Bakgrund: Utbredningen av dolda indexfonder har visat sig starkt relaterat till ett lands regelverk och avsaknad av konkurrens på fondmarknaden i form av uttalade indexfonder (Cremers et al. 2013). Då Sverige är ett av de länder som placerar sig i topp vad gäller utbredning av dolda indexfonder (Cremerset al. 2013), är detta remarkabelt med tanke på att Sverige har ett effektivt och välfungerande juridisktsystem (Heritage Foundation 2016). Detta har föranlett oss att undersöka förekomsten av doldaindexfonder i Sverige, samt identifiera och analysera möjliga orsaker till val av aktivitetsgrad utifrånsåväl yttre som inre faktorer. Syfte: Uppsatsen syfte är att med anledning av att det framkommit att dolda indexfonder är vanligt förekommande på den svenska fondmarknaden, undersöka aktivitetsgraden i svenska aktiefonder, samt identifiera och analysera möjliga orsaker till val av aktivitetsgrad. Genomförande: Studien genomförs med ett kvantitativt angreppssätt för att möjliggöra ett statistiskt säkerställt resultat kring aktiviteten på den svenska fondmarknaden. Aktivitetsgraden på den svenskafondmarknaden mäts, genom active share, för att sedan ligga till grund för tester angående hur olika karaktärsdrag påverkar en fonds aktivitet. Avslutningsvis undersöks hur studiens resultat kan kopplas till de spelregler som gäller på den svenska fondmarknaden. Slutsats: Studiens resultat visar på att drygt hälften, 52 %, av de påstått aktivt förvaltade fonderna under mätperioden 2005-2015, i själva verket är att betrakta som dolda indexfonder. Resultatet visar dock också på att det under mätperioden skett en kraftig förbättring av fonders aktivitetsgrad, samt att fler fonder förvaltas aktivt på den svenska marknaden. Fondens inriktning, såväl som om fonden är förvaltad av en storbank, har en signifikant negativ påverkan på fondens aktivitet. Det kan till stor del förklaras av att rådande regelverk och den svenska aktiemarknadens storlek, indirekt uppmuntrar fonder till en lägre aktivitetsgrad. / Background: The existence of closet index funds has been shown highly correlated to regulations andcompetition of explicit index funds on a market (Cremers et al. 2013). Despite its strong regulations andpresence of explicit index funds, studies have shown that Sweden has a high amount of closet indexfunds. This fact has led to our interest in examining the presence of closet index funds on the Swedish market, and to try to identify and analyze potential characteristics of a fund that affect its choice ofactivity rate. Aim: The aim of the study is, by reason of the proven high presence of closet index funds on the Swedish market, to examine the activity rate within the funds, and to identify and analyze potential characteristics that affects it. Completion: The study is conducted through quantitative research. The activity rate of the fund marketis measured through active share and then analyzed for how different characteristics influence the funds activity rate. Eventually the results of the study are being analyzed for if and how they are concatenated to the rules of the Swedish fund market. Conclusion: The result of the study shows that 52 % of the predicated actively managed funds were actually proven to be closet index funds. However, the result also shows that the degree of active share has generally risen, and that more funds are being actively managed in Sweden. The alignment of the fund, as well as if the fund is managed by a major bank, are proven to have a significant negative impactof the activity of the fund. This negative relationship is largely linked to the regulations as well as the size of the Swedish stock market, which creates incentives for low activity of the funds.

The mutual fund industry in Sweden has grown rapidly over the past years. Research has been made on the topic for over 50 years, however there are still uncertainties about the determinants of fund performance. The purpose of this study was to examine what determines the risk-adjusted performance of mutual equity funds available to Swedish investors.  A side-purpose was included to examine to what extent the Efficient Market Hypothesis holds in Sweden. A simple random sample was conducted where 500 equity funds were included. From Refinitiv/Thomson Reuters Eikon Datastream fund characteristics were downloaded. To find the abnormal return of mutual equity funds, a hybrid Fama-French Carhart factor model was used which includes both domestic Swedish factors and global factors. The model was used to calculate the yearly risk-adjusted performance for each fund using 12 months return. This was denominated Alpha which was used as the dependent variable in the regression models. Further, to determine the characteristics which affect risk-adjusted performance two multiple regression models with six independent variables and three control variables are constructed. Further, a one sample t-test was conducted to test the market efficiency for mutual funds available to Swedish investors. Eight statistical hypotheses were created and tested in which two found a significant result which were that alpha differs from zero and Total Expense Ratio determines the risk-adjusted performance.   To conclude, findings showed only the character Total Expense Ratio determines risk-adjusted performance of mutual equity funds available to Swedish investors. In conclusion the control variables year, geographical focus and currency affect the fund performance. The study is an interesting aspect for Swedish investors and fund managers since the study implies deeper knowledge about the mutual fund industry in Sweden and therefore should be concerned by the variable TER to earn abnormal returns. Further, the study contributes with a theoretical discussion in line with the results concerning Efficient Market Hypothesis, the Diversification Effect and Modern Portfolio Theory. Conclusions are drawn based on our result that the Efficient Market Hypothesis does hold in the Swedish fund market. Although only one character determines the risk-adjusted performance and average investor should choose funds that follow the market, based on the skill level of average investors.

