Asset Management and The Case of Turkey: Risk Adjusted Performance Evaluation of Turkish Mutual and Pension Funds

lt;p>In this book, we first reviewed the fund performance measurement ratios and then we evaluated these performance measures of mutual and pension funds in Turkey to determine whether the funds generate alphas (excess returns). There is no evidence that the risk-adjusted performances are better in the long run.

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The asset management industry is one of the essential sources of economic growth
in a country since it functions as an intermediary between savings and investments.
The asset management industry is also important for financial markets to ensure new
funds and it helps investors to achieve their investment goals. Therefore, the aim of
this study is to analyze the fund management industry in an emerging market. In this
book, we first reviewed the fund performance measurement ratios and then evaluated
these performance measures of mutual and pension funds in Turkey between
2010 and 2019 to determine whether the funds generate alphas (excess returns). The
risk-adjusted performance measures (Sharpe, Treynor, Information, Jensen's alpha,
Sortino, and Omega ratios) were calculated to see if the funds generated excess
risk-adjusted returns during the analyzed period.