Akademik Veri Yönetim Sistemi
Investment Management and Financial Innovations, cilt.3, sa.2, ss.88-101, 2006 (Scopus)
Turkey, considered as an emerging market, has a considerable mutual fund capacity (USD 21.32 billion). However, Turkish pension fund sector, established in 2003, currently has achieved to USD 1.12 billion fund size and the capacity of this sector has enlarged in 37 times. In this study, the portfolio weights of the 11 actively managed Turkish individual retirement funds have been estimated and the investment styles of these funds have also been investigated. The goal of the study is to reveal the investment philosophies of Turkish individual retirement funds for the November 2003- March 2006 period. In order to estimate the investment philosophies, we used "Style Analysis" technique and estimated the portfolio weights of the pension funds in annual and periodical basis. As a result of Style Analysis, we observed that fund managers tend to invest mainly in the risk free assets (60.6%). Depending upon the positive indications and progresses in the Turkish economy, the fixed income (risk free) investments are gradually diminished for the last 20 months and the fund managers gave more importance to the securities in comparison to the earlier months. As we consider the individual retirement fund sector as a long-term investment tool, depending on the positive macroeconomical ambience, we expect the individual retirement funds would achieve in a risk holding structure. Besides, we anticipate the Turkish Fund Sector would be developed in a significant manner on the following years and supported by the pension fund sector. © A. Argun Karacabey, Fazil Gökgöz, 2006.