Zróżnicowanie gotówkowych i pieniężnych funduszy inwestycyjnych otwartych w Polsce w latach 2005-2015 pod względem stóp zwrotu
Differentiation of money market open-end investment funds in Poland in the years 2005-2015 in terms of rates of return

Summary/Abstract: In the paper, the diversity of 15 money market open investment funds operating in Poland, was assessed in terms of rates of return. The study was conducted for different investment horizons (from 1 to 9 years) on the basis of quotations of funds units from in the years 2005-2015. The analysis was conducted using the quantiles of empirical distributions of returns from individual funds. Empirical distributions were obtained using a rolling window of observation. The differentiation of funds was examined by formulating six hypotheses concerning: the diversification of quartiles of distributions of rates of return on funds, the difference between quartiles of returns with the best and worst funds, changes in the values of quartiles of returns when elongating investment horizon, changes in position in the rankings funds of funds when elongating investment horizon. The results showed no evidence to reject the hypotheses.

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