| Abstract [eng] |
The master‘s paper contains systematization of various Lithuanian and foreign authors’ works on theoretical and practical mutual funds issues. Terms, principles and schemes of mutual funds performance, forms and classification are being analyzed. Also comparison of active and passive management, impact of taxation on mutual funds are delivered. The effectiveness of the investment portfolio is based on profitability and risk ratio, as well as on performance of the benchmarks. The paper estimates three mutual funds which are operating in different markets. That is “Hansa Russian Equity Fund” managed by “Swedbank” bank, „Templeton China“ fund managed by „Franklin Tmpleton Investments“ and “ZPR American Small Cap Open Fund” managed by “Investicijų portfelių valdymas”. The performance of these funds in recession times is assessed by the change of portfolio’s composition, dynamics movement of benchmarks and sectoral indices, also by comparison of performance of other mutual funds which are operating in relative markets in accordance with Sharpe ratio, standard deviation, dynamic lines’ and correlation of other ratios. A scientific research hypothesis framed by the paper’s authors that the performance of mutual funds can be profitable even during recession if an effective composition of portfolio have been chosen, is affirmed. Ways for optimizing mutual funds’ performance is also proposed. |
