Investavimo į investicinius fondus galimybių analizė /

The bachelor‘s thesis aims to explore investments in mutual funds. The thesis consists of two parts: theoretical and empirical. The theoretical part of thesis is split into two parts. The first theoretical part analysed mutual funds. Lithuanian and foreign scientific literature revealed evolution, classification and concept of mutual funds, which describes mutual funds as investors’ money that is invested in equities, bonds, money market instruments, other securities, or their combinations. Also, the authors distinguishes investment fund charges, faced by an investor investing in mutual funds. Authors’ charges divided into direct and indirect taxes, there is the purchase, distribution or redemption, management, brokerage and performance taxes. Choosing investments in mutual funds has advantages and disadvantages. The scientific literature provides several basic advantages funds: diversification, professional management, a wide choice. However, these advantages can be disadvantages and that could negatively affect mutual fund results. In the second theoretical part is discussed investment portfolio formation principles and motives. First of all, there are provided formation methods of investment portfolio, which are based on H. Markowitz portfolio theory and investor’s behavioural models. Evaluating the formed investment portfolio are some key evaluation methods that help investors to evaluate portfolio risk and return level of the fund correlation. And discusses portfolio management strategies: passive and active, which depends on the investor's objectives intentions and needs. Analysis provided in the empirical working part in Lithuania registered investment funds and publicly traded foreign investment funds in Lithuania, showed that the market situation was similar – Lithuanian and foreign funds operating results were moving in the same direction over the same period. For the analysis were selected 3 investment funds registered in Lithuania and 5 foreign investment funds that are publicly traded in Lithuania based on investment proportion prevalent among Lithuanian investors. Results of analysis showed that all investment funds were profitable during the period and the value of fund units increasing every year. According to the performance of funds analysis, are formed two investment portfolios based on the investor's behavior: conservative and aggressive. For the conservative investment portfolio selected three investment funds, which three-year average return was the lowest, and contrary for the aggressive investment portfolio – three funds, which three-year average return was the highest. Both investment portfolios are valued according to the theoretical part of the evaluation methods, which showed that conservative investment portfolio earned a quarter of the amount invested and earned 2,6 percent above the market average, over the 3 years investment period. Analysis of aggressive investment portfolio showed that amount invested would double and investor earned 35 percent above the market average, over the 3 years investment period. These results of portfolios showed that, selected portfolios corresponds to the investors' behavioural manner. Following to the portfolio analysis investors receive recommendations, which proposes choose a suitable portfolio management strategy.

Grantor dc:publisher

Institutional Repository of Vilnius University

Year dc:date

2016

Author dc:creator

• Škeliova, Kristina,

Contributors dc:contributor

• Juozaitienė, Liongina

• investment fund ; the investment portfolio ; investment portfolio evaluation ; management strategy ; investment strategy

Statement dc:rights

• info:eu-repo/semantics/openAccess

Language dc:language

lit

Repository record dc:identifier

https://repository.vu.lt/VU:ELABAETD15129142&prefLang=en_US

OAI identifier oai:identifier

oai:vu.lt:elaba:15129142