Performance Of Fund Managers Research Articles

ANALISIS EFEKTIVITAS DAN EFISIENSI PENGELOLAAN DANA ZAKAT PADA ORGANISASI PENGELOLA ZAKAT DI INDONESIA

Poverty is one of the unresolved problems in Indonesia. This problem should be overcome, one of the ways, is through Islamic philanthropy, especially zakat. The gap between the potential and realization of zakat, the less than optimal performance of zakat institutions has resulted in low public trust so that supervision is needed by various parties so that zakat can be managed well. Therefore, this research aims to analyze the effectiveness and efficiency of zakat fund management performance in Zakat Management Organizations (OPZ) in Indonesia. This type of research is descriptive quantitative research that uses the ACR (Allocation to Collect Ratio) method to measure effectiveness and the DEA (Data Envelopment Analysis) method to measure efficiency. The data is in the form of secondary data originating from the annual financial reports of BAZNAS, Dompet Dhuafa, and Rumah Zakat from 2018 to 2021. The results of the study show that in general the three OPZs received high effectiveness and efficiency scores. BAZNAS is the most effective OPZ and Rumah Zakat is the most efficient OPZ. So it can be used as the main reference for other OPZs in efforts to improve the performance of zakat management in Indonesia.

Persistence and Domiciled Mutual Fund Managers Performance: Evidence for South Africa

This paper presents an overview of the South African domiciled mutual fund industry and studies mutual fund performance using a survivorship bias-free sample of 2,843 share class of funds. 4-factor asset-pricing model is used to measure performance, and an additional two factors from the recent framework have been considered [1,2]. This study is able to provide further evidence on the performance of open-end mutual fund managers in a notable emerging market, South Africa. This paper investigates whether mutual fund managers’ inability in developed markets to beat the market, which has been widely proved, also holds in less developed markets. Furthermore, we examine if South African fund managers exhibit persistence in performance. The negative net alpha for South African domiciled mutual fund managers shows that they underperform their respective market benchmarks and are not able to add value. Lastly, consistent with results in developed markets, for all portfolios with different magnitudes, the paper reveals a persistence in performance; however, the effect is attributed to "icy-hands" rather than "hothands."

Actively managed equity mutual funds in emerging markets

In this study, we analyze the performance of mutual fund managers who operate in emerging markets. Emerging stock markets differ from mature markets in significant ways, such as weak prosecution for insider trading, poor corporate governance practices, and a lack of liquidity, which create market inefficiencies that active investment strategies can exploit. We evaluate conditional alphas and multiple measures of liquidity, with a focus on equity funds that invest in emerging markets to achieve abnormal returns. Our analysis shows that smaller funds are significantly impacted by liquidity and that conditioning for public information has a significant effect on the distribution of returns. We find evidence of positive abnormal returns, which suggests that active management in emerging markets can be profitable.

Assessing Mutual Fund Performance in China: A Sector Weight-Based Approach

In many financial markets across the globe, full historical position disclosure is not required of mutual funds, or it is subject to prolonged delays, often due to regulatory restrictions. This makes measuring fund manager performance based upon the stock-picking and market-timing skills from past literatures impossible. This study introduces a new methodology utilizing sector weight analysis to estimate the stock-picking and market timing skills of 198 Chinese equity mutual fund managers. Within-sample predictions confirm that the new measures are robust and reliably identify fund managers who outperform their peers, suggesting that this method may be useful in other institutional settings where the full historical position of funds is unavailable. Fund managers with lower stock picking or market timing skills are more likely to improve their skills in the following period, which suggests that manager skills develop and change over time. Finally, our analysis reveals that fund managers with higher stock picking skills are significantly less likely to be replaced, thereby enjoying greater job security.

