors affecting financial performance of insurance companies operating in Hawassa city Administration, Ethiopia. In this study, the researchers have employed causal research design with mixed research approach due to quantitative nature of data required to prepare the report of this study. The target population of the study was 17 general insurance companies operating in, Ethiopia. Out of all seventeen insurance companies in the city, the researchers selected six general insurance companies that have 10 year audited financial statements from 2008 to 2018. The secondary data were collected by reviewing of financial statements and related published and unpublished materials to achieve the objective of this study. Ordinary least square model has employed by the researchers to analysis the data through SPSS version 20.0. Then, the result of this study showed that out of eight (8) explanatory variables incorporated in the model, five (...

The purpose of this study is to investigate the association among mutual funds (MFs) risk measures and return parameters, evaluate mutual fund performance and also explore the best appropriate mutual fund performance measure for investment in Pakistan. Therefore, thirty-five mutual funds have been selected for the period 2007-2015. The Sharpe, Treynor, Jensen Alpha, Information ratio and Fama's Net Selectivity measures has been used to analyze MF performance. Our study findings show significant positive relation exist between Sharpe and Jenson alpha & information ratio (IR); Treynor ratio is negatively correlated to Jenson alpha and Jenson alpha is positively allied with IR. Moreover, association among performance measures, Fama's net selectivity is a major driver in leading to other measures but Sharpe and IR lead to Treynor ratio as well. Furthermore, performance measures are ranked in accordance standard deviation with the arrangement of Fama's net selectivity at top, Jenson Alpha at second, Sharpe ratio at third, IR at fourth and Treynor ratio at fifth position according to risk parameters in Pakistan. Overall, Jensen Alpha measure appears to be the best suitable mutual fund performance measure in Pakistan due to its practical nature. Finally, the Pakistani stock market index KSE100 (as benchmark) performs better than MF industry of Pakistan.

Mutual funds playing a key role in the development of India’s debt market and have emerged as a key source of funding. Mutual funds considered as one of the best investment options as compared to other alternatives, as low cost is the common feature of the mutual fund. Mutual fund schemes also provide diversified portfolio management and reducing risk and maximizing returns. Mutual fund scheme is the most ideal investment for the common man as it provides a professionally managed stock market and low risk with maximum returns. The basic need and objectives of this study are to evaluate the performance of selected debt mutual fund schemes in India and to examine the risk and return component among these mutual funds. The present study is based on secondary data of five debt mutual funds launched by the different private sector companies between the period of January 2017 to December 2019. The study used NAV and the total return of these selected funs along with different tools of study like alpha, beta, Sharpe ratio, and Jenson’s ratio. The study finds out that three mutual funds have performed well and two funds had not performed well during the study period of study and the same as three mutual fund schemes have performed well in the high volatile market expect Axis corporate debt and HSBC fund. Investors are advised to consider the statistical parameter to ensure the consistent performance of the mutual fund. This study is providing some insight into the performance of mutual fund which will help them taking rational investment decisions and allocating their resources in the right mutual fund schemes.

This research is about the changing behavior of investors who have very limited options for investment such as fixed deposits, company deposits, gold etc. Investors are now mostly looking towards equity linked investment options because they give better returns as compared to other investment options.
Over the past two decades, mutual funds have become the primary investment for small investors. Like most developed and developing countries the mutual fund trend has been catching up in India. There are various reasons for this. Mutual Funds is easy to understand and less costly for investors to satisfy their need of capital growth and income preservation.
In addition to this a mutual fund brings the benefit of diversification and money management to the individual investor, providing an opportunity for financial success that was once available only to a select few.
In this paper researcher have given a brief about economy, inflation, and equity and debt market. Then it is explained how to cope with the inflation and how mutual fund is one of the best investment options today. A brief description about mutual fund industry and the some information about reliance Mutual Fund and its various products also discussed.

Exchange Traded Funds are financial instruments that were first issued in 1993. This makes them relatively new to the investment landscape and this is why literature and journal article on this products are scarce to this date. Therefore, this thesis conduces as an introduction into Exchange Traded Funds. While at first we will determine the theoretical background on how ETFs work, we will then go further and analyze the fundamental benefits and risks of these products. For institutional investors, the liquidity of securities plays a major role, hence the actual literature concerning the liquidity measurements of ETFs will be examined and based upon we will conduct an empirical analysis with six selected corporate bond ETFs. Although common liquidity measurements like the bid/ask spread, the market capitalization, the trading volume and the expense ratio give considerable and accurate key figures on the liquidity, it is also important to look into the investments of the ETF in order to understand how it will react in a crisis.

