Open AccessA Comparative Study on Performance of Open and Close-ended Mutual Funds in Pakistan
Author(s) -
Waqas Ahmad,
Muhammad Sohaib Roomi,
Muhammad Ramzan,
Muhammad ZiaurRehman,
Sajjad Ahmad Baig
Publication year - 2015
Publication title -
international journal of accounting and financial reporting
Language(s) - English
Resource type - Journals
ISSN - 2162-3082
DOI - 10.5296/ijafr.v5i1.7487
Subject(s) - mutual fund , passive management , treynor ratio , portfolio , business , closed end fund , commodity pool , equity (law) , sample (material) , open end fund , fund of funds , actuarial science , institutional investor , finance , market liquidity , sharpe ratio , chemistry , chromatography , political science , law , corporate governance
This paper is based on the comparison of Pakistani open-ended and close-ended mutual funds performance. That study focus on income, balance and equity schemes of open-ended and close-ended mutual funds. The performance of these funds evaluates using Sortino measure, Shrape measure, Treynor measure, Jenssen differtial measure and Inforamtion measure. The sample for the study consists of 73 funds from 2007 to 2012. Results show open-ended mutual funds performance is better than close-ended mutual funds. KSE (market portfolio) performance is grater over the all sample base mutual funds. Most risk adjusted funds returns are negative, which probably due to mutual fund industry set back by financial crisis during sample period.