The aim of this master thesis is to describe mutual funds in Czech Republic and in France. The background of the theoretical part is mainly valid legislation and literature and expert articles in the press concerning mutual funds in general and the activities related to the investment in mutual funds. In the first part the different mutual funds and procedures of investment are described. Attention was given to the historical bases of investment in mutual funds in the Czech Republic and in France. Also typology of the mutual funds and its legislation was mentioned. In the second, application part, actual methods of mutual fund selection were used. For the selection indexes of quantitative and qualitative analysis were used. Mainly performance, volatility, volume, tracking record and administration of each mutual fund were compared. Selection of mutual funds has a variety of selective methods. In the conclusion there is a summary of chosen data evaluation, results of comparison of chosen mutual funds and perspective of investment in mutual funds to the future.

by Mak Ho Sing. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 54-58). / Abstract / Chapter Chapter 1: --- Introduction / Chapter Chapter 2: --- Simple Value Vs Glamour Strategy / Chapter Chapter 3: --- Are Contrarian Investment Strategies Fundamentally Riskier ？ / Chapter Chapter 4: --- The Performance of the Mutual Fund Industry in Hong Kong / Chapter Chapter 5: --- Summary and Interpretation of the Findings References / References / Appendix: Tables and Diagrams

The thesis analyzed the performance of 5,987 mutual funds using a database called Steele Mutual Fund Experts and compared the predicting ability of various measures of performance. The measures discussed in the thesis are Treynor Ratio, Sharpe Ratio, Jensen's Alpha, Graham-Harvey-1 (GH-1), and Graham-Harvey-2 (GH-2). The performance measures are mostly used by professional money managers and scholars for literary purposes.

Thesis (MCOM.) -- University of Limpopo, 2019 / Responsible investment combines shareholder’s objective of financial performance with environmental, social and governance (ESG) issues when making investment decisions. Responsible investment has become necessary because most companies neglect the impact of their operation on the environment; society while focusing on short-term profits. Moreover, the collapse of big companies due to poor governance also demand that they focus on the need to strengthen good corporate governance. This study examines whether SA mutual funds companies listed on the JSE incorporate environmental, social and governance (ESG) factors in making investment decisions. The study further examines the relationship between selected ESG factors and financial performance measured using ROE. A total of 28 companies where SA mutual fund companies have invested their funds were sampled and studied between 2007 and 2017. Secondary data was used whereby raw data was collected from the annual, integrated and sustainability reports of the selected companies’ websites and the IRESS database. Although many ESG factors could influence responsible investment such as climate change, waste and pollution, deforestation, working conditions, local community, bribery and corruption, however, some of these factors cannot be easily quantified. Hence, this study focused on one component per ESG factor that can be quantified. All these factors are required to have a deeper understanding of responsible investment. This study adopts the quantitative research method and adds to the growing number of studies by examining the relationship between independent variables represented by water usage (environmental), employee health and safety cost (social) and gender diversity (governance) and dependent variable which is financial performance measured by ROE. The Stata statistical software utilising the panel data method was used to analyse the data. The iii | Page study results show a positive and insignificant relationship between water usage and ROE, a positive an insignificant relationship between employee health and safety cost (number of work-related fatalities) and ROE and negative and insignificant relationship between the percentage of women on corporate boards and ROE. The results show that UN PRI guideline that encourages responsible investments is not followed by South African (SA) mutual fund companies. This study recommends that SA mutual funds companies follow the UN PRI educate different stakeholders as to the importance of incorporating ESG factors in business operations and the benefits thereof. Future studies can consider incorporating ESG indicators other the ones presented in this study.