With the emergence of the capital market, the Indian capital market also witnessed a significant institutional development in the form of a diversified structure of Mutual Funds. A Mutual Fund is a special type of investment institution that acts as an investment conduit. It pools the savings, particularly of the relatively small investors, and invests them in a well-diversified portfolio of sound investment. Mutual Funds have become a widely popular and effective way for investors to participate in financial markets. It can play a central role in an individual's investment strategy under the guidance of a portfolio manager who makes investment decisions on behalf of Mutual Fund unit holders. In this present study an attempt has been made to find out the performance of various Tax saving Mutual Fund schemes offered by various Mutual Fund companies. Tax saving Mutual Fund scheme is one of the important constituents of Mutual Fund Companies and it has been gaining demand rapidly due to its tax advantage. In this paper the performance evaluation of some of the Tax saving schemes of Mutual Fund is carried out through relative performance index, such as Sharpe’s Ratio. The present study will also give an idea to the investor as a financial advisor regarding investment in Mutual Fund schemes. (BlackRock Investments)

The present paper addresses the Law and Economics of Green Investment (Green Shares) in the specific field of green mutual funds, and analyzes the principal agent problem that exists between the single investor and the green fund manager, suggesting regulation and optimal contracting clauses in order to reduce and minimize the conflict of interests and asymmetric information inherent to the relationship. The first chapter introduces and establishes the concept of Green investment (Green shares). The second chapter focuses on the market instruments of Green Investment, outlining mutual funds, as well as pension funds, private equity and hedge funds. Empirical data is presented, dealing mainly with fund performance and effects of remuneration schemes and covenants. The third chapter covers the legal background of mutual funds and correlated market instruments of green investment in Europe, the UK and the USA, in both hard and soft law areas. The last chapter presents the Principal Agent Problem, with normative suggestions of new regulation and contracting possibilities in the area of Green Mutual Funds.

Um tema de grande relevância para investidores e gestores, diz respeito ao comportamento do fundo ao longo do tempo, mais especificamente de sua persistência, isto é, da sua capacidade de manter posições vencedoras ao longo do tempo. Os dados utilizados para essa avaliação foram os retornos de 60 fundos de investimentos que totalizaram em 502 observações referentes aos anos de 2001 e 2002. Para este período, foram analisados: a persistência anual, semestral e trimestral. Para mensurar a performance do fundo em relação ao mercado, foi utilizado o índice de Modigliani e Modigliani (M2) e, como índice de referência do mercado, foi utilizado o índice Bovespa. Para avaliação da persistência, foram utilizados dois grupos de testes estatísticos: os testes específicos de persistência vencedora e os testes de independência. Os resultados sugerem a existência de persistência em termos anuais, mas não em períodos semestrais nem trimestrais, indicando que a observação da persistência depende da extensão do período analisado.

We are indebted to the mutual funds for providing access to their detailed data. Also, we are indebted to the Ontario Securities Commission, and in particular Minami Ganaha, Rhonda Goldberg, Chantal Mainville, and Dennis Yanchus, for their help with facilitating data collection.

As an alternative, investors can invest in mutual funds. The trends on price growth are mirroring the Jakarta Composite Index (JCI) since the portfolio of this type of mutual fund is almost same with JCI. The net asset value (NAV) of equity mutual funds in Indonesia has shown a significant growth. Based on this fact, this study attempts to calculate performance of equity mutual fund from 2006 until 2011 using the method of portfolio performance measures, such as; Jensen index, Sharpe index, and Treynor index. To note the level of persistence of the equity mutual fund, Spearman's rho correlation is used as the parameter to evaluate the the relationship between product performance on each period. Also, a contingency table approach is referenced to determine the consistency of performance. The quantitative results revealed that spearman's rho correlations showed that out of the 43 equity mutual funds studied, conditions of partial persistence or no persistence occurred. ABSTRAK Sebagai suatu alternatif, investor dapat melakukan investasi di dalam reksadana. Tren yang terjadi terhadap peningkatan harga reksadana relatif mengikuti Jakarta Composite Index (JCI) karena portofolio dari reksadana jenis saham ini memang mirip dengan JCI. Net Asset Value (NAV) dari reksadana saham di Indonesia mengalami peningkatan yang cukup signifikan. Berdasarkan fakta ini, penelitian ini mencoba untuk menghitung kinerja dari reksadana saham dari tahun 2006 sampai 2011, dengan menggunakan metode perhitungan kinerja, seperti; Jensen index, Sharpe index, dan Treynor index. Untuk menghitung tingkat persistensi dari reksadana saham, maka Spearman's rho correlation digunakan sebagai suatu parameter untuk melakukan evaluasi hubungan atas kinerja produk reksadana setiap periodenya. Disamping itu, pendekatan contingency table juga digunakan untuk melakukan evaluasi terhadap konsistensi kinerja reksadana saham. Hasil perhitungan kuantitatif melalui Spearman's rho correlations menunjukkan bahwa dari 43 reksadana saham yang dipelajari didalam penelitian ini, terjadi kondisi persistensi sebagian atau bahkan tidak terjadi kondisi persistensi sama sekali. Kata Kunci: reksadana saham, persistensi, kinerja reksadana