Evaluating the Performance of Mutual Fund Managers: A Comparative Analysis of Market Timing and Stock Selection using the Treynor-Mazuy Model in the Indian Market

This research paper, "Evaluating the Performance of Mutual Fund Managers: The paper entitled “A Comparative Analysis of Market Timing and Stock Selection Using the Treynor-Mazuy Model in the Indian Market” analyses the vital mutual fund performance of the Indian market. It reviews previous research on mutual fund performance evaluation, market timing ability, and related issues, and attempts to reconcile conflicting prior findings. The data used for the study is from January 2019 to December 2023 and the sample is of Indian mutual fund managers using the Treynor-Mazuy market timing model. The results were consistent with previous study by Dr. Soumya Guha Deb, and they shed some light on fund managers' selectivity and market timing skills in the Indian market. Emphasising the importance of precise performance metrics for investors, fund managers and regulators, the study offers vital insights into the performance of fund managers in one of the world’s largest fast-growing countries.

The Influence of Transformational Leadership and Work Culture on Work Commitment and Its Implications on the Performance of Village Fund Managers

This research examines the influence of transformational leadership and work culture on work commitment and its implications for the performance of village fund managers on Flores Island, East Nusa Tenggara. The research method used is quantitative research with an explanatory survey approach. Data was collected through interviews, observation, and questionnaires with a Likert scale. Respondents are village fund managers from 6 districts on Flores Island. Hypothesis testing was done using Structural Equation Modeling (SEM) with SmartPLS 3.00 software. The research results show that transformational leadership and work culture significantly influence the work commitment and performance of village fund managers. Strong transformational leadership, characterized by collaboration, honesty, and trust, encourages increased work commitment and performance of village fund managers. Meanwhile, a positive work culture based on integrity, honesty, and accountability contributes to work commitment and performance. High work commitment also positively impacts individual and group performance, increasing motivation, job satisfaction, and the ability to face challenges. Finally, improving the performance of village fund managers on Flores Island requires the development of transformational solid leadership, the formation of a positive work culture based on the values of integrity and accountability, and increasing the work commitment of individual village fund managers. It is hoped that the results of this research can improve the effectiveness of village fund management and services to the community.

Discretionary investment managers evaluation in pension fund: Shared input dynamic network DEA approach

Investment trust corporations (ITCs) constitute one of the financial industry's subsectors, and their evaluations of fund management performance play a crucial role. With the recent increase in the number of ITCs and their assets, how the Public Service Pension Fund management board (PSPFMB) of Taiwan makes investment decisions regarding multiple companies has become a critical issue. Using the shared input dynamic network data envelopment analysis approach (SDNDEA), we empirically estimate the performance efficiency scores of the funds of 34 ITCs and analyze the performance of the manufacturing structures of their internal networks. Our results indicate that the PSPFMB should consider the effects of being entrusted with decisions on efficiency. Employing K-means clustering techniques, we investigate the operational characteristics of each group and identify the differences among them. Moreover, this research identifies significant externalities related to ownership structures, indicating that the PSPFMB should consider the effects of such structures on efficiency in the context of entrusting decisions. Thus, the PSPFMB can make optimal investment decisions based on our ITC evaluation and selection model and help pension funds achieve stable long-term investment benefits.

An empirical evaluation of the performance of Nigerian pension fund managers

PurposeThis paper evaluates the risk-adjusted returns, selectivity, market timing skills and persistence of the performance of Nigerian pension funds.Design/methodology/approachAnnual return data of 23 pension funds that operated in Nigeria between 2018 and 2022 were obtained from the National Pension Commission (PenCom). Risk-adjusted return was appraised using the Treynor ratio, Sharpe ratio and Jensen alpha, while the Treynor–Mazuy and Henriksson–Merton multiple regression models were applied to decompose selective and timing skills. Performance persistence was assessed using the contingency table and rank correlation models.FindingsEvidence shows that pension funds deliver excess risk-adjusted returns and exhibit selective skills. However, the evidence does not support the presence of timing skills, and there is overwhelming evidence that good (bad) performance does not repeat.Practical implicationsAn evaluation of the investment performance of pension funds is crucial for ensuring the financial stability of retirees, maintaining economic stability and making informed investment decisions. It serves the interests of pensioners, pension fund managers, regulators and the broader economy. Our evidence that pension funds generate positive excess returns is a departure from most of the literature on managed funds. We recommend that more Nigerians should leverage the pension fund industry to grow their wealth and prepare for retirement.Originality/valueThis study, to our knowledge, is the first to appraise all the key facets of the investment performance of pension funds in the Nigerian context.

