TÜRKİYE’DE PAY SENEDİ FONLARININ ZAMANLAMA YETENEĞİNİN DEĞERLENDİRİLMESİ

Abstract

Mutual funds increase investors’ market participation by providing the opportunity to invest their funds in well-diversified portfolios. Perception of funds as an attractive investment instrument for investors is directly related to their performance. There are many factors affecting the fund performance. Market timing abilities of fund managers are also one of these factors. In the study, it was aimed to evaluate the performance of * Araştırma Görevlisi, Anadolu Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İşletme Bölümü, aykut_yakar@ anadolu.edu.tr, ORCID: 0000-0002-5277-6789 ** Araştırma Görevlisi, Anadolu Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İşletme Bölümü, denizsevinc@ anadolu.edu.tr, ORCID: 0000-0002-6223-9450 Aykut YAKAR • Deniz SEVİNÇ 834 equity funds traded in Turkey in terms of market timing ability. For this purpose, market timing performances are analyzed with various models by using monthly data of 18 mutual funds for the period between 2008 and 2018. When classic market timing models are applied, it is concluded that the majority of mutual funds do not have market timing capability. Different results were obtained in volatility timing performance, timing performance in different market conditions, and the effect of active and passive portfolio management on timing performance models.