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Evaluation of European Mutual funds Performance

A public pension fund’s decision to invest in emerging domestic markets is driven first and foremost by its fiduciary duty and overarching mission to achieve competitive financial returns for its pension fund retirees and beneficiaries. Public pension funds, as with any institutional fund, seek to outperform the market. Investments targeted to EDM can both achieve good returns and help overall fund performance by diversifying the pension fund’s portfolio. A well-diversified portfolio is made up of a spectrum of asset classes as a means of spreading risk across classes. Targeted investments in EDM can play a part in this strategy to. | CERRG rs iuwtuxercig.org Centre drEtudes et de Recherches Appliqưẽes ó la Gestiari- UMR. C.ÍM.A.S. 5380 CAHIER DE RECHERCHE n 2011-01 E2 halshs-00658484 version 1 - 10 Jan 2012 Evaluation of European Mutual funds Performance Romana BANGASH - 1 - upntf Unite Mixte de Recherche CNRS Université Pierre Mendès France Grenoble 2 GrenMe 150 rue de la Chimie - BP 47 - 38040 GRENOBLE cedex 9 Universíté Pierre-Mendes-France _ _ Sciences sociales humaines Tél. 04 76 63 53 81 Fax 04 76 54 60 68 halshs-00658484 version 1 - 10 Jan 2012 Evaluation of European Mutual funds Performance Romana BANGASH1 Our primary objective is to suggest some winning styles of investment for investors and proposing some good benchmarking techniques to managers. In other words we can say that which stock picking skill of manager can better earn before-fee excess return We applied Carhart s four factor model on 122 Equity Mutual funds domestically invested in France from 1990 to 2009. Our results indicate that measuring risk with use of the established pricing models is indeed problematic because it is suitable to some markets but not for all and more analytical and empirical work is needed to develop universally adapted risk factors. Keywords Equity Mutual funds four factors model management fee. 1. Introduction In European market the growing importance of funds expenses for investors investment decisions needs some attention. From literature review it is obvious that European fund market has been criticized for under performance and authors have attributed number of reasons in this regard. Keeping in view the uniqueness of European fund market with respect to management styles of institutional investors and expectations of individual investors we want to analyze the performance of some domestically invested funds in this specific region with having a keen look at expenses. We want to suggest some winning styles of investment for investors and proposing some good .