Do fund managers’ performance rely on gender and team size? Evidence from India

The study investigates how gender and team size impact mutual fund manager’s performance. Using comprehensive collected data of 1,207 manager-funds observations from January 1991 to March 2022, we analyse the performance of Indian fund managers. The study also examines whether the age and tenure of fund managers affect the association between gender and team size with performance. Our result shows that female fund managers independently perform better than their male counterparts. The manager’s performance improves with an increase in the size of the team. We also discover that older male fund managers or those with shorter tenure managing funds perform superior in team-managed funds.

FMLens: Towards Better Scaffolding the Process of Fund Manager Selection in Fund Investments.

The fund investment industry heavily relies on the expertise of fund managers, who bear the responsibility of managing portfolios on behalf of clients. With their investment knowledge and professional skills, fund managers gain a competitive advantage over the average investor in the market. Consequently, investors prefer entrusting their investments to fund managers rather than directly investing in funds. For these investors, the primary concern is selecting a suitable fund manager. While previous studies have employed quantitative or qualitative methods to analyze various aspects of fund managers, such as performance metrics, personal characteristics, and performance persistence, they often face challenges when dealing with a large candidate space. Moreover, distinguishing whether a fund manager's performance stems from skill or luck poses a challenge, making it difficult to align with investors' preferences in the selection process. To address these challenges, this study characterizes the requirements of investors in selecting suitable fund managers and proposes an interactive visual analytics system called FMLens. This system streamlines the fund manager selection process, allowing investors to efficiently assess and deconstruct fund managers' investment styles and abilities across multiple dimensions. Additionally, the system empowers investors to scrutinize and compare fund managers' performances. The effectiveness of the approach is demonstrated through two case studies and a qualitative user study. Feedback from domain experts indicates that the system excels in analyzing fund managers from diverse perspectives, enhancing the efficiency of fund manager evaluation and selection.

Stock Selection and Market Timing Ability of Nepalese Mutual Funds

This study evaluates the performance of Nepalese mutual fund managers’ stock selection and market timing abilities. This study performed the investigation on the weekly data of 5 mutual funds from December 28, 2017 to March 2, 2023 spanning 270 weeks. To serve our objective, the stock selection skills of the fund managers were assessed using average return, Sharpe ratio, Treynor ratio, Information ratio and Jensen’s alpha. The study found strong evidence supporting risk management ability in all of the mutual fund schemes as demonstrated by beta coefficient below unity and significant stock selection ability in 2 out of the 5 mutual fund schemes. Furthermore, the positive values of alpha although not statistically significant indicates stock selection ability of the fund managers. On the other hand, Treynor and Mazuy’s Unconditional Market timing model was employed to test the market timing skill of fund managers. The test results did not indicate any significant positive market timing skills but one of the mutual fund schemes exhibited statistically significant negative market timing. Thus, the Nepalese fund managers aptly demonstrated stock selection ability but they did not demonstrate any positive market timing skills indicating that fund managers typically relied on stock selection to outperform the Benchmark Index rather than market timing skills. Int. J. Soc. Sc. Manage. Vol. 10, Issue-3: 47-54.

Do Female Fund Managers outperform their Male Counterparts? A Quantitative Analysis of UK Retail Funds

Abstract Why are there so few women in finance and even fewer managing funds? There is a major discrepancy between the number of female and male fund managers worldwide. The aim of this paper is to ascertain if gender is a contributing factor to fund managers’ performance. This is examined through analysis of data from 2012-2022 attained from eight major IA sectors of funds (Asian, European, North American, UK All Companies and UK Income equity funds; Targeted Absolute Return, Sterling Corporate Bond and 40-85 Sector funds) which are available to UK retail investors. This paper aims to compare the performance of all funds in the data pool with funds that involve one or more female managers through a quantitative and qualitative analysis. There is no significant research on the performance of women fund managers for UK investors. The authors intend to fill this gap with this paper. We find that funds managed by women or mixed teams produce similar and sometimes better risk-adjusted returns than male-only managed funds but are few in numbers and find it difficult to raise significant amounts of assets. JEL classification numbers: D61, G11, G14, J16, M14. Keywords: Gender, Investment, Asset Management, Wealth, Diversity.

Performance sustainability strategy of pension fund managers in the emerging market: A survey opinion perspective

The paper examines the performance sustainability of pension fund managers in a developing country such as Nigeria context using survey questionnaires in the collection of data with descriptive statistics and independent samples t-test in the analysis of the data. The opinion of the respondents to the survey questions provides evidence of the existence of several barriers hindering the performance sustainability strategy of pension fund managers these include: a lack of sufficient skills, inadequate innovation, and a lack of adequate processes, etc. However, the respondents also believed that governance and operation, planning, and management are key indicators that sustain the performance of pension fund managers. The study suggests that pension fund managers should develop skills, processes, and innovative solutions to overcome the performance barrier of pension fund managers.

Optimal portfolios for the DC pension fund with mispricing under the HARA utility framework

<p style='text-indent:20px;'>This paper studies the optimal portfolio selection for defined contribution (DC) pension fund with mispricing. We adopt the general hyperbolic absolute risk averse (HARA) utility to describe the risk performance of the pension fund managers. The financial market comprises a risk-free asset, a pair of mispriced stocks, and the market index. Using the dynamic programming approach, we construct the Hamilton-Jacobi-Bellman (HJB) equation and obtain the explicit expressions for optimal portfolio choices with two methods. Finally, numerical analysis is presented to illustrate the sensitivity of the optimal portfolios to parameters of the financial market and contribution process. <b>200</b> words.</p>

The Real Effect of Sociopolitical Racial Animus: Mutual Fund Manager Performance During the AAPI Hate

The Real Effect of Sociopolitical Racial Animus: Mutual Fund Manager Performance During the AAPI Hate

Practical Applications of Option-Enhanced Tax-Smart Portfolio Value

Since the origination of the investment discipline, tax implications have always been secondary to investment decisions. Investment education resources and those for training investment professionals do not emphasize after-tax performance. Another idea favored by the investment community is that when investing, a more accurate measure of performance is not how much one makes but how much one keeps. These two ideas conflict since potential tax obligations from selling securities can significantly impact the actual value of investments. In <b><i>Option-Enhanced Tax-Smart Portfolio Value</i></b>, from the April 2022 issue of <b><i>The Journal of Portfolio Management</i></b> and other articles about the impact of taxes on investments, author <b>Andrew Kalotay</b> of <b>Kalotay Advisors</b> contends that there must be a change in how taxable securities are valued and how the performance of taxable investment portfolios is derived. “To discuss how you can improve after-tax performance intelligently, you must develop a way to measure it,” says Kalotay. This philosophical change in investment valuation would facilitate tax-loss harvesting decisions, enhance investment performance measurement, and provide a better way to compare the performance of fund managers and advisers. Kalotay believes that “there should be much more attention by academics and practitioners on the critical topic of after-tax performance.”

Competition in Fund Management and Forward Relative Performance Criteria

In an Ito-diffusion market, two fund managers trade under relative performance concerns. For both the asset specialization and diversification settings, we analyze the passive and competitive cases. We measure the performance of the managers' strategies via forward relative performance criteria, leading to the respective notions of forward best-response criterion and forward Nash equilibrium. The motivation to develop such criteria comes from the need to relax various crucial, but quite stringent, existing assumptions -- such as, the a priori choices of both the market model and the investment horizon, the commonality of the latter for both managers as well as the full a priori knowledge of the competitor's policies for the best-response case. We focus on locally riskless criteria and deduce the random forward equations. We solve the CRRA cases, thus also extending the related results in the classical setting. An important by-product of the work herein is the development of forward performance criteria for investment problems in Ito-diffusion markets under the presence of correlated random endowment process for both the perfectly and the incomplete market cases.

