Mutual funds performance evaluation: for a type balanced funds with multi criterion turkey practice

As being an important factor in providing countries growth and development, investments require great funds. This situation causes financial markets, financial instituons and financial insturuments providing funds flow between saving holders and inverstors, become more importance and financial instituons and financial instruments become more variety. The Mutual funds, which is the subject of this study, are financial assets, that become more important in capital market and provide professionel management service for saving holders with some principles. The success of mutual funds and the comparison with alternative financial assets and other mutual funds is necessary both for saving holders and fund managers. In this process, necessity of mutual funds? performance management and performance measurement methods are appeared. In the first part of the study, capital market of Turkey and financial assets in Turkish capital market have been mentioned; general caracteristics and juridical structures of mutual funds have been investigated and the status of Turkish mutual fund market has been examined. In the second part, the concepts of earnings and risk, and portfolio performans measurement methods are explained. In the practice of the study, which is the third part, the measurement of 13 A type balanced mutual funds performance with multi criterian vii performance measure models (Treynor-Mazuy and Henricksson-Merton) between 2002 and 2006 in Turkey and the analysis of the performance persistency have been performed and the results have been interpreted. Keywords: mutual funds, performance measurement, multi criterion performance evaluation models.