This thesis analyses and compares the performance, performance persistence and fund flows for UK equity unit trusts/OEICs and UK equity unit-linked personal pensions over the sample period January 1980 to December 2007. Unit-linked personal pension funds are an illiquid investment from the investor’s perspective since any invested capital is inaccessible until retirement whereas for unit trusts/OEICs capital invested can be withdrawn at any time. Since decreasing returns to scale from fund flows are the equilibrating mechanism in Berk and Green (2004) that results in no persistence in performance the illiquid nature of unit-linked personal pension funds should ensure more evidence of performance persistence in comparison to unit trusts/OEICs. I find significant evidence using performance ranked portfolio strategies that underlying portfolios that are only composed of unit-linked personal pension funds have greater performance persistence than unit-linked personal pension funds that have underlying portfolios that also include at least a unit trust/OEIC. This evidence is consistent with Berk and Green (2004) since the illiquid nature of personal pension funds results in an attenuated performance fund flow relationship restricting the equilibrating mechanism. However, there are anomalies in the performance persistence results in relation to Berk and Green (2004) but it could be due to the differential between the number of non-surviving unit trusts/OEICs and non-surviving unit-linked personal pension funds. I also find that the performance fund flow relationship based on abnormal returns from a Carhart four factor model for both UK equity unit trusts/OEICs and UK unit-linked personal pensions is convex but the performance fund flow relationship is more attenuated for the unit-linked personal pension funds. For the worst performing unit trusts/OEICs there are outflows on average whereas for unit-linked personal pensions there are fund inflows on average. For performance persistence tests conditional on underlying portfolio fund flows unit trusts/OEICs that have the worst performance but the lowest net fund flows in the ranking period have significantly greater subsequent performance in comparison to the unit trusts/OEICs that have the worst performance but the highest net fund flows in the ranking period. This empirical evidence provides support for Berk and Green (2004) but for the unit-linked personal pension funds the evidence is less convincing. There is very little evidence that UK equity unit-trusts/OEICs or UK equity unit-linked personal pensions produce abnormal returns. These results are robust across the single index (CAPM) model, the Fama and French three factor model and the Carhart four factor model for both conditional and unconditional models. There is also no evidence that unit trusts/OEICs or unit-linked personal pension funds can time the market. There is a significantly negative timing effect across unconditional factor models which becomes insignificant for the conditional models. There is also no evidence that unit trusts/OEICs have significantly different performance than unit-linked personal pension funds.

Thesis (MBA)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: In this study project, the performance and fund flows to open-end collective investment schemes available in South Africa that are advertised in the Personal Finance newspaper and Financial Mail magazine, are examined. The sample consists of 34 open-ended unit trust funds from 4 different asset managers. Two main objectives are addressed: the first main objective is to test whether collective investment schemes advertisements are used to signal superior management skills by examining the performance of the funds prior to placing the advertisement and measuring the performance in the post-advertising period. The second main objective is to test whether advertising is used to attract more fund flows to the funds. The results indicate that the fund managers advertised their funds at a time when the funds were under-performing, showing no significant superior performance. In the one-year period following the advertisement their performance was marginally better than the bench marked performance. The results indicate that superior fund management skills exist and that timing of the placement of the advertisement is important. The fund flow analysis shows that advertised funds attract significantly more money in comparison to the funds in a control group with similar characteristics. Once again the results could be attributed to superior fund management skills or the timing of the marketing department. / AFRIKAANSE OPSOMMING: In hierdie studieprojek word die prestasie en fondsvloei van kollektiewe beleggingskemas wat in Suid-Afrika beskikbaar is en in Personal Finance koerant en Financial Mail tydskrif geadverteer word, ondersoek. Die steekproef bestaan uit 34 kollektiewe beleggingsfondse van vier verskillende batebestuurders. Twee hoofdoelwitte word bespreek: die eerste hoofdoelwit is om te toets of kollektiewe beleggingsfondse advertensies gebruik om superieure bestuursvaardighede aan te dui, deur die prestasie van die fonds voor die advertensieplasing en die prestasie in die post-advertensie periode te ondersoek. Die tweede hoofdoelwit is om te toets of advertensies gebruik word om fonds invloeie na die fonds aan te trek. Die resultate dui aan dat die fondsbestuurders hul fondse adverteer op 'n tydstip wanneer die fonds onderpresteer, wat nie enige betekenisvolle superieure prestasie voorstel nie. In die een-jaar periode na die advertensieplasing, was hul prestasie marginaal beter as die verwysingspunt (standaard) prestasie. Die resultate dui aan dat superieure bestuursvaardighede wel bestaan en dat die tydsberekening van die advertensieplasing belangrik is. Die fondsvloei analise wys dat geadverteerde fondse betekenisvol meer geld inbring in vergelyking met die fondse in 'n kontrole groep met gelyksoortige karaktertrekke. Weereens kan die resultate toegeskryf word aan superieure bestuursvaardighede of die tydsberekening van die plasing van die advertensie.

