International Equity Asset Classes in the Turkish Fund Industry

A. Can Inci and Hakan Saraoglu

Emerging Markets Finance and Trade, 2011, vol. 47, issue 4, 96-114

Abstract: We examine Turkish fund portfolios and identify the role of international investments in their formation. We find that (1) Turkish funds hold a very small fraction of international assets during 1987-2008, (2) the weight of international equity in the funds with an international mandate is smaller than the total weight of domestic asset classes as of 2009, and (3) international stock holdings of Turkish portfolio managers show significant similarity, which can be explained by the fact that the managers tend to hold stocks with which they are familiar. We compare the performance of funds that have the international investment objective with benchmark portfolios and provide suggestions for more diverse funds in the Turkish fund industry.

Keywords: diversification; mutual funds; pension funds; portfolio management (search for similar items in EconPapers)
Date: 2011
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