Izvleček / Abstract
AN EXAMPLE OF EMERGING MARKETS: SLOVENIAN MUTUAL FUNDS
PRIMER NOVIH TRGOV: SLOVENSKI VZAJEMNI SKLADI
Timotej Jagrič, University of Maribor, Faculty of Economics and Business, Department for Quantitative Economic Analysis
Marko Kolanovič, Physics Department, New York University
Boris Podobnik, University of Rijeka, Croatia, Faculty of Civil Engineering, Department of Physics,
Sebastjan Strašek, University of Maribor, Faculty of Economics and Business, Department for Economic Policy
Abstract
UDC: 336.126.25(497.4)
The question of how to evaluate the performance of a fund is far from being academic. Just about a decade ago, investors were almost exclusively interested in funds having large annual returns. Meanwhile many funds with outstanding profits during their life have collapsed, and investors are more and more interested in the other dimension of fund performance: risk. Investing money is truly a two-dimensional process based on both return and risk, where both must be properly assessed before correct decisions are to be made. Mutual funds have also become increasingly popular in Slovenia, but they still represent a small part of citizens’ savings compared to other countries. In this paper the risk/return measures of funds older than three years are assessed. We find practically no difference in rankings according to selected risk/return measures.
Keywords: capital market, financial market, mutual fund, risk statistics
UDK: 336.126.25(497.4)
Vprašanje ovrednotenja učinkovitosti sklada ni le akademsko. Še pred desetletjem je investitorje zanimala le visoka letna donosnost skladov. Mnogo skladov, ki so imeli nadpovprečne donose, pa je danes propadlo. Zato investitorji posvečajo pozornost tudi drugi dimenziji uspešnosti sklada – tveganju. Investiranje je dejansko dvodimenzionalni proces, ki temelji na donosu in tveganju. Zato morata biti obe komponenti ustrezno ovrednoteni, da se lahko pravilno odločimo. Vzajemni skladi postajajo za vlagatelje vse bolj zanimivi tudi v Sloveniji, vendar kljub temu predstavljajo le majhen delež varčevanja prebivalcev v primerjavi z drugimi državami. V tem prispevku analiziramo mere tveganja glede na donos za nekatere sklade, ki so starejši od treh let. Rezultati ne kažejo bistvenih razlik v rangiranju glede na izbrane mere.
Ključne besede: kapitalni trg, finančni trg, vzajemni sklad, mere tveganja
JEL: G10, C14