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Performance evaluation of the bond mutual funds operating in Greece

Panayiotis G. Artikis (Investment Director, Agricultural Bank of Greece, Mutual Funds)

Managerial Finance

ISSN: 0307-4358

Article publication date: 1 October 2004

Abstract

The present article aims to evaluate the performance of thirty‐nine domestic bond mutual funds operating in the Greek financial market over the period 15/3/1999‐31/12/1999. The ranking of the sample mutual funds is different between the average daily return, and the total risk. On the basis of the coefficient of variation the sample mutual funds are classified in nine categories. The performance of thirty‐three mutual funds is affected, and can be explained to a satisfactory level by the movements in the Bond Index. On the other hand, the performance of twenty‐five mutual funds is affected, and can be explained to a satisfactory level by the movements in the General Index of the ASE. The Bond Index appears to approximate the market portfolio closer than the General Index of the ASE. Twenty‐seven from the sample mutual funds show values for alpha coefficient different than zero value that is assumed by the capital asset pricing model.

Keywords

Citation

Artikis, P.G. (2004), "Performance evaluation of the bond mutual funds operating in Greece", Managerial Finance, Vol. 30 No. 10, pp. 1-13. https://doi.org/10.1108/03074350410769326

Publisher

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Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited