Performance of open investment funds in Serbia.

      Аннотация: Investment funds are the eldest financial institutions on Serbian market. Local regulation allowed their establishment at the end of 2006, but the first investment fund started operations in the first quartile of 2007. It is later comparing other countries in surrounding - in Croatia, they were established in 1997, in Bosnia and Herzegovina they started operations in 2000, etc. It is important to say that Serbian regulation in the field of investment funds is not harmonized with MIFID’s and UCIT’s directives. If we analyze the Serbian financial market in the terms of balance assets, we can notice that the banks are the most dominant players with more than 90.8% of market share; insurance companies took 3% of the market share and other participants took the rest financial institutions, such as leasing companies, brokerage houses, pension funds, investment funds, etc. The topic of this paper is to analyze the performance achieved by the open investment funds in Serbia in the period of 2007 to 2013, with special focus on the period from 2007 to 2010 due to the consistency of existence of open investment funds.

Ключевые слова: Interest rate, risk, return, sortino ratio, Treynor Ratio, open investment funds, Jensen's alpha, Sharper ratio, Information ratio