Investment fund management and evaluation

Abstract

Issues of investment fund management and evaluation are analyzed. Investment fund management structure is provided, its elements are described. The paper review investment fund shareholder protection mechanism and compares different investment fund management and organization techniques. Also following investment fund performance indicators are examined: Sharpe and Treynor ratios, Jensen index. Model to evaluate ability of the investment fund managers to anticipate market changes provided by Treynor and Mazuy and investment fund performance evaluation models (unconditional, betaconditional, conditional alpha-beta) are analyzed. It was found that researchers are paying more and more focus on different evaluation models, derived from mutual fund performance indexes used in practice.