Abstract:

The aim of this study is to evaluate the performance of the free investment funds operating in Turkey. In the study, the free investment funds, which are a very new concept for the Turkish financial market, were examined and the performance analysis of the funds that began to operate in Turkey since 2008. The study group formed 22 funds containing 36 months (2014-2017) data. In the study, the data of the Borsa Istanbul (BIST100) was also used as a market indicator, the average revenues of funds and the risks they received were calculated and the performance measurement data coverage analysis (VZA) was carried out. According to the results, 91% of the funds subject to the analysis were found to have a positive monthly average geometric return. The result of the VZA performed in two different ways as the BCC model and the CCR model also found 55% of funds active according to the first model and 41% according to the second model.

Abstract:

The aim of this study is to evaluate the performance of the hedge funds in Turkey. Hedge funds, which are quite new to Turkish financial markets, are examined and the performance of the funds that have been founded in Turkey starting from 2008 are analyzed. Analyzed hedge funds, which are in total of 22 funds, are the ones that we have the data for a period of 36 months (2014-2017). The mean returns of the funds and the risks they take are calculated with the use of Istanbul Stock Exchange (BIST100) as a market indicator. Moreover, Data Envelopment Analysis (DEA) has been applied in order to measure the performance of the funds. According to the results, 91% of the funds have been found to have positive monthly geometric return on average. When it comes to the results of DEA, which has been done with 2 different models called BCC and CCR models, the first model has found 55% of the funds efficient whereas the latter has found 41% of them efficient.

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