Mutual Funds
KAZAKHSTAN INSTITUTE OF MANAGEMENT, ECONOMICS AND STRATEGIC RESEARCH
BANG COLLEGE OF BUSINESS
[pic]
FN5206 Investment Management
Term Paper:
Analysis of investment strategies of the mutual funds and their influence on funds’ performance
on the example of Centras Securities Investment Company
Instructor: M Mujibul Haque, Ph.D.
Prepared by: Jumasheva Sulushash, 20070299 Sergey Savinykh, 20074290
Fall 2009
Table of Contents
Acknowledgement 3
Introduction 4
1. Investment opportunities in Kazakhstan 5
2. Mutual funds in the world 6 2.1 Definitions and Overview 6 2.2 Types of mutual funds 7 2.3 Advantages of mutual funds 7 2.4 Caveats of Investing in Mutual Funds 8
3. Share investment (mutual) funds in Kazakhstan 9 3.1 MF activities overview 9 3.2 Principles of functioning of the PIF 10 3.3 Statistical Variables which reflects the risk 11
4. JSC "Centras Securities" Investment Company 13 4.1 Company info 13 4.2 Investment fund “Treasury” 13 4.3 Investment fund “Native Lands” 17 4.4 Investment fund “Global Markets” 18
Conclusion 19
Appendix 1 20 “Treasury” – KASE Index Performance 20 “Treasury” – KASE Index Volatility 21 “Treasury” – KASE Index Linear Regression 22 “Treasury” – KASE Index Data File 23
Appendix 2 24 “Native Lands” – S&P 500 Index Performance 24 “Native Lands” – S&P 500 Index Volatility 25 “Native Lands” – S&P 500 Linear Regression 26 “Native Lands” – S&P 500 Data File 27
Appendix 3 28 “Global Markets” – S&P 500 Performance 28 “Global Markets” – S&P 500 Volatility 29 “Global Markets” – S&P 500 Linear Regression 30 “Global Markets” – S&P 500 Data File 31
Appendix 4 32 Comparison Table 32
Appendix 5 33 KASE, MICEX and S&P 500 Indexes comparison 33
References: 34
Acknowledgement
We would like to
BANG COLLEGE OF BUSINESS
[pic]
FN5206 Investment Management
Term Paper:
Analysis of investment strategies of the mutual funds and their influence on funds’ performance
on the example of Centras Securities Investment Company
Instructor: M Mujibul Haque, Ph.D.
Prepared by: Jumasheva Sulushash, 20070299 Sergey Savinykh, 20074290
Fall 2009
Table of Contents
Acknowledgement 3
Introduction 4
1. Investment opportunities in Kazakhstan 5
2. Mutual funds in the world 6 2.1 Definitions and Overview 6 2.2 Types of mutual funds 7 2.3 Advantages of mutual funds 7 2.4 Caveats of Investing in Mutual Funds 8
3. Share investment (mutual) funds in Kazakhstan 9 3.1 MF activities overview 9 3.2 Principles of functioning of the PIF 10 3.3 Statistical Variables which reflects the risk 11
4. JSC "Centras Securities" Investment Company 13 4.1 Company info 13 4.2 Investment fund “Treasury” 13 4.3 Investment fund “Native Lands” 17 4.4 Investment fund “Global Markets” 18
Conclusion 19
Appendix 1 20 “Treasury” – KASE Index Performance 20 “Treasury” – KASE Index Volatility 21 “Treasury” – KASE Index Linear Regression 22 “Treasury” – KASE Index Data File 23
Appendix 2 24 “Native Lands” – S&P 500 Index Performance 24 “Native Lands” – S&P 500 Index Volatility 25 “Native Lands” – S&P 500 Linear Regression 26 “Native Lands” – S&P 500 Data File 27
Appendix 3 28 “Global Markets” – S&P 500 Performance 28 “Global Markets” – S&P 500 Volatility 29 “Global Markets” – S&P 500 Linear Regression 30 “Global Markets” – S&P 500 Data File 31
Appendix 4 32 Comparison Table 32
Appendix 5 33 KASE, MICEX and S&P 500 Indexes comparison 33
References: 34
Acknowledgement
We would like to
References: 1. Frank Reilly and Keith Brown “Investments Analysis and Portfolio Management,” 8th Edition, Thomson, South-Western, 2006. 6. Comparison of returns of Kazakhstani open and interval PIFs, which worked more than a year, as of 30/09/2009. Retrieved on November, 7, 2009. http://vklad.kz/analiz.html 7 8. Ranking of PIFs. Retrieved on November, 7, 2009. http://www.investfunds.kz/funds/rate_debt_funds.phtml 9 10. Retrieved on November, 21, 2009. [1] Money should work. Retrieved November 7, 2009, from http://fingramota.kz/index.php?option=com_content&task=view&id=195&Itemid=230 [2] Wikipedia, the free encyclopedia [3] Yahoo! Finance. Mutual Funds Center. Retrieved 12 October 2009, from http://finance.yahoo.com/funds/basics/article/100600/Mutual_Fund_Basics [4] Retrieved on November, 7, 2009 [5] PIFs in Kazakhstan: figures and facts. Retrieved on November, 7, 2009. http://www.fintraining.kz/modules.php?op=modload&name=News&file=article&sid=192 [6] Ranking of PIFs