Significant savings in CO2 emissions can be won from fabric upgrades, and improved forms of heating. An increase in the number of building retrofits and installations of energy efficient plant such as biomass boilers or CCHPs must be the aim if the UK is serious in meeting its commitment to CO2 reduction at both the domestic and EU level. A way of achieving this increase, which will need to be significant, would be to tap into the vast funds under management by institutional investors who are required to invest those funds to optimise its monetary return, taking into account the level of risk. The aim of the research is to identify the enabling conditions that would need to exist to attract institutional investment in energy efficiency at scale. The UK Green Investment Bank has invested £50m into three energy efficiency funds, requiring each fund manager to match the amount by attracting investment from institutional investors. It is these funds that have been analysed as a single Green Investment Bank case study. Embedded units of analysis are on two levels with the individual funds being the first, and the institutional investors investing in those funds as the second. A hybrid deductive and inductive qualitative approach to the research was taken employing thematic analysis. The findings of the research reported here indicate that the emerging key enabling conditions that would make energy efficiency an attractive proposition are firstly, the way energy efficiency investments are classified in terms of an investment asset class, secondly the contractual structure of the individual transactions made by the funds, and finally, the experience and familiarity of the fund manager.

Thesis (M.P.A.)--University of Hong Kong, 2001. / Includes bibliographical references (leaves 172-177).

Thesis (M.P.A.)--University of Hong Kong, 2001. / Includes bibliographical references (leaves 172-177). Also available in print.

Background: In Sweden one of the most common ways of saving money is through funds and investors have many options to choose between. It depends on the risks you are willing to take, the expected return and size of management fees. The fees charged by the management company varies a lot depending on if the funds are managed actively or passively. During the recent years there have been discussions about which type of fund management will be the most profitable in relation to the fee. Actively managed funds are in general more expensive than passively managed. Object: The purpose of this study is to analyze if there is any relationship between the fee and the return while considering the risk. Furthermore, it will be analyzed if actively or passively managed funds generate higher return considering the fees, and if the actively managed funds succeedtheir benchmark index or not. The aim is to find out which type of fund management is the most appropriate to receive the highest return on the investment. Delimitation: The study is limited to Swedish funds that have been on the Stockholm Stock Exchange for at least 10 years and at least 90 % of the fund’s holdings must be invested in Swedish companies. Actively managed funds and index funds are analyzed and the other funds are excluded. Method: The study extends between the years 2011-2015. A correlation analysis has been made to see if there is a relationship between management fees and the return on investment. To get the best possible result,calculations and analysis have been made on both risk and performance measurements. Conclusion: It is more profitable to invest in index funds than actively managed funds. Actively managed funds does not generate a higher return on investment than indexfunds but they have a higher management fee. There is no relationship between the fee charged by the mangementcompanies and what return you get in the funds. / Bakgrund:Fonder ären vanlig sparmetod i Sverige och vid val av fond finns det många möjligheter för investerare. Detta beroende på vilken risk man är villig att ta, hur hög avkastning man förväntar sig samt hur hög fondens avgift är. Förvaltningsavgiften är den kostnad som betalas till fondbolagen för det förvaltningsarbete som utförs. Avgiften varierar beroende på om fonden förvaltas aktivt eller passivt. Under de senaste åren har det förekommit diskussioner kring vilken fondförvaltning som är bäst att välja i förhållande till avkastning och avgift, eftersom priserna för de aktivt och passivt förvaltade fonderna ofta skiljer sig åt. Syfte: Syftet med studien är att undersöka om det finns något samband mellan avgift och avkastning i förhållande till tagen risk för de aktivt och passivt förvaltade fonderna. Vidare kommer undersökas om aktiv eller passiv fondförvaltning genererar högre avkastning i förhållande till avgift, samt om de aktivt förvaltade fonderna överträffar sitt jämförelseindex eller inte. Avsikten är att få svar på vilken fondförvaltning som ger bättre resultat och därmed är bäst att investera i. Avgränsning: Studien avgränsas till svenska fonder som funnits på Stockholmsbörsen i minst 10 år och har minst 90 % av innehavet i svenska företag. Aktiv förvaltade aktiefonder och indexfonder undersöks, övriga fonder exkluderas. Metod: Tidsperioden som undersöks är fem år, 2011-2015. En korrelationsanalys utförs för att se samband mellan avgift och avkastning. Även relevanta risk-och prestationsmått räknas på och analyseras för att få svar på vilken fondförvaltning som är bäst att välja för bästa resultat. Slutsats: Det är mer lönsamt att investera i indexfonder med lägre avgift än att betala en hög fondavgift för aktiv fondförvaltning. Aktivt förvaltade fonder lyckas oftast inte slå sitt jämförelseindex och genererar inte en högre avkastning i genomsnitt än indexfonder, som har lägre avgift. Det finns inget samband mellan avgift och avkastning för de undersökta fonderna.

