(ProQuest: ... denotes formulae omitted.)IntroductionThe person of a fund manager is closely connected with the efficiency of portfolio management. The complexity of the investment decision making process in the given environments requires highly skilled manager, such as since prices of companies securities are affected by a wide range of factors (Kulisauskas & Galiniene, 2015), such as performance of business companies (Lauzikas & Krasauskas, 2013); performance of industry sector, to which a company is attributed (Schroder et al., 2015) mode of economic growth (Demir et al., 2014), volatility of stock indexes (Peker et al., 2014) etc.Therefore the elements forming a broad portfolio of manager's qualifications include: education, experience, position, selection, market timing and intuition (Zamojska, 2012; Prakapaviciute &Korsakiene, 2016). He decides about the level and returns of the fund, determines the size, and also realizes style and investment strategy, which is to correspond to customers' preferences and objectives of the fund. The way in which he manages the fund and returns which thus achieves determine the allocative decisions of investors that are expressed in the inflow or outflow of capital funds. It can be said that the effectiveness of investment funds is the result of the behavior of market participants standing on the side of supply and demand, which affect the shape of the characteristics of the funds (Perez, 2012).Therefore, an essential prerequisite for writing this publication was to know the qualifications of Polish managers of investment funds. The assessments were based on quotations of these funds over the period 2000-2015.1. A review of researchWhen making a literature review of the work on investment funds by domestic authors it is worth mentioning the publications by K. Perez (Perez, 2012). She carries out a broad review of issues related to investment funds, both in developed markets and in Poland. Also Z. Wilmowska and M. Madeira (Wilmowska & Madeira, 2001) focus their attention on the Polish market of investment funds. A large contribution to the development of knowledge about investment funds have T. Miziolek, who in the years 1998-2008 issued a number of interesting articles in the journal of Our Capital Market which was dedicated to the development of that market segment. In turn, A Zamojska (Zamojska, 2012) refers to the measure of effectiveness of these funds. The works by D. Witkowska (Wiktowska, 2009) and K. Kompa (Kompa & Witkowska, 2010) are devoted to the same subject. Both Kompa and Witkowska tend mainly to research on the effectiveness of the investment funds market. However, it seems that one of the forerunners of information on the investment fund market in Poland is Tarczynski (Tarczynski, 1997). In the compact publication devoted to capital markets he presents a quantitative approach to the study, among others, investment funds which in those times was quite a pioneer approach when it comes to Polish investment fund market.When analyzing the global market, the forerunners in this area were I. Friend, F. E. Brown, E. S. Herman and D. Vickers (Friend et al., 1964) who described the study results of one hundred and fifty open-end investment funds existing in the US market in the years 1953-1959. Until now classic works devoted to the performance of investment funds include the articles by J.L. Treynor (Treynor, 1965), W. F. Sharp (Sharp, 1966) and M. Jensen (Jensen, 1968), which were of great importance because of the way the construction of measures for evaluating the performance of investment funds. A large contribution to the development of research on investment funds had the work by I. Friend, M. Blume and J. Crockett (Friend et al., 1970), T. Kim (Kim, 1978), E. C. Chang and W. G. Lewellen (Chang & Lewellen, 1984), R. D. Henriksson (Henriksson, 1984) and J. D. Jackson and S. E. Skomp (Jackson & Skomp, 1985). …
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