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Performance analysis of selected collective investment subjects in Czech Republic
Ermakova, Yuliya ; Veselá, Jitka (advisor) ; Leová, Simona (referee)
This work concerns the problems of the schemes of Czech collective investment. The aim of this diploma work is to compare two established groups of selected mutual funds in terms of their performance, and taking into account the risk and expenses or fee intensity of these funds. The first part of the diploma work describes the nature of the collective investment in the Czech Republic, its development and current status of this sector. The second part describes the basic methods and indicators of measuring the funds performance. The last section is directly focused on the analysis of the selected groups' efficiency of mutual funds. The first group concentrates on the maximum return on investment whereas the second one focuses on their safety. This work gives a better understanding of the collective investment market and helps the investor to select the appropriate mutual fund.
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Performance measurement of mutual funds
Havlíček, Pavel ; Valach, Josef (advisor) ; Jakoubek, Jiří (referee)
This thesis is focused mainly on performance measures of open-end mutual funds and analysis of selected funds with long track record (periods 1995-2013 or 2000-2013) available for individual investors in the Czech Republic. In the first part of the thesis, evolution of Czech collective investment business is described. Among traditional risk focused approaches, this thesis describes also less common approaches taking investors' psychology into account -- for example measurement of stress or net utility based on Loss Aversion theory. In the analytical part, the role of additional costs (e.g. entry fee or taxes) is emphasized as these additional costs are usually out of any consideration when measuring the performance. The results show that these additional costs may have significant impact on returns recorded by the investor. In the Czech asset management industry, we usually experience presentation of returns only -- without stress of risks or other factors, risk focused measurements are rarely displayed in funds' performance presentation.
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Analysis of special investment funds focusing on the Czech Republic in the years 2004 - 2014
Hanusová, Jitka ; Ševčíková, Michaela (advisor) ; Hájek, Jan (referee)
This thesis deals with retail investors investing in mutual funds in the Czech Republic and focuses on the period from 2004 to 2014. The aim is to analyze what investment opportunities special funds can offer retail investors. The theoretical part defines important terms for collective investment, the concept of the so called "magic triangle", illustrating the relationship between return, risk and liquidity, and the differences between retail and qualified investors. It also briefly outlines the development of collective investment in the world and in the Czech Republic, as well as the advantages and disadvantages of collective investment. Subsequently, the current classification of collective investment funds in the Czech Republic are analyzed from different perspectives. No major differences have been found in the regulation of standard and special funds. The main contribution that this work provides is the detailed analysis of five chosen special funds, forming the practical part of this thesis. Based on the selected criteria it has been found that only some of the chosen special funds can offer retail investors the possibility of an interesting appreciation of invested funds. The work points to the fact that the legislation of the fund is not as fundamental for retail investors as the specific type of investment strategy and the focus of the fund.
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Multi-criteria decision making in collective investment
Budáčová, Andrea ; Borovička, Adam (advisor) ; Kuncová, Martina (referee)
The aim of this paper is the application of the multi criteria decision making theory in collective investment. The theoretical part of paper describes the financial and capital market, collective investment and its history, association for capital market AKAT, multi-criteria decision making methods and basic portfolio theory. The practical application of the theory is application of multi criteria decision making methods to real data in two phases: the effective alternatives selection and multiple objective programming portfolio selection for different investor types.
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The impact of the Financial Crisis 2008 on the collective investment industry
Lichovníková, Alena ; Veselá, Jitka (advisor) ; Cibulka, Jakub (referee)
The thesis focuses on reviewing the impact of the Financial Crisis 2008 on the collective investment industry in the Czech Republic. The first chapter evaluates the overall development of the collective investment market, since the emphasis is primarily on the changes caused by the crisis. Part of the first chapter is also dedicated to a description of the causes and consequences of the crisis itself and the overall changes in the financial markets that are with the crisis associated. The second and third chapter contain specific representatives of funds and their evaluation based on methods taking into account risk and return. In conclusion of the thesis, the information provided while doing this thesis are summarized and on their basis are also formulated certain investment recommendations.
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Return and risk of investing in mutual funds
Gajoš, Martin ; Musílek, Petr (advisor) ; Cibulka, Jakub (referee)
The master thesis deals with collective investment possibilities in Czech Republic designed for small investors with focus on instruments carrying very low risk. The goal is to assess these possibilities and their mutual comparison according to their return and risks. Special attention is devoted to protected mutual funds, as popular instrument of risk-averse investors.
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Comparison of the collective investment in the Czech Republic and Austria
Řeháková, Eliška ; Musílek, Petr (advisor) ; Tuček, Miroslav (referee)
Thesis deals with the collective investment in the Czech Republic and Austria. The first part describes the collective investment in general, advantages and disadvantages, subjects and risks associated with this form of investment. Thesis also deals with current regulatory issues of investment funds in the European Union. Next two parts are focused on the history, subjects and legal framework of the collective investment in each country. Final part compares both countries and presents the process of selecting a suitable fund with the focus on the final return for individual investor.
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Comparison of investment opportunities in mutual funds
NOVÁKOVÁ, Petra
Collective investment enables people to have an appreciation of and access to a variety of funds by investing money as part of a group in mutual funds. This thesis deals mainly with the five selected equity funds. The theoretical part is devoted to the development of collective investment within the Czech Republic's legislation, including its advantages and disadvantages and the characteristics of the capital market. Furthermore, it classifies mutual funds according the content and expresses the concept of a participation certificate with the rights associated with it and also describes the influence of financial crisis on collective investment. In the practical part is compared five equity funds according to selected characteristics on the basis it is possible to choose the right mutual fund.
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May the creation of a fund center help to increase a country's competitiveness?
Kubínová, Pavla ; Rybáček, Václav (advisor) ; Urban, Luděk (referee)
A high concentration of automotive industry in the Czech economy and its dependence on exports to Germany could be compared to a poorly diversified investment portfolio. At the time when the manual-labor-intensive industries move to countries with a lower labor costs and even stable German economy is losing pace of growth, it is necessary to consider how to support the competitiveness of the Czech economy and ensure sustainable economic growth. The work deals with the question whether a greater focus on the financial sector and with a strong collective investment market may be a possible solution. Author seeks to find the answer thru analysis of this industry and its impact on the domestic economy of the countries with the largest collective investment fund market. The analysis did not prove the initial assumption that the intensive development of the collective investment market in the country will significantly help to grow HPD. However, given the strong correlation between the volume of assets under management and HPD some kind of connection cannot be excluded. A multiplying effect on the other industries is only average, on the other hand the analysis of the competitiveness indicators showed the strength of the industry.
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Analysis of activities and products offered by ČP INVEST investiční společnost, a.s.
Lichovníková, Alena ; Veselá, Jitka (advisor) ; Musílek, Petr (referee)
The goal of this work is to analyze the possibilities of investing in the company ČP INVEST, investiční společnost, a.s.. The introduction of the work summarizes the development of collective investment in the Czech Republic, the second part focuses specifically on the ČP INVEST company and the investment activities it offers. In the last, analytical part is the main attention paid to the standard ČP INVESTS funds with long-term investment horizon, which are evaluated using two-dimensional models considering both performance and risk. Based on these results are formulated recommendations that I would provide to potential investors interested in investing in the ČP INVEST company.
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