The focus of this thesis is on index tracking that aims to replicate the movements of an index of a specific financial market. It is a form of passive portfolio (fund) management that attempts to mirror the performance of a specific index and generate returns that are equal to those of the index, but without purchasing all of the stocks that make up the index. Additionally, we consider the problem of out-performing the index - Enhanced Indexation. It attempts to generate modest excess returns compared to the index. Enhanced indexation is related to index tracking in that it is a relative return strategy. One seeks a portfolio that will achieve more than the return given by the index (excess return). In the first approach, we propose two models for the objective function associated with choice of a tracking portfolio, namely; minimise the maximum absolute difference between the tracking portfolio return and index return and minimise the average of the absolute differences between tracking portfolio return and index return. We illustrate and investigate the performance of our models from two perspectives; namely, under the exclusion and inclusion of fixed and variable costs associated with buying or selling each stock. The second approach studied is that of using Quantile regression for both index tracking and enhanced indexation. We present a mixed-integer linear programming of these problems based on quantile regression. The third approach considered is on quantifying the level of uncertainty associated with the portfolio selected. The quantification of uncertainty is of importance as this provides investors with an indication of the degree of risk that can be expected as a result of holding the selected portfolio over the holding period. Here a bootstrap approach is employed to quantify the uncertainty of the portfolio selected from our quantile regression model.

Following the development and popularity of mutual funds among Swedish investors, the question of active fund management and return has become a central issue for private investors. 99 percent of the Swedish population invests in mutual funds, comprising a total net fund value of almost 2,000 billion SEK. The idea behind active management is for a charged fee, to generate a return higher than the return of the market. But statistics indicate a low level of competition between the largest providers and only one out of ten funds performs better than its index. Financial instability due to the last decade’s two recessions has indeed caused fluctuating performance of actively managed Swedish mutual funds. It has also spurred academics to investigate the role and effect of active management and attached management fees. The main purpose of this research is to investigate if there exist differences between the performance of benchmark indices and the performance of actively managed equity funds, balanced funds and money market funds provided by seven Swedish banks; Folksam, Länsförsäkringar, Handelsbanken, Nordea, SEB, Skandia and Swedbank. We also seek to investigate if the level of fee and total risk affect the fund performance. The research was deductively conducted with a quantitative method of inquiry. The ontological and epistemological positions are objectivism and positivism. Our sample of 21 Swedish mutual funds, with daily price observations was investigated between 2004 and 2011, with a division of four subperiods. To answer our research question and sub-questions, ten fictive portfolios were created and five hypotheses were formulated based on previous research and theories within the field. The data was analyzed with paired samples T-tests and multiple linear regression analyses. The portfolios included three risk-adjusted fund performance measures and Value at Risk.     We have concluded that on average both balanced funds and money market funds have performed worse than their benchmark indices in the period 2004 to 2011. The equity funds have also performed worse than their benchmark index but the difference is not statistically significant. The balanced funds had the highest return, the money market funds second highest return and equity funds the lowest return. Supported by the multiple regression analyses, we have concluded that fund performance is negatively related to the level of total risk in the period 2004 to 2011. There is no statistical relationship between fund performance and fund provider. We finally conclude that fund return during the entire investigation period, is negatively related to management fees.

Background: Investors have several options to choose from when the goal is to achieve the highest yield at the lowest cost and risk. Stocks are a common investment options, but is also associated with risks. Portfolios are usually constructed with several different assets to reduce the unsystematic risk of investment. Funds are similar to composite stock portfolios, the big difference is that they dealt with in their entirety and investors may not affect the fund's content. The problem remains that whether you choose stocks or mutual funds there is still uncertainty as to how the future will unfold. Which stocks will yield a high return, and what will bring losses? This is a problem that all investors have to deal with, and by economic theory seeks to create models and mathematical estimates forecasting the future. Studies indicate that the opposite of such economic models can provide at least the same rate of return, for example by allowing a monkey, baby, dog or other non-analytical choose the shares to the portfolio. Objective: Our aim was to investigate the possibility to provide an equal or higher returns than actively managed funds, but the study would also examine the number of shares a portfolio should contain, then random selection acting factor. Delimitation: The study will not take into consideration commissions, dividends, transaction costs, taxes or other issues than those stated. Method: The study extends between the years 2003 - 2013, and was performed by assembling a total of fifteen portfolios according to three different compositions of shares in the portfolios, ie 10, 15 and 20 shares. Five portfolios were randomly composed for each of the three portfolio categories, which are then compared against ten professionally managed funds, as well as an index for the same measurement period. Both the ten funds and stock composition of the fifteen portfolios were randomly reselected for each one of the total ten measurement periods. Conclusion: The managed funds outperformed the index OMXSPI by 2.8%, but the study found that randomly assembled portfolios delivers a significantly higher return than managed funds provide. The portfolio composition of twenty shares was found to provide the most representative results as the portfolio type had the lowest volatility and hence the lowest spread within the results.

