Özet:

The methods developed for selecting mutual fund managers generally apply Stock Exchange index as a benchmark portfolio. However, accepting Stock Exchange index as a benchmark portfolio would cause some invalid evaluation results, because many funds even in stock funds have few equities. Therefore, in this study, the Fund index developed by Institutional Investmen Managers Association has been used as a second bechmark portfolio. This approach gives some opportunity to investigate different benchmark portfolio results. Analysis results show that fund performance is low compared to Stock Exchange index and relatively high compared to the Fund index. Fund performance persistence results revealed that past performance gives some idea regarding future fund performance. With this perspect, Sharpe index has been found more succesfull method with respect to the other methods underlying both Stock Exchange index and the Fund index.

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