Abstract:

Participation is based on fund portfolio, lease certificates, participation accounts, partnership shares, gold and other valuable mines and other non-profit funds and capital market instruments that are considered appropriate by the Board of Directors. The first objective of this study is to analyze the performance of individual pension investment funds based on the participation essence. The second objective is to measure the portfolio selectivity and market timing ability of these funds managers. The third objective is to investigate whether fund revenue is affected by political crises. The results of the analysis showed that the performance of these funds failed and that fund managers have no selectivity and market timing abilities. It has also been found that the funds for retirement investment based on the participation principle consisting of under-based capital market instruments are not affected by the crisis, while the other funds are affected negatively by the crisis.

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