Many studies have been published on active versus passive management, yet there was a significant gap in how Scandinavian-managed equity funds perform during intense crises, specifically the 2019-2023 period. The study investigated whether Scandinavian actively managed funds could achieve higher risk-adjusted returns than Scandinavian passively managed funds during two intense crises, Covid-19 and the Russian-Ukraine war. The efficient market hypothesis (EMH) was introduced to analyze markets' efficiency and help determine active managers' ability to outperform passive funds with market information. The data consisting of 95 funds was analyzed with a direct quantitative comparative analysis guided by objective ontology and positivist epistemology. To analyze the data over time, a cross-sectional time series was implemented to analyze patterns during the five-year period. The comparison between active and passive funds was performed with the risk-adjusted return, measured by the Sharpe ratio. Our findings showed consistent results that active fund management lacks a significant advantage over passive index funds in four out of five portfolios, aligning with our hypothesis. The results also support the EMH, suggesting that there is market efficiency. The findings provide implications for investors' decision-making process as the study contributes to the discussion on whether active or passive funds are the superior choice. During the period of 2019-2023, the optimal investment decision to achieve the highest risk-adjusted return was to invest in passively managed funds. While the research acknowledges behavioral aspects of fund managers during crises, future research should delve deeper into qualitative factors influencing the management strategy.

Thesis (MComm (Business Management))--University of Stellenbosch, 2006. / ENGLISH ABSTRACT: The study addresses foreign investment in China’s fund–management industry, with a detailed analysis of the opportunities and challenges that foreign investors may face. With the entry of China into the World Trade Organisation (WTO) in 2001, foreign investors have been allowed to hold up to 33% of a joint fund-management firm, which has increased to 49% from the end of 2004. As a trendy investment tool, investment funds, and particularly mutual funds, have expanded significantly especially as regards market size and economic importance in developed economies. This study starts with an introduction to the investment fund, which includes types of investment funds and the advantages of mutual funds. Then, the history of China’s fund-management industry is described to give a brief picture of this nascent industry. In order to justify the promising future for foreign investment in China’s fund-management industry, the study first analyses the sustainability of China’s economic growth, which is driven by some favourable aspects such as the gradual development of an economic structure, continued FDI inflow and WTO membership. Another two specific factors that may be favourable for the fund-management industry in this regard, namely pension fund reform and increased income, are also discussed. Foreign investors in China’s fund-management industry are also exposed to some challenges. For investment funds, the main platform is the financial markets, which means that the development of the fund-management industry is tied closely to the development of the financial markets. In the case of China, the financial markets are still developing and have not grown into efficient capital allocation mechanisms due to the restricted involvement of foreign participants and substantial government intervention. However, this study only focuses on major opportunities and challenges associated with foreign investment in China’s fund-management industry. A detailed analysis of each of various relevant aspects can be conducted in a future study, as well as a pertinent survey.

[pt] Esta dissertação teve como objetivo verificar se a presença de gestores de Fundos de Venture Capital influencia a curva de crescimento de empresas inovadoras, baseado na análise da carteira do Programa INOVAR da Finep – Inovação e Pesquisa. Para tanto, foi elaborado um questionário e enviado para 73 empresas que faziam parte da carteira do Programa INOVAR no final de 2013, das quais 54 (74 porcento) responderam à pesquisa. O questionário procurou avaliar três dimensões principais: Resultados Financeiros, Governança Corporativa e Inovação, além de outros aspectos de características mais gerais, como diferencial competitivo das empresas e aspectos qualitativos da atuação dos gestores no dia-a-dia destas. Em 2013 as empresas pesquisadas apresentaram um faturamento bruto agregado da ordem de 7,870 bilhões de reais, e um lucro líquido de 419 milhões de reais. Os fundos tinham uma participação média de 29,2 por cento do capital social nessas companhias. No que concerne à inovação, 83 por cento das empresas declararam ter inserido produto ou serviço novo no mercado nacional, e 4 por cento afirmaram ter inovado no mercado mundial. Além dos aspectos já mencionados, a maioria dos empreendedores (70 por cento) avalia que o ingresso do fundo em suas empresas promoveu mudanças significativas em seus processos de gestão, cujos efeitos permanecerão mesmo após a saída do fundo. / [en] This study aims to investigate whether the presence of Venture Capital funds managers influence the growth curve of innovative companies based on an analysis of Finep - Innovation and Research- INOVAR Program portfolio companies. For this purpose, a questionnaire was developed and sent to 73 companies that were part of the INOVAR Program portfolio at the end of 2013, and 54 (74 percent) of them responded to the survey. The questionnaire sought to assess three main dimensions: Financial Results, Corporate Governance and Innovation, and other aspects of general characteristics. In 2013 the surveyed companies had aggregated gross revenues of 7,870 billion reais and a net profit of 419 million reais. The funds had an average share of 29.2 per cent of the equity in these companies. With regard to innovation, 83 per cent of the companies reported having inserted new product or service in the domestic market, while 4 per cent said they brought innovation to the world market. Besides the aspects mentioned above, the majority of entrepreneurs (70 per cent) estimates that the contribution of the funds to their companies promoted significant changes in their management processes, whose effects will remain after the exit of the funds.