Individual Pension System came into existence on 27 October 2003 in Turkey. The purpose of the system is to provide additional income to individuals during the retirement with the investment of individual retirement savings. In addition, the system with the established pension funds provides a major contribution to the economy with the development and deepening of capital markets and the transfer of savings to investments. The aim of this study is to investigate the relationships between the characteristics of the funds and the funds’ returns by using the panel data analysis. To do so, 29 pension funds as institutional investors have been taken into consideration for the period between 2008 and 2012. Our analysis shows that there is a positive relation between the fund return and the stock ratio of portfolio of the fund, fund age and brokerage commission expenses but a negative relation between the fund return and management fees, size and standard deviation
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