Dopady hospodářské krize na dluhopisové fondy v ČR
Impacts of Economic Crisis on Bond Funds in the Czech Republic

Summary/Abstract: In the article there are analyzed seven most significant bond funds in the Czech Republic (measured by size of market capitalization). The reference period was defined from the1st October 2006 to the 30th October 2009. October was chosen as the beginning of the research because in October 2007 the financial crisis fully erupted while according to our calculations in the same month, but in 2008, the regeneration in bond funds occurred. The reference period covers the year of the pre-crisis period, the year of crisis, and the period of market´s recovery. In addition to the traditional indicator of the degree of risk and return specific methods of collective investment were used to evaluate the fund with (Sharp’s index, Treynor’s index, Jansen’s method). During this period the profit of subjects reached values from -2.5 % to 11.7 %. This increase in value far exceeds the return of equity funds and the market PX itself. Bond funds were reaching the lowest level of risk during the period. Standard deviation ranged from 0.81 % to 5.10 %. The financial crisis affected bond funds by the smallest force, and also lasted the shortest time (the regeneration occurred in autumn 2008 while the PX index fell until the beginning of March 2009). Comparisons of bond funds and the risk-free investment is, however, unfavourable. Values of specific indicators are negative for most funds (with the exception of funds CPI-OPF corporate bonds and ISCS-CS), this means that the obtained profit is lower than the level required for the risk-free investment.

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