Performance Measurement of Pension Investment Funds in Turkey: Comparing Performance of Traditional and Islamic Pension Investment Funds

Zafer ADALI Mustafa UYSAL

Fiscaoeconomia, 2018, issue 3

Abstract: Pension mutual funds are crucial instruments that boost investment activities. In this way they can make a significant contribution to meeting the resources needed by the country economies. In this paper, at the first stage it has been tried to gauge the performance of 26 share based pension funds operating in Turkey during the period between June 2014 and October 2014 and the timing ability of fund managers. Secondly, the performance of Islamic pension mutual funds which are formed in accordance with Shariah Law and traditional pension mutual funds, has been compared. For this purpose, weekly data of funds has been analyzed by Sharpe and M2 based on standard deviation, and Treynor, T2, Jensen based on systemic risk. According to the results, both fund group generally performed very well and fund managers of them succeeded in market timing strategies. It is also seen that Islamic pension funds displayed lower performance than traditional ones.

Keywords: Pension Mutual Fund; Islamic Investment Fund; Performance Measurement (search for similar items in EconPapers)
JEL-codes: G10 G11 G12 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
http://dergipark.gov.tr/download/article-file/480799

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fis:journl:180304

Access Statistics for this article

More articles in Fiscaoeconomia from Tubitak Ulakbim JournalPark (Dergipark)
Bibliographic data for series maintained by Emre Atsan ().