Ocena zarządzania polskimi funduszami inwestycyjnymi w latach 2000-2011
Evaluation of the management of Polish investment funds in the last decade

Summary/Abstract: The paper aims to evaluate the management of Polish investment funds in the context of market and risk-free investments. It presents an analysis of the estimated returns on the portfolios of the tested funds (stock, balanced and bond), WSE and risk-free investments. The evaluation of funds management is based on the classification of accumulated returns and Sharpe’s index. The analysis covers the 2000−2011 period and two sub-periods. The researcher’s objective is also to evaluate whether professional funds management can be competitive as compared with WSE and risk-free investments. Additionally, the study investigates the effect of fund reproducibility. The results do not confirm long-term reproducibility. The analysis of the two 6-year periods eliminates market factors, facilitating the evaluation of the management of the tested funds.

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