engleski

The performance of the investment trust industry: evidence from Croatia

This research paper deals with the performance analysis of money market UCITS funds which represent the dominant type of open-end investment funds with a public offering, in terms of net asset value. Referring to the period from the January 1, 2014 to December 31, 2016, this research was carried out on a sample of 17 selected money market UCITS funds in the Republic of Croatia, which were treated separately according to the few key data, like investment funds' net assets, number of investment funds, and investment structure. Management performance was analysed using descriptive analysis, but also by means of risk-adjusted return measures using Sharpe and Sortino ratios. Selected 17 UCITS money market funds (MMF) for the purpose of this research are Allianz Cash, Auctor Cash, Erste Euro – Money, Erste Money, HPB Euronovčani, HPB Novčani, Locusta Cash, NETA MultiCash, OTP euro novčani, OTP novčani, PBZ Dollar, PBZ Euro novčani, PBZ Novčani, Raiffeisen Cash, Raiffeisen euroCash, ZB europlus, ZB plus.

Croatia, money market UCITS funds, investment funds' net assets, downside deviation, Sharpe ratio, Sortino ratio

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