АКТУАЛЬНЫЕ ПРОБЛЕМЫ УПРАВЛЕНИЯ СРЕДСТВАМИ ПАЕВЫХ ИНВЕСТИЦИОННЫХ ФОНДОВ В НЕСТАБИЛЬНЫХ ЭКОНОМИЧЕСКИХ УСЛОВИЯХ НА ПРИМЕРЕ АО УК «ИНГОССТРАХ-ИНВЕСТИЦИИ»

From many kinds of investment in Indonesian capital markets, a mutual fund is one of the instrument to be discussed. Within a short time, the mutual fund gives a significant influence to the Indonesian capital markets. A mutual fund is one of the alternatives for the investors, especially for small investors or for the investor that does not want to meet high risk. In the growing of Indonesian capital markets, the net asset value (NAV) of the mutual fund should be increasing, and the increase of the NAV proves it. The sharia equity fund is no different. As an alternative investment, the sharia mutual fund in Indonesia is growing; however, it does not seem attractive to the investor, reflected by the small weighting from the mutual fund industry. The reason why investors are reluctant to invest in sharia equity fund is the volatility, compared to the conventional equity fund. To guide investors and to attract investment in sharia equity funds, some indicators can be used, such as PER, PBR and PSR. This study will use these indicators as the independent variables: PER (X1), PBR (X2) and PSR (X3) on the Net Asset Value (NAV) as the dependent variable (Y) in sharia equity fund using the Jakarta Islamic Index (JII) data. In this research, the researcher uses a quantitative method using secondary data. The results show that there is a significant influence of PER, PBV and PSR on NAV in sharia equity funds. As a consequence, PER, PBR and PSR can guide investors’ decisions to invest in sharia mutual fund.
 
 Keywords: PER, PBR, PSR, NAV, sharia mutual fund

Subject. This article explores the economic relationship between current trends in the development of the Russian collective investment market, factors of financial accessibility, investment attractiveness of open and exchange-traded mutual funds, on the one hand, and excess profitability, on the other hand. Objectives. The article aims to identify determinants of excessive return of open and exchange-traded mutual funds. Methods. For the study, I used classification and systematization of the results obtained using tables and figures, infographic analysis, mathematical statistics, econometric modeling, visualization using correlation matrices, rating scales, regression analysis et al. Results. The article proposes an information transparency rating as a new independent variable for constructing correlation and regression models, which makes it possible to assess the degree of openness of information about the key characteristics of mutual funds and management companies for their clients. The results of the study are expected to be used in the future to modify the methodology for assessing the quality of asset management of mutual funds in Russia. Relevance. The results obtained can be used by mutual fund managers and mutual supermarkets to improve marketing policies and promote effective investment strategies among retail and institutional investors.

Mutual funds have risen significantly in the previous two decades. Recently increasing initiatives and finance have boosted Indian mutual fund schemes. Mutual funds have risen rapidly in the last two decades. Mutual funds are relevant in the global economy because of their unique edge over other investments. The Indian mutual fund business has grown due to increased initiatives and money mobilisation. Large-cap funds need more risk tolerance and longer trading horizons. Mid-cap mutual funds are unrestricted equity funds that invest at least 65% in mid-cap firm equities. Mid-cap companies attempt to balance risk and return and have growth potential compared to large caps due to investing in growth-stage firms. Unrestricted bond mutual funds that focus on small-cap equities are called small-size mutual fund managers. Thus, this study employs the ARIMA model to analyse the performance of 15 funds, 5 from each section, using returns (calculated from net asset values) data from December 2017 to December 2022. The funds' returns are expected from January through December 2023. The best big size, mid-cap, and small-cap funds, according to the analysis, have steady and greater returns.

