| Abstract [eng] |
Multi-Criteria Evaluation of the Effectiveness of the Performance of Baltic Mutual Funds 85 pages, 13 charts, 10 pictures, 111 references. The main purpose of this master thesis is to make multi-criteria evaluation of the performance of Baltic mutual funds using SAW and COPRAS methods. The work consists of three main parts; the analysis of literature, the research and its results, conclusion and recommendations. Literature analysis reviews that traditional evaluation of the effectiveness of the performance of mutual funds methods developed by H. Markowitz, W. Sharpe, J. L. Treynor and M. C. Jensen are used to properly assess the financial attractiveness and profitability of mutual fund. However, the authors are using multi-cirteria methods to measure several different indicators of the mutual funds at the same time. In this thesis, the most effective mutual fund over the last five years is selected using a unique combination of SAW and COPRAS multi-criteria methods. The analysis of the macroeconomic environment of the Baltic States reviews that economic situation of the analyzed countries is quite similar and it is possible to compare operating mutual funds in these countries and their efficiency. Evaluation of the performance of mutual funds, using both SAW and COPRAS multi-criteria methods and taking into the last five years average value of indicators of mutual funds, reviews that the most effective Baltic mutual fund is EfTEN Kinnisvarafond AS, which operates in Estonia. According to the developed methodology, the evaluation of mutual funds showed that the most attractive fund for investors generates a steady and stable return for all five years, has a sufficiently large amount of assets and has a long operational experience, which shows that investors’ money are efficiently and continuously invested. |
