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International Journal of Management and Business Research

.: Home > International Journal of Management and Business Research > 2016 > Volume 6 Number 1 > M. Bilawal; M. Dilawar Khan; R. Yasir Hussain ; U. Akmal

Performance Evaluation of Closed Ended Mutual Funds in Pakistan

M. Bilawal; M. Dilawar Khan; R. Yasir Hussain ; U. Akmal
University of Education Lahore Jauharabad Campus, Lahore, Pakistan
Abstract :

Mutual funds are the best tool to mobilize savings and investments in an economy and Pakistan is the pioneer in South Asia, but this industry is not as much mature in comparison to its age in Pakistan. This paper examines the performance of closed ended mutual funds in Pakistan by using five different ranking measures during a period of January 2009 to December 2013 and the sample consists of only five closed mutual funds.  Ranking measures used in this study include Sharpe, Treynor, Sortino, Information and Jensen Alpha. Closed ended mutual funds are characterized by underperformance during this period. Results for Treynor and Information measures portray satisfactory performance while other measures report strong underperformance on the part of mutual funds. Fund managers should opt for less risky and more diversified portfolios as this will lead to the better performance of mutual funds because the extent to which diversification will be achieved will cause funds unsystematic risk to fade away and the only risk faced will be the systematic risk.

Keywords :
Sharpe; Treynor; Sortino; Information; Jensen alpha; Mutual fund performance

Date Deposited : 24 Mar 2016 13:02

Last Modified : 24 Mar 2016 13:08

Official URL: http://www.ijmbr.org/article_8747_1590.html

Volume 6, Number 1, - 2016

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