Performance Analysis of Mutual Funds in Saudi Arabia

The popularity of mutual fund investing among private investors has grown dramatically all over the world during last 40 years. Therefore, the research in mutual fund has increased significantly. Despite this huge demand of mutual fund investing, only a few researches on mutual fund have been conducted in Bangladesh. In this paper an attempt is made to evaluate the performance of 15 close-ends Bangladeshi mutual funds traded in DSE (Dhaka stock exchange) based on monthly net asset value. For this purpose the methodologies employed in this study are risk adjusted performance measures suggested by Jensen, Treynor, and Sharpe widely known as Jensen alpha, Treynor ratio, Sharpe ratio. DSEX index has used as a proxy for benchmark index. The study found that over the research period (from 2013 to 2017) 12 out of 15 funds got superior return compared to benchmark index return. In addition to, diversification, market timing and selectivity skill of fund managers are tested with help of co-efficient of determination (R2), quadratic regression of Treynor and Mazuy and Fama decomposition model respectively. The paper found that 9 out of 15 funds are well diversified and have reduced its unique risk. Finally this paper has revealed no statistically significant timing skill but moderate level of selectivity in mutual fund market of Bangladesh.

Independent Auditor’s Report

Mutual funds have become an important investment vehicle for individuals as well as institutions because they provide diversification, liquidity, and professional fund management at relatively low costs. With increasing awareness and participation in capital markets, investors are increasingly turning towards mutual funds as a safer and more flexible alternative to direct investment in equity or debt instruments. However, the performance of mutual fund schemes varies widely depending on fund category, market conditions, fund management style, and expense structure. This study attempts to conduct a comparative analysis of selected mutual fund schemes in India to evaluate their relative performance. The research focuses on both quantitative and qualitative aspects of the schemes, such as Net Asset Value (NAV) growth, riskadjusted returns, expense ratios, and fund manager efficiency. The objective is to provide a comprehensive framework for investors to select appropriate schemes aligned with their financial objectives and risk preferences. Findings of this study are expected to contribute significantly to investor awareness, enhance decision-making in financial planning, and support policy initiatives aimed at strengthening transparency in the mutual fund industry

What Mutual Fund Investors Should Have: Normative Transparency of Disclosure

Because mutual funds are the largest equity holders and because the retirement assets that are managed by mutual funds have been growing, mutual fund managers may have more incentives to support management in order to attract and retain pension business. I explore whether pension business ties have an impact on voting behaviors of mutual funds by examining the link pension business ties between mutual funds and the firms to actual mutual fund voting outcomes. At the fund family level, I find a positive relation between pension ties and mutual funds’ voting support for management. This relation becomes stronger when there is a voting divergence among funds within the same families. At the individual fund level, I find that individual funds are more likely to vote with management if they are included as one of the investment options of the pension plan of their portfolio firms. This suggests that the SEC should at least consider the recent petition from the AFL-CIO proposing that the SEC require mutual funds to disclose business ties with the firms in which they invest.

Which Mutual Fund Managers Exploit Investors and Which Investors Get Exploited?

Even though equity mutual funds offer an attractive investment alternative, the inefficient funds lead to suffering for all ‎stakeholders. Therefore, this research was conducted to investigate how mutual fund and management characteristics ‎influence on inefficiency of equity mutual funds in Thailand. The samples included 254 equity mutual funds, and the ‎study period was from 2019 to 2021. Data were analyzed through logistic regression (Logit). The results revealed that both ‎fund age and management tenure had a statistically significant negative influence on financial distress. The GDP growth ‎rate and interest rate had statistically significant negative and positive influences, respectively. This research contributes ‎to the literature by highlighting the counterintuitive role of fund age and manager tenure in driving mutual fund ‎inefficiency within the Thai capital market context‎.

