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Title:ANALIZA USPEŠNOSTI VZAJEMNIH SKLADOV SLOVENSKIH UPRAVLJALCEV
Authors:Topler, Sabina (Author)
Mlinarič, Franjo (Mentor) More about this mentor... New window
Files:.pdf VS_Topler_Sabina_2016.pdf (1,05 MB)
MD5: 43CEF2004F19AF080074E60B74CE5C05
 
Language:Slovenian
Work type:Undergraduate thesis (m5)
Typology:2.11 - Undergraduate Thesis
Organization:EPF - Faculty of Business and Economics
Abstract:Prednosti vlaganja v vzajemne sklade pred vlaganji v vrednostne papirje so razpršenost tveganja in sredstev, nizki stroški, likvidnost, preglednost naložbe ter profesionalno upravljanje premoženja visoko usposobljenih strokovnjakov. Slovenci imamo v svojem portfelju največ delniških skladov, in sicer kar 70 %, kar pomeni, da smo v primerjavi z evropskim vlagateljem, katerega sredstva v navedeno naložbo ne presegajo 30 % portfelja, nagnjeni k visokemu tveganju. Sklad je uspešen, ko doseže pravo razmerje med tveganjem in donosnostjo v določenem časovnem obdobju, uspešnost skladov pa lahko merimo tudi z različnimi kazalniki. Prednost merila uspešnosti vzajemnih skladov na osnovi metode Capm in njenih kazalnikov (Sharpovega, Treynorjevega, Jensenovega ter kazalnika Sortino), je ta, da upoštevajo tako donosnost kot tveganje naložbe hkrati. Mere uspešnosti, ki smo jih izračunali s kazalniki, pa se lahko ob spremembi izbire netvegane naložbe (v našem primeru je bila to slovenska državna obveznica RS 68) in primerljivega indeksa − Benchmarka (v našem primeru FTSE All-World Index) popolnoma spremenijo. Na osnovi analize delniških vzajemnih skladov smo ugotovili, da je bil v celotnem proučevanem obdobju od leta 2011−2014 najbolje upravljan sklad NLB delniški globalni, ki je dosegel 21,96-odstotno donosnost, sledi pa mu sklad Alta Global z 20,98-odstotno donosnostjo; oba sklada pa sta dosegla tudi najvišje vrednosti kazalnikov. Sklad NLB delniški je bil med vsemi skladi tudi med najbolj tveganimi, vendar pa lahko visoko tveganje opravičimo z njegovo najvišjo donosnostjo. Skladi lahko imajo kljub podobni naložbeni politiki velike razlike v donosnosti, kar smo z našo analizo dokazali, v primerjavi z mednarodno konkurenco pa so te razlike še večje. Donosnost skladov tujih upravljavskih družb v proučevanem obdobju je bila za kar 100-odsototkov večja od donosnosti skladov domačih upravljavskih družb.
Keywords:delniški vzajemni skladi, globalni trgi, tveganje in donosnost, kazalniki uspešnosti sklada
Year of publishing:2016
Publisher:[S. Topler]
Source:Maribor
UDC:336.76
COBISS_ID:12555804 New window
NUK URN:URN:SI:UM:DK:2832L92A
Views:1056
Downloads:110
Metadata:XML RDF-CHPDL DC-XML DC-RDF
Categories:EPF
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Secondary language

Language:English
Title:SLOVENE MUTUAL FUNDS PERFORMANCE ANALYSIS
Abstract:The advantages of investing into mutual funds compared to securities are: dispersion of risk and assets, low costs, liquidity, transparency of the investment and professional asset management by highly qualified professionals. The portfolio of Slovenians consists mostly of equity funds (70 %), which means, that we are compared to the European investor, who’s investments into equity funds does not exceed 30 % of the portfolio, prone to high risks. A fund is successful, when it reaches the right ratio between investments and returns in a certain period of time. The successfulness of funds can be measured with different indicators. The advantage of the successfulness measurement of mutual funds based on the Capm method and its indicators (Sharpe, Treynor, Jensen and Sortino) is that they consider both the return and investment risks at the same time. The successfulness measurements that we calculated with the indicators can completely change due to changes in the selection of risk-free investments (in our case this was the Slovenian government bond RS 68) and the benchmark (in our case FTSE All-Workd Index). Based on the analysis of equity mutual funds we found that the best managed in the entire analysed period from 2011 until 2014 was the fund NLB delniški globalni, which reached a return of 21.96%. It was closely followed by the fund Alta Global with a return of 20.98%. Both fund also reached the highest indicator values. The fund NLB delniški was among all also the most risky, but we can justify the high risk with its highest return. The funds can despite of their similar investment policy significantly differ in returns, which we proved with the analysis, and compared with the international competition, this differences are even greater. The profitability of funds of different investment societies in the analysed period was as much as a 100% higher than the profitability of domestic investment societies.
Keywords:equity mutual funds, global markets, risks and return, fund performance indicators.


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