Akciové fondy jako nástroj dlouhodobého investování

Abstract

The aim of this diploma thesis is to evaluate the long-term investment into seven selected global equity funds and by applying the methods for the measuring of the mutual funds performance, to choose the most efficient fund suitable for the long-term investment. The part of this objective is to find out, whether the chosen explanatory variables affect the extent of the investment activity into the equity funds in the Czech Republic and also in what level is given dependence of the particular variables. The fund efficiency is at first measured by using the graphical methods and then the risk-weighted methods are applied, such as Sharpe ratio, Treynor ratio, Sortino ratio, Jensen's alpha and Modigliani-Modigliani method. In addition to that, an additional indicator is applied in this thesis, Expense ratio. The comparison of the funds, is made in the Czech currency, so from the Czech investor point of view. Under the determining the dependence of the investment activity extent to equity funds, on the explanatory variables, the econometric modeling was used. The result of this diploma thesis, is the recommendation of a particular fund for the conservative investor, as well as and also for the investor, preferring a higher degree of the risk. However, it is a must to bear in mind, that the past efficiency is neither an indicator, nor a guarantee of the future efficiency, and therefore it is important to take into the consideration all possible aspects within the own resources evaluating.