Style aktywnego zarządzania portfelem inwestycyjnym otwartych funduszy emerytalnych
Styles of Active Investment Portfolio Management of Open Pension Funds
Author(s): Tomasz MiziołekSubject(s): Financial Markets
Published by: Wydawnictwo Naukowe Uniwersytetu Marii Curie-Sklodowskiej
Keywords: otwarte fundusze emerytalne; zarządzanie portfelem; błąd odwzorowania; active share error, active share; open pension funds; portfolio management; tracking error; active share
Summary/Abstract: Research of styles of active investment portfolio management of open pension funds in Poland showed that they are closet indexers (closet trackers). This is evidenced by very low values of active share (20,5–30,8%) and tracking error (0,48–0,56%). The consequence of such method of portfolio management may be net underperformance and relatively high management costs, inadequate to realized investment strategy.
Journal: Annales Universitatis Mariae Curie-Skłodowska, Sectio H Oeconomia
- Issue Year: XLIX/2015
- Issue No: 4
- Page Range: 401-411
- Page Count: 11
- Language: Polish