| Abstract [eng] |
The main purpose of this master thesis is to evaluate the performance of investment funds during the COVID-19 pandemic with a special focus on investment funds operating in France. The paper consists of three main parts: the analysis of scientific literature, the research methodology and research with the interpretation of results. The literature analysis reviews the concept, classification, performance measurement methods of investment funds and the performance of investment funds during economic downturns and the COVID-19 pandemic. The main criteria used to assess the efficiency of investment funds are the return generated, the risk assumed and the costs incurred. These indicators are combined by the well-known theories of investment fund performance measurement, which were initiated by Markowitz in 1952, when the theory of an optimal investment portfolio was developed. This theory later was supplemented by other scholars, such as Tobin with the Separation Theorem, Sharp and its asset pricing model, Ross and arbitrage pricing theory, and the multi-criteria investment fund performance measurement models that emerged in later times. The second part of this thesis focus on the evaluation of the performance of investment funds during COVID-19 pandemic in France – the methods and selected variables, used for research, were specified. And the third part of this paper reveals the impact of France macro-economic indicators on investment funds performance and efficiency. . |
