YATIRIM FONU PERFORMANSININ PORTFÖY BİLGİLERİ İLE İLİŞKİLİ OLARAK ANALİZ EDİLMESİ
AN ANALYSIS OF MUTUAL FUND PERFORMANCE IN RELATION TO PORTFOLIO HOLDINGS INFORMATION

Summary/Abstract: Investment styles employed by mutual fund managers based on their private information or ability may enable a different benchmarking approach related to the fund performance. Based on this approach, this study aims to determine whether the strategies focusing on a few industries or securities result in better fund performance. In the study, industry concentration index (ICI) and security concentration index (SCI) are computed based on portfolio holdings information in monthly reports disclosed by equity mutual funds and the valuation data disclosed for the stocks in the related months for a period covering 19 months between June 2012 and December 2013. The results from the analyses don’t reveal any statistically significant relations between the fund performance, which is evaluated using monthly returns, excess returns and Jensen measure, and concentration variables. The study is expected to contribute to the next studies which will have a wider sample according to the development of the mutual fund industry, mutual fund managers and specialists in financial markets through providing a different analysis related with the fund performance.

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