Firm Organization Matters: Evidence from Investment Responses of Centralized and Decentralized Mutual Funds to Information Shocks

This paper evaluated domestic mutual fund performance with the Treynor ratio (1965), the Sharpe ratio (1966), and Jensen's Alpha (1968). The authors also measured market timing and the selective ability of mutual fund managers with Treynor and Mazuy (1966), and Henriksson and Merton (1981) and tested the persistence of domestic mutual funds as well. The authors discovered that Treynor and Jensen indexes have forecasting ability for the ranking of domestic mutual fund performance; these indexes could be used to offer investors useful information regarding the purchase of mutual funds. In addition, the authors discovered that open-ended equity mutual fund managers have better selectivity than close-ended ones. Only bond mutual fund managers had the ability of good market timing. Finally, the authors discovered that domestic mutual funds perform with no persistence.

This investigation intends to compare the performance of Bangladeshi mutual funds between Covid-19 and non-Covid-19 periods. This study utilizes monthly data of twenty-seven mutual funds from January 2016 to December 2023 and performs both univariate (paired samples t-test) and multivariate panel data analysis methods. The 12-months rolling-window technique is utilized to measure the risk parameters (beta and standard deviation) and risk-adjusted return parameters (Treynor and Sharpe ratios) which are used as the proxy of the performance measures. The Hausman test and Breusch-Pagan Lagrange Multiplier test confirm that the random effect model is appropriate for the study. The result of the paired samples t-test indicates that the Covid-19 period exhibits statistically significantly higher risk and risk-adjusted returns than that of the non-Covid-19 period except for the Treynor ratio. Consequently, the results of the multivariate analysis show that the Covid-19 epidemic appears to have a statistically significant impact on risk and risk-adjusted performance metrics of mutual funds, with the exception of the Treynor ratio where effects of macroeconomic variables are controlled. These findings indicate that during the Covid-19 epidemic, mutual fund performance improved remarkably. This research helps mutual fund managers and investors understand performance shifts during Covid-19 and offers policymakers insights into how macroeconomic factors influenced mutual fund performance during economic disruptions. In addition, this empirical evidence extends the existing literature by highlighting the resilience of Bangladeshi mutual funds during the global turmoil. Covid-19, Mutual Funds, Performance, Risk-Adjusted Return, T-test, Risk, Bangladesh, Panel Data.

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 This research aims to analyze the performance comparison between conventional mutual funds and shariah mutual funds listed in Ipot fund periods 2018-2020. Variables that are used in this research are mutual funds net asset value and Sharpe ratio. By using purposive sampling method there are 69 conventional equity funds, 14 sharia equity funds, 39 conventional fix income and 7 sharia fix income. This research used the difference the average yield of mutual funds to analyze performance between conventional and sharia mutual fund. The result showed that the average conventional and sharia mutual funds do not have significantly different performance. The sharpe ratio average value showed that sharia mutual funds have higher return than conventional mutual funds.
 
 Keywords : Mutual Funds Performance, Net asset value, Sharpe and Ipot Fund.
 
 Abstrak :
 Penelitian ini bertujuan untuk menganalisis perbandingan kinerja reksa dana konvensional dengan reksa dana syariah yang terdaftar di Ipot fund periode 2018-2020. Variabel yang digunakan dalam penelitian ini adalah nilai aktiva bersih reksa dana dan rasio Sharpe. Dengan menggunakan metode purposive sampling terdapat 69 reksa dana saham konvensional, 14 reksa dana saham syariah, 39 pendapatan tetap konvensional dan 7 pendapatan tetap syariah. Penelitian ini menggunakan perbedaan rata-rata yield reksa dana untuk menganalisis kinerja reksa dana konvensional dan syariah. Hasil penelitian menunjukkan bahwa rata-rata reksa dana konvensional dan syariah tidak memiliki perbedaan kinerja yang signifikan. Nilai rata-rata sharpe ratio menunjukkan bahwa reksa dana syariah memiliki return yang lebih tinggi dibandingkan reksa dana konvensional.
 
 Kata Kunci : Kinerja Reksa Dana, Nilai Aktiva Bersih, Sharpe dan Ipot Fund.