The mutual fund market in Bangladesh is still small though the concept of the mutual fund was introduced in the year of 1980. Mutual fund sector is lucrative at all over the world where it has much impact on GDP and total market capitalization but Bangladesh is lagging behind in this sector and unable to make proper use of this sector. Open end mutual fund performance is quite good rather than close end mutual fund in Bangladesh. Weekly NAV data of 10 close end mutual fund has been taken in this paper. Not all the funds are doing bad, still few funds‟ performance are extraordinary. Management's inefficiency, lack of trust of investors and poor governance by regulator are the main reasons behind the poor performance of mutual fund sector in Bangladesh. Moreover, the recent unusual upsurge in the stock markets, the redemption of the matured funds, unstable margin rule, unskilled investors, asymmetric information, declaration of re-investment units as dividend have made the mutual ...

Personality has for a long time been viewed as an important aspect of job performance. Two different types of personality variables have been detected: conscious, explicit traits and more unconscious, implicit motives. The relationship between personality and fund manager performance has mainly been studied within the field of behavioral finance. However, the scientific findings concerning the association of personality features with fund manager performance are rather fragmented. One reason for this apparent fragmentation is that research has concentrated on measurements of the mainly explicit traits and has neglected to measure implicit motives. In the present study, the theoretical and methodological approach is quite different. Personality measurements covering both implicit motives and explicit traits are studied in relation to objective data on fund managers’ five-year risk-adjusted performance (Sharpe). The five-year performance measurement period (2000-2005) of forty Finnish professional fund managers included a 31-month-long declining bear market and a 29-month-long rising bull market. This study had three major goals: first, to study the utility and validity of three personality tests—the Zulliger, Wartegg and Personality Research Form (PRF)—in relation to five-year performance (Study I); secondly, to construct a core personality indicator and investigate how the personality indicator predicts five- year performance (Study II); and thirdly, to investigate if the indicator’s three personality characteristics, financial risk attitude, stress tolerance and complex problem- solving, loaded differently on the bull and bear markets (Study III). The findings of Study I showed that the Zulliger Test had the strongest associative connection with fund performance, the PRF had the second strongest associative connection, and third came the Wartegg Test. In Study II, the three personality characteristics, financial risk attitude, stress tolerance and complex problem-solving, explained 53.8% of investors’ five-year performance. The results of Study III showed that small differences are found in the prediction strength of personality characteristics between bull and bear markets. The conclusions of the study are, briefly, that implicit motives have been neglected in behavioral finance, and individual thinking and stress management should be encouraged in order to enhance performance. Contrary to previous evidence, it seems possible to define the personality profile of the successful professional fund manager.

Keywords: personality measures, fund managing, fund performance, risk taking, stress, problem solving, test validity, Zulliger Z test, Wartegg, PRF 

Purpose of the article: The main purpose of the paper is empirically evaluating selectivity skills and market timing ability of Polish fund managers during the period from January 2009 to November 2014. After the global financial crisis of 2008, in this period of quantitative easing (QE), thanks to an increase in the money supply, a capital flow from developed countries to developing countries was observed. In this study, we try to analyse that although the financial market in Poland made an incredible progress, whether fund managers show better or worse performance than the market. Methodology/Methods: In order to evaluate fund manager performances, Jensen alpha (1968) is computed, which depicts selectivity skills of fund managers. For determining market timing ability of fund managers, Treynor & Mazuy (1966) regression analysis and Henriksson & Merton (1981) regression analysis are applied. Fund performances are evaluated using Warsaw Stock Exchange Index as the benchmark index. Scientific aim: In this study, we have tried to evaluate selectivity skills and market timing ability of Polish fund managers. A total of 14 equity fund managers' performances are analysed. The study can be guiding especially for investors who are interested in Polish equity fund performances in a period where emerging stock markets outperformed with quantitative easing. Findings: Jensen (1968) alphas indicate that over this period fund managers did not have selective ability, as none of the 14 funds had statistically significant positive alphas. Furthermore, Treynor & Mazuy (1966) and Henriksson & Merton (1981) regression analysis indicate that over the same period fund managers did not also have market timing ability, as again none of the 14 funds had statistically significant positive coefficients. Conclusions: In this work, we can detect that in the era of quantitative easing, although the financial market in Poland made an incredible progress, the fund returns were generally lower than the stock market and Polish fund managers could not display a good performance both in selectivity skills and market timing abilities.

