Türkiye'deki hisse senedi yatırım fonlarının performanslarının değerlendirilmesi

The number of investment opportunities that investors can invest their savings has increased with the development of capital markets and the occurrence of new financial instruments in capital markets. Furthermore, the development of technology has facilitated transactions in financial markets. However, it is becoming increasingly difficult for investors to make optimal investment decisions by choosing among these financial instruments providing different risk-return trade-offs in different markets. Mutual funds invest in a vast number of different securities, which provide different risk-return trade-offs, with the money that they pool from investors and they provide professional investment management services. Thus they enable investors to save time and obtain professional investment management, which they may not be able to carry out on their own. This study aims to evaluate the performance of the share mutual funds operating in Turkey between 2006 and 2018. In this regard, data on 34 share mutual funds have been collected to evaluate fund performances and measure fund managers' security selection abilities and market timing abilities by using the single index and multi index performance measurement models. The empirical findings exhibit the performance ranking of funds may vary according to which single index model is used. In addition, fund managers are found to be mostly not successful in terms of security selection and market timing and none of the fund managers exhibits success in security selection and market timing ability, simultaneously. v As a result, professional fund managers were found to be less successful than expected. Keywords: Mutual Funds, Risk, Return, Performance Evaluation.