Submitted by Oliver Sleczka (oliver.sleczka@student.unisg.ch) on 2017-12-11T13:34:22Z No. of bitstreams: 1 Performance of Private Equity Funds in Emerging Markets_MPGI Dissertation_2017.pdf: 1511526 bytes, checksum: 5880b1437aa5a15cc2e08f09ac374e4a (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Oliver, There are some corrections to do on your thesis, please, see below: The title is different: PERFORMANCE OF PRIVATE EQUITY FUNDS IN EMERGING MARKETS An Empirical Analysis We have: PERFORMANCE OF PRIVATE EQUITY FUNDS IN EMERGING MARKETS - A COMPARATIVE ANALYSIS Page 2: In “Knowledge Field”, must to be your advisor field: Economia e Finanças Internacionais; Page 4: In “Knowledge Field”, must to be your advisor field: Economia e Finanças Internacionais, in “Approval Date” put your presentation date; Page 5: “ACKNOWLEDGMENT” must to be on the middle of the page; After correction, please, post it again on 2017-12-11T14:24:20Z (GMT) / Submitted by Oliver Sleczka (oliver.sleczka@student.unisg.ch) on 2017-12-11T17:40:14Z No. of bitstreams: 1 Performance of Private Equity Funds in Emerging Markets_MPGI Dissertation_2017.pdf: 1511283 bytes, checksum: 77cd6246c673012b4ee5c97c532f3274 (MD5) / Approved for entry into archive by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br) on 2017-12-11T17:46:14Z (GMT) No. of bitstreams: 1 Performance of Private Equity Funds in Emerging Markets_MPGI Dissertation_2017.pdf: 1511283 bytes, checksum: 77cd6246c673012b4ee5c97c532f3274 (MD5) / Made available in DSpace on 2017-12-11T17:50:20Z (GMT). No. of bitstreams: 1 Performance of Private Equity Funds in Emerging Markets_MPGI Dissertation_2017.pdf: 1511283 bytes, checksum: 77cd6246c673012b4ee5c97c532f3274 (MD5) Previous issue date: 2017 / This paper investigates the performance of private equity funds in emerging markets based on data of individual fund level returns from 1995 to 2013 obtained from Preqin. The research focus of this thesis lies on performance drivers and return persistence. The analysis is divided in two parts. The first part investigates the relationship between fund performance and fund characteristics focusing on the GP location, the investment focus, as well as the fund size, sequence number, and GP experience. The key objective is to determine significant emerging market-specific performance factors. Our results suggest that funds with a clear geographic investment focus earn significantly higher returns. The second part aims to find evidence for persistence in the performance of emerging market private equity funds. The findings corroborate the hypothesis that unlike in developed markets, performance persistence still exists in emerging markets. / Esta tese investiga o desempenho de fundos de private equity em mercados emergentes, com base em dados de retorno a nível individual dos fundos de 1995 a 2013, obtidos por meio da base de dados Preqin. O foco de pesquisa desta tese é nos drivers de performance e persistência de retornos. A análise é dividida em duas partes. A primeira parte investiga a relação entre a performance e características do fundo, com foco na localização do administrador (GP), foco do investimento, assim como o tamanho do fundo, número de sequência do fundo, e experiência do GP. O principal objetivo é determinar fatores de performance significativos específicos de mercados emergentes. Os resultados sugerem que fundos com um claro foco geográfico de investimentos obtém retornos significativamente mais altos. A segunda parte visa encontrar evidências de persistência na performance de fundos de private equity de mercados emergentes. Os achados corroboram a hipótese de que, diferentemente de mercados desenvolvidos, persistência de performance ainda existe em mercados emergentes.