This article examines the performance of faith-based mutual funds for the period 1998 to 2009. It compares the performance of this group of funds with socially responsible funds and with all U.S. equity mutual funds. The article also examines the factors that account for the cross-sectional differences in fund returns.

Stock market prediction is one of the most difficult computations due to the many internal as well as any number and type of external factors. It is impossible to get the exact computation hence we look for the  method which gives the computation with less error. Different machine
learning methods are being applied for the computations which involve many parameters. In this research work we choose Long Short-Term Memory (LSTM) for the prediction as it is computationally suitable for these types of data analysis. After doing the prediction of share price the work is extended to manage portfolio of the mutual fund. The framework has been designed in such a way so that the portfolio manager can choose any number of business sectors as well as any number of shares
belong to this sector. This research work henceforth applicable for computing individual share price as well as managing a diversified portfolio.

The Growth rate of investment in mutual funds has exceptionally increased over the last decade. Many studies have compared between the performances of conventional and Islamic mutual funds in the developed markets and only a few have studied emerging markets. The aim of this study is to focus on the investigation of the factors affecting and the performance of Islamic mutual funds in comparison with their conventional counterparts in Egypt as an emerging market in mutual funds generally and Islamic mutual funds specially. The main objective of this study is to investigate the factors affecting the financial performance of Islamic mutual funds (IMFs) in comparison with the conventional mutual funds (CMFs). Risk and return relationship is evaluated relative to market benchmark over an 8-year period from January 2006 to December 2013 divided into pre-financial crisis phase (27 months), during financial crisis phase (45 months) and post-financial crisis phase (24 months). The data covers 34 mutual funds from Egypt, consisting of 9 Islamic mutual funds (IMFs) and 25 Conventional mutual funds (CMFs) covering only open-end equity funds for the purpose of standardization and relativity of the comparison. The analysis focuses on risk and return performance, and the impact of funds attributes including age, size, objective, systematic risk and total risk. The study employs Sharpe, Treynor and Jensen models as risk-adjusted performance measures. The study concludes that the performance of IMFs is not significantly different from the CMFs counterparts in the pre-financial crisis phase, during the financial crisis phase, or the post-financial crisis phase. Both IMFs and CMFs outperformed the market index (EGX30) in the pre-Financial Crisis phase and the post-Financial Crisis phase but underperformed the market index during the Financial Crisis phase. Moreover, both IMFs and CMFs outperformed the T-bill rate in the pre-Financial Crisis phase but underperformed the T-bill rate during the Financial Crisis phase and the postFinancial Crisis phase. Total risk and systematic risk significantly affect the performance of mutual funds. Income & Growth objective is an important variable that is accompanied by an increase in the performance of the fund. Growth objective and Age also play significant roles in interpreting the performance of mutual funds.

This article examines the performance of faith-based mutual funds for the period 1998 to 2009. It compares the performance of this group of funds with socially responsible funds and with all U.S. equity mutual funds. The article also examines the factors that account for the cross-sectional differences in fund returns.

A mutual fund is a kind of economic vehicle made up of a pool of money collected from many investors to capitalize in safeties such as stocks, bonds, money market instruments and other assets. Today there are many mutual fund schemes having investor's reviews and discussion about a good return rate. This paper provides the statistical data analysis through the investor's perception of mutual funds understanding about growth and the risk return of the investors. As the number of investor's high return index value, the number of reviews about the mutual fund scheme grows rapidly. This large amount of investor's return value has to be collected from the website, magazine and investors and it needs to be explored, analyzed, and prepared for select the better scheme on mutual fund. Hence, classification schemes provide the quick information about which funds are worth and show an application of clustering methods to the mutual funds historical data. This paper concentrations on the mutual fund data analytics and high return cost from mutual fund scheme.

We estimate the risk and expected returns of private equity investments based on the market prices of exchange-traded funds of funds that invest in unlisted private equity funds. Our results indicate that the market expects unlisted private equity funds to earn abnormal returns of approximately 1% per year. We also find that the market expects listed private equity funds to earn zero or marginally negative abnormal returns net of fees. Both listed and unlisted private equity funds have market betas close to one and positive factor loadings on the Fama-French SMB factor. Private equity fund returns are positively related to GDP growth and negatively related to the credit spread. In addition, we find that market returns of exchange traded funds of funds and listed private equity funds predict changes in self-reported book values of unlisted private equity funds.