Metrika članka

  • citati u SCindeksu: 0
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[=>]
  • posete u poslednjih 30 dana:7
  • preuzimanja u poslednjih 30 dana:3
članak: 9 od 19  
Back povratak na rezultate
Serbian Journal of Management
2013, vol. 8, br. 1, str. 79-93
jezik rada: engleski
vrsta rada: originalan članak
doi:10.5937/sjm8-3275


Racio analiza aktuelnih performansi poslovanja otvorenih investicionih fondova u Srbiji
aUniverzitet Singidunum, Beograd, FEFA - Fakultet za ekonomiju, finansije i administraciju
bWiener Städtische, Human Resources Department, Vienna Insurance Group, Belgrade
cUnion Nikola Tesla University, Faculty for management, Sremski Karlovci

e-adresa: lbarjaktarovic@singidunum.ac.rs

Sažetak

Predmet ovog rada je osvrt na performanse otvorenih investicionih fondova u Srbiji u periodu od 2007. do 2013. godine. Primenom Jensenove alfe, Šarperovog i Sortinovog racia je utvrđeno da su performanse domaćih otvorenih investicionih fondova loše. Sagledavanje poslovanja investicionih fondova je bazirano na prinosima koji nose i rizicima koje prihvataju u poslovanju. U Srbiji su fondovi akcija, kao najvisokorizičniji, počeli da funkcionišu 2007. godine, dok su novčani fondovi kao niskorizični, osnovani u kasnijoj fazi odnosno posle 3 godine. Trenutno ih posluje 16 (na kraju drugog meseca 2013.godine), gde dominiraju fondovi rasta vrednosti i fondovi očuvanja vrednosti. Ukupna neto imovina otvorenih investicionih fondova je 2,3 milijarde dinara, odnosno 20, miliona evra (na kraju 2012.godine).

Ključne reči

investicioni fondovi; kamatne stope; rizik; Jensenova alfa; Šarperov racio; Sortinov racio