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: The study project is aimed at providing an insight into the concept of globalisation, its implications and the challenges for the unit trust industry in South Africa. The purpose is to gain a better understanding of the evolution of the unit trust industry, offshore investment, regulations in South Africa and the influence of these on the unit trust industry. Globalisation is influencing the way industries operate across all spectrums of business. The unit trust industry in South Africa is no exception to this rule. The unit trust industry has developed slowly over the years, but globalisation is forcing the industry to change much more rapidly. In this century the unit trust industry will be faced with challenges that could involve the development of new strategies. Globalisation is synonymous with the rapid acceleration of economic acrossborder transactions. Geographic location and time constraints are no longer major obstacles, because knowledge has become increasingly mobile due to globalisation. Technological advances and the dissemination of information lie at the heart of globalisation. The primary globalisation process is characterised by a continuously reinforced interaction between political, economic and technological factors. Reasons why people would invest in a unit trust are discussed, as well as the major players in the industry. The importance of regulatory legislation is discussed by examining the present Act and the two new proposals. The writer aims to indicate that the effects of globalisation have serious implications and present exciting challenges for the industry. The study refers to numerous articles and interviews with people in the industry. It makes the role of globalisation in the unit trust industry of South Africa clear and understandable. / AFRIKAANSE OPSOMMING: Die oogmerk van die werkstuk kan primêr soos volg saamgevat word: om insig te verkry rakende die begrip "globalisering", en om die gepaardgaande implikasies en uitdagings vir die effektetrust bedryf in Suid-Afrika te ondersoek. Voorafgaande dui dus op die daarstel van 'n beter begrip rakende die evolusie van die effektetrustbedryf, buitelandse beleggings, regulasies in Suid-Afrika en die invloed daarvan op die bedryf. Globalisering beïnvloed die wyse waarop alle bedrywe die besigheidswêreld benader. Die effektetrustbedryf in Suid-Afrika is geen uitsondering op die reël nie. Die effektetrustbedryf het oor die afgelope jare stadig ontwikkel, maar globalisering verplig dit om vinniger te verander. In hierdie eeu gaan die bedryf voor verskeie uitdagings te staan kom, met die gevolg dat nuwe strategieë ontwikkel moet word. Globalisering is sinoniem met die versnelling van ekonomiese transaksies oor landsgrense heen. Geografiese ligging en tydbeperkings sal in die toekoms nie meer groot hindernisse wees nie, omdat kennis meer beweeglik geword het as gevolg van globalisering. Tegnologiese vooruitgang en die verspreiding van informasie is die dryfkrag van globalisering. Die primêre globaliseringsprosesse word gekenmerk deur 'n deurlopend versterkte interaksie tussen politieke, ekonomiese en tegnologiese faktore. Daar word gekyk na die redes waarom mense in effektetrusts sal belê, asook die belangrikste rolspelers in die bedryf. Die belangrikheid van die wet wat die bedryf beheer word bespreek deur te kyk na die huidige wet en ook na die twee voorgestelde wette. Die skrywer poog om aan te dui dat die effek van globalisering sekere implikasies vir die bedryf het en ook opwindende uitdagings vir die bedryf bied. Die studie verwys na verskeie artikels en onderhoude met mense in die bedryf. Dit maak die rol van globalisering in die effektetrust bedryf in Suid-Afrika duidelik en verstaanbaar.

