Wpływ kosztów działalności na ryzyko oraz stopy zwrotu dłużnych funduszy inwestycyjnych
The Impact of Costs on Risk and Rates of Return of Debt Investment Funds

Summary/Abstract: The article aims to assess how operating costs affect the performance and risk profile of debt investment funds. The authors conduct a comparative analysis of dependent and independent Polish investment funds using performance and risk indicators (e.g. beta, tracking error, Sharpe ratio). Results show that higher costs negatively impact returns and are associated with greater investment risk. However, the hypothesis that independent funds take higher risks than bank-related ones was not confirmed. The findings may help individual investors evaluate cost and risk factors in fund selection. The article is unique as it empirically compares debt funds in Poland, also those based on their capital affiliation.

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