Reference

*** Prospect of open investment fund Delta Dynamic. http: //www. deltainvestments. rs/ upload/images/Prospekt%20Delta%20Dyna micx. pdf
*** Prospect of open investment fund Delta Plus. http: //www. deltainvestments. rs/upload /images/Prospekt%20Delta%20Plusx. pdf
*** Prospect of open investment fund Erste Cash. http: //www. ersteinvest. rs /Erste_CASH /Prospekt/sPortal. portal; jsessionid=hrqJL58MTvzVVfJY0w9dt1JbPt NgY6SPYbh81LKs2cXH6GnpZx7K!40756 8366?_windowLabel=LABEL_MENU&_ur lType=action&LABEL_MENU
*** Prospect of open investment fund Erste Euro Balanced. http: //www. ersteinvest. rs/ Erste_CASH/Prospekt/sPortal. portal; jsessio nid=hrqJL58MTvzVVfJY0w9dt1JbPtNgY6 SPYbh81LKs2cXH6GnpZx7K!407568366?, _windowLabel=LABEL_MENU&_urlType =action&LABEL_MENU
*** Prospect of open investment fund Fima Novac. http: //www. fimainvest. com/ download/Prospekt%20FIMA%20NOVAC %2031. 12. pdf
*** Prospect of open investment fund Fima Proactive. http: //www. fimainvest. com/ download/Prospekt%20FIMA%20ProActive %2031. 12. pdf
*** Prospect of open investment fund Ilirika global. http: //www. mojnovac. rs /upload/ documents/prospekti_prezentacije/ ilirika/ PROSPEKT_ -_ILIRIKA_ GLOBAL. pdf
*** Prospect of open investment fund Kombank In Fond. http://www. kombankinvest. com/ pdf /InFond_duzi 2.pdf
*** Prospect of open investment fund Raiffeisen Shares. http:// www.raiffeiseninvest .rs /bgrbaiinv/ web/ public/ prospekt
*** Prospect of open investment fund Triumph. http: //www. mojnovac. rs/ upload /documents/prospekti_prezentacije/truimph/ Prospekt-OIF-31-08-10. pdf
*** Prospect of open investment fund Triumph Balance. http: //www. citadelam. com/files/Prospekti/Prospekt-Balans-31-03-11. pdf
*** Prospect of open investment fund Focus Premium. http: //www. citadel-am. com/files /Prospekti/Prospekt-Premium-31-08-10. pdf
*** (2007) A guide to understanding mutual funds. Washington DC: The Investment Company Institute
*** (2011) 2011 Investment Company Fact Book. Washington DC: The Investment Company Institute, 51. edition
*** (2011) Law on investment funds. official gazette of Republic of Serbia, www.sec.gov.rs
*** (2011) Law on equity markets. official gazette of Republic of Serbia, www.sec.gov.rs
*** (2013) Investment funds. Belgrade: Raiffeisen bank a.d, www.raiffeisenbank.rs
Alexander, C. (2008) Market Risk Analysis: Quantitative Methods in Finance. Chichester: Wiley
Barjaktarović, L., Ječmenica, D., Paunović, M. (2012) Ratio analysis of actual performances of open investment funds in Serbia. u: May Conference on Strategic Management, Bor: Technical faculty, 332-342, In Serbian
Barjaktarović, L., Ječmenica, D., Paunović, M. (2012) Investment funds as alternative investment in Serbia. u: ICEOS - 2012, 13th International Conference on Econometrics, Operations, Research, and Statistics, Turkish Republic of Northern Cyprus, presented paper work, the book of proceedings in the process of publishing
Barjaktarović, L., Ječmenica, D. (2011) Optimizam vs pesimizam konkurentnosti bankarskog sektora Srbije. Industrija, vol. 39, br. 2, str. 137-150
Bifoline (2012) News. www.bifoline.rs
Doku, J.N., Adjasi, C.K.D., Sarpong-Kumankuma, E. (2011) Razvoj finansijskog tržišta i struktura kapitala registrovanih kompanija - empirijska razmatranja situacije u Gani. Serbian Journal of Management, vol. 6, br. 2, str. 155-168
Haslem, J.A. (2010) Mutual Funds: Portfolio structure, Analysis, Management and Stewardship. New Jersey: Wiley
Jensen, M.C. (1968) The Performance of Mutual Funds in the Period 1945-1964. Journal of Finance, 23(2): 389
Jeremic, Z. (2009) Financial markets. Belgrade: University Singidunum, (In Serbian)
Luckoff, P. (2011) Mutual fund performance and performance persistence: The impact of fund flows and manager changes. Geissen Gabler Research
National Bank of Serbia (2013) Quarterly report of movement of financial stability indicators of Republic of Serbia for the 4th quartile of 2012
National Bank of Serbia (2013) My money. www.mojnovac.rs/fondovi.1.thml, Prospect of open investment fund Citadel Cash Fund, http://www.citadelam.com/files/Prospekti/Prospekt-Novcani-31-03-11.pdf]
Račić, Ž., Barjaktarović, L., Zeremski, A. (2011) Analiza uticaja zaduženosti na profitabilnost uspešnih domaćih kompanija u uslovima ekonomske krize. Industrija, vol. 39, br. 3, str. 45-60
Security Commission of Republic of Serbia (2008) Report on activities of Security Commission of Republic of Serbia and movements on organized Serbian security market in period January - December 2007. Belgrade
Security Commission of Republic of Serbia (2009) Report on activities of Security Commission of Republic of Serbia and movements on organized Serbian security market in period January - December 2008. Belgrade
Security Commission of Republic of Serbia (2010) Report on activities of Security Commission of Republic of Serbia and movements on organized Serbian security market in period January - December 2009. Belgrade
Security Commission of Republic of Serbia (2011) Report on activities of Security Commission of Republic of Serbia and movements on organized Serbian security market in period January - December 2010. Belgrade
Security Commission of Republic of Serbia (2013) Participant on Serbian financial market. www.sec.gov.rs]
Sharpe, W.F. (1966) Mutual Fund Performance. Journal of Business, 39(S1): 119
Sortino, F., Satchell, S. (2001) Managinig downside risk in financial markets. Oxford: Butterwoth-Heinemann
Vejnovic, N. (2011) Analysis of performance of Serbian investment funds. Belgrade: FEFA, (In Serbian)