The Intervening Effect of Investment Policies on the Relationship between Corporate Governance and Performance of Pension Fund Managers in Kenya

The pension fund is a common asset pool meant to generate stable growth over the long term, and provide pensions for employees when they reach the end of their working years and commence retirement. These targeted investments often require union built construction or are aimed at job creation and retention as in the case of private equity investments. Pension fund performance has received increased attention across the world with public pension fund performing dismally when compared to private pension fund.. This study sought to determine the intervening effect of investment policies on the relationship between corporate governance and performance of pension fund managers in Kenya. The study employed a cross sectional survey design whereby access to the widest possible amount of data from the targeted Fund Managers in Kenya was sought. The population of interest of the study was 31 Fund Managers in Kenya licensed by RBA and CMA. The study used purely primary data sources. Primary data was obtained from the selected respondents. Primary data was collected through questionnaire. Regression analysis was used to establish the relative significance of each of the variables on the influence of corporate governance on the performance of pension fund managers in Kenya. The study findings indicated that there exists a partial mediation effect on the mediating role of investment policies on the relationship between corporate governance and performance of pension fund managers. The study thus, rejected the null hypothesis and adopted the alternative hypothesis that there is a partial intervening effect of investment policies in the relationship between corporate governance and performance of pension fund managers in Kenya. The study recommends that the governing body of the pension fund should set forth in a written statement and actively observe an overall investment policy. The investment policy should establish clear investment objectives for the pension fund that are consistent with the retirement income objective of the pension fund and, therefore, with the characteristics of the liabilities of the pension fund and with the acceptable degree of risk for the pension fund, the plan sponsor and the plan members and beneficiaries. The approach for achieving those objectives should satisfy the prudent person standard taking into account the need for proper diversification and risk management, the maturity of the obligations and the liquidity needs of the pension fund, and any specific legal limitations on portfolio allocation. Keywords: Investment Policies, Corporate Governance, Performance &amp; Pension Fund Managers.

The Relationship between Corporate Governance and Performance of Pension Fund Managers in Kenya

Pension funds performance in Kenya have been facing myriad of challenges ranging from poor administration and investments of pension funds, lack of transparency and accountability, non-remittance of monthly contributions by employers, misappropriation of scheme assets by the trustees, loss of scheme funds through negligence of trustees and poor investment of the scheme assets. The objective of this study was to examine the relationships between corporate governance, and performance of registered pension fund managers in Kenya. This study adopted positivism philosophy. The study employed a cross sectional survey design whereby access to the widest possible amount of data from the targeted Fund Managers in Kenya was sought. The population of interest of the study was 31 Fund Managers in Kenya licensed by RBA and CMA. The study used purely primary data sources. Primary data was obtained from the selected respondents. Primary data was collected through questionnaire. Regression analysis was used to establish the relative significance of each of the variables on the influence of corporate governance on the performance of pension fund managers in Kenya. The study findings indicated that there was significant relationship between corporate governance and performance of pension fund managers in Kenya. The study concluded that there is significant relationship between corporate governance and performance of pension fund managers in Kenya. The study determined that the corporate governance practices being implemented had been incorporated in the Pension Fund’s investment management decisions with its assets being more diversified and having enhanced reporting on investments. The study recommends on pension reforms, by creating a new class of potential activist shareholders in the form of pension funds, could in principle improve corporate governance and increased shareholder discipline. The governments as well as Pension Fund Managers supervisors should consider a more active role in the selection process of the board members, while reducing their choices to professional beneficiaries of the pension funds Keywords: Corporate Governance, Transparency, Ownership Structure, Accountability, Participation Performance, Pension Fund Managers &amp; Kenya

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KINERJA PENGELOLAAN DANA DESA DI KECAMATAN PINTU RIME GAYO

The purpose of this study is to determine the effect of work performance, skills, attitudes and leadership on the performance of village fund management in the village of Pintu Rime Gayo District. The type of research that used is quantitative research. Data source that used in this study is primary data obtained by using a questionnaire and measured using a Likert Scale. While the data analysis method used used in this study is a method of multiple linear regression analysis. The results of the study show that work performance, behavioral and leadership skills have a significant effect on the performance of village fund management. It can be observed from the t test that has a tcount value of 4.491 using a sig.t of 0.000 &lt;0.05 so that the decision making Ho is rejected and Ha is accepted, then the psychological factor (X4) has a significant effect on the Performance of Village Fund Management in Pintu Rime Gayo District. The coefficient of determination (R2) with a value of 63, 3 % which shows that the influence of Variables (Factors of Job Performance, Skills, Behavior) and Leadership) jointly own influence of 63.3 % of the Village Fund Management Performance While the remaining 36.7% is determined by other factors outside of this study.