Portfolio performance evaluation of mutual funds in the Republic of Serbia

  • Miljan Leković University of Kragujevac, Faculty of Hotel Management and Tourism in Vrnjačka Banja
  • Milena Jakšić University of Kragujevac, Faculty of Economics
  • Dragana Gnjatović University of Kragujevac, Faculty of Hotel Management and Tourism in Vrnjačka Banja
DOI: https://doi.org/10.5937/sjm15-21145
Keywords: mutual funds, performance evaluation, selection ability, market timing ability

Abstract


The paper evaluates the performance of open-end mutual funds in the Republic of Serbia in the period 2011-2015, using various modelling approaches based on different models. The aim of this paper is to examine the theoretical, methodological and empirical validity of active portfolio management of mutual funds and to assess the presence of selection and timing abilities of Serbian portfolio managers. The results of the empirical research show that the active portfolio management of mutual funds in the Republic of Serbia has not been successful in terms of outperforming the market. Portfolio managers of most Serbian mutual funds lack the ability to choose profitable securities and do not have market timing ability.

Author Biographies

Miljan Leković, University of Kragujevac, Faculty of Hotel Management and Tourism in Vrnjačka Banja
https://orcid.org/0000-0002-4952-3991
Milena Jakšić, University of Kragujevac, Faculty of Economics
https://orcid.org/0000-0003-0553-6085
Dragana Gnjatović, University of Kragujevac, Faculty of Hotel Management and Tourism in Vrnjačka Banja
https://orcid.org/0000-0002-3589-517X

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Published
2020/11/08
Issue
Vol. 15 No. 2 (2020): Serbian Journal of Management
Section
Original Scientific Paper

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