| Abstract [eng] |
Until the year 2007, the investment funds were rather popular among investors, and the investments by these funds in the developing markets were extremely popular, as performance results were positive with some minor corrections. However, since the middle of the year 2007, when the global economic decline started, the investors’ appetite for risk decreased and stagnation in the financial markets continuing for a certain period was observed. In 2007, compared with the previous year, the general macroeconomic trends in the world and Lithuania radically changed: the signals of economic slowdown, inflation and significant impact of the external factors were obvious. In 2008, large changes and fluctuations in the financial markets that were not observed since the thirties of last century were observed. The year 2008, revealed that developed economies, such as the USA, Great Britain or other European countries may not be deemed totally secure and typical of lower fluctuations compared to other markets. Obviously, it does not mean that problems, which occurred in the developed economies, will not affect developing countries. Some time ago, the opinion prevailed that developing countries do not closely depend on perturbations in the US market, however nobody may deny that independence actually is impossible in the world with the existing modern communication channels, cash transfer methods and global trade, as during the recent decade the impact of globalisation increased. Global stock markets suffered a tremendous drop and at the close of the year 2008 – in the beginning of 2009, fluctuations in the markets reached record heights. It may seem that prices in the global stock market slumped considerably and prices of the majority financial instruments are attractive. Each economic wave reflects the development of different duration economic cycles, which are characterised by different economic ratios. It is rather difficult to correctly identify the current phase of such economic wave. While since the year 2009, a recovery in the financial markets is observed, however forecasts made by analysts differ greatly. Probability exists, that the pace of economy and securities market development will be restrained. Subject of investigation: investment funds as an attractive and risk mitigating investment instrument. The goal of this Thesis is to analyse the major factors determining change in value of the investment unit and the problems of the funds’ divestment from the market. Seeking to achieve this goal, the major tasks were to:  characterise the specific features of the investment funds’ activity and classification opportunities;  determine the styles of the investment funds management by reviewing relevant advantages and shortcomings;  review development of the investment funds and types of risk;  analyse interrelation between change in the market factors and investment fund value;  analyse the problems of the investment fund changes in the market. Research methods. Comparative analysis of the scientific literature, logical analysis and synthesis, systematisation of the statistic data and analysis, correlation analysis, and graphical modelling. |
