engleski

The impact of the global financial crisis on the open-end investment funds in Croatia

The investment fund industry, which is relatively new in Croatia, is going through some changes which are direct consequence of global financial crisis started in 2007. The investment funds are the largest groups and the most important institutional investors in Croatian capital market. Via public invitation they assemble financial resources and invest in different types of securities (stocks, bonds, options, money markets securities). In this paper, authors analyze open-end investment funds in the Croatian financial market in the crisis surrounding. The focus of the paper is analysis on the sample of investment funds of four different types of open-end investment funds (Equity funds, Bond funds, Balanced funds, Money market funds) using data collected from the regulatory institution of Croatian capital market - Croatian Financial Services Supervisory Agency (Cro. HANFA) and other institutions directly elaborated in the article. The analysis is made through asset movements, but also through net asset value (NAV) which is usually expressed as a per-share amount. The authors want to show that total asset value (total value of the fund's portfolio) is not the only relevant factor for judging investment fund performance: the decrease of net asset value has strong influence on the fund valuation, too. At the end, the authors give conclusions and implication for further research.

open-end investment fund industry; global financial crisis; total asset; net asset value

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