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: Similar trading patterns, or so-called herding by institutional investors has interested market participants and academics for some time. Recent international research has established empirical evidence of this phenomenon. The context of this study is to observe evidence of herding by institutional investors in the South African Unit Trust Industry during the period December 1991 to September 1999. Furthermore, it investigates possible relationships between institutional herding and other topics of interest. These include risk profile of funds, market volatility, house view of management companies, size of herd, returns on hypothetical portfolios and on individual shares. Empirical results indicate evidence of herding over the period, albeit at a relatively small level. The average count herding measure of 2,4% is similar to levels recorded in the American Mutual Fund and Pension Fund Industries. A currency imbalance ratio is also used to measure herding, and indicates average levels of herding of 8,3%. This measure is deemed to reflect greater accuracy. as it measures actual currency movements (size of positions) as opposed to number of funds active in a share. On average, herding is present as often on the buy side as on the sell side of the market. Intuition would suggest that as the size of a herd increases (number of funds taking similar positions), the degree of herding increases. Evidence from this study corroborates with an American study, indicating to the contrary. There is a statistically significant negative relationship between the size of a herd and degree of herding. An observation of herding measures relative to the risk profile of funds indicates the presence of a statistically significant positive relationship. Highest levels of herding are recorded in aggressive growth funds and lowest levels in income/growth funds. This supports the rationale that aggressive growth funds, by nature of their investment objective, follow high growth firms. Analysts possess less accurate information regarding future earnings; hence the greater herding levels, for whatever reason. House views, imposed by individual management companies, may also lead to higher herding levels. There is tentative evidence of the presence of this practice, particularly in two of the seven companies observed. The relationship between herding and equity market volatility indicates an interesting phenomenon. There is the presence of a strong positive relationship between quarterly volatility estimates and levels of herding. This relationship changes materially for volatility levels in excess of 9%, indicating the clear presence of a structural breakpoint. For quarterly volatility estimates greater than 9%, the relationship weakens substantially and the slope of the relationship flattens. A quarterly time series of portfolio returns is calculated relative to levels of herding to observe trading strategies practiced by fund managers. The findings indicate weak evidence of funds following positive feedback trading strategies. Furthermore, funds trade in past winners more often than in past losers, indicating the absence of window dressing strategies. There is strong evidence of funds following profit taking strategies at quarterly intervals. The absence of return reversals indicates the absence of over reaction at quarterly intervals. / AFRIKAANSE OPSOMMING: Soortgelyke handelspatrone, of sogenaamde samedromming van institusionele beleggers, is al geruime tyd vir markdeelnemers en akademici van belang. Onlangse internasionale navorsing het empiriese bewys van hierdie fenomeen opgelewer. Hierdie studie is daarop gefokus om bewyse van samedromming deur institisionele beleggers waar te neem, binne konteks van die Suid Afrikaanse Effektetrustbedryf gedurende die periode Desember 1991 tot September 1999. Daar word verder ondersoek ingestel na 'n moontlike verhouding tussen institusionele samedromming en ander onderwerpe van belang. Ingesluit hierby is die risikoprofiel van fondse, markonbestendigheid, 'house view' van bestuursmaatkappye, grootte van die samedromming, opbrengste van hipotetiese portefeuljes en individuele aandele. Empiriese resultate dui aan dat bewyse van samedromming gedurende die relevante periode wel bestaan, alhoewel dit op 'n relatiewe klein skaal plaasvind. Die gemiddelde telling samedrommingsmaatstaf van 2,4% is soortgelyk aan die vlakke waargeneem in die Amerikaanse Mutualfonds en Pensioenfondsbedrywe. 'n Geldeenheid onewewigtigheidsverhouding word ook gebruik as maatstaf van samedromming en dui 'n gemiddelde samedrommingsvlak van 8,3% aan. Die laasgenoemde maatstaf word as meer akkuraat beskou aangesien dit werklike geldeenheidbewegings (grootte van die posisies) reflekteer, in teenstelling met die aantal fondse wat aktief betrokke is by 'n spesifieke aandele. Samedromming is oor die algemeen ewe veel teenwoordig tydens die koop en verkoop van aandele in die mark. Intuïsie dui aan dat soos die grootte van die samedromming toeneem (aantal fondse wat dieselfde posisie inneem), die intensietyd van samedromming ook toeneem. Bewyse van hierdie studie bevestig die bevindinge van 'n Amerikaanse studie wat aandui dat die teenoorgestelde waar is. Statisties gesproke is daar 'