Performance Evaluation of Collective Investment Schemes in Ghana
|Author(s)||by Abubakar Musah|
|Keywords||performance evaluation, collective investment schemes, Treynor index, Jensen alpha, Sharpe index|
|Open Access||Access PDF Open in New Tab|
The performance of collective investment schemes (CISs) provides investors with an opportunity to know how well or otherwise CISs perform before choosing a CIS to invest in. Raw returns are usually reported by CIS managers in Ghana, mostly in their annual reports. However, higher raw returns do not necessarily reflect superior performance. A risk – adjusted performance measure can better reflect the performance of a collective investment scheme. This study therefore evaluated the performance of ten CISs in Ghana in terms of average returns and on a risk – adjusted basis using the classic approaches – the Sharpe ratio, the Treynor index and the Jensen alpha over the period 2007 – 2012. It also compared the performances of equity, money market and balanced CIS over the period. Data were hand – collected from CIS reports. The results showed that CISs in Ghana have performed poorly over the period 2007 – 2012 across the three performance measures. The balanced funds performed better than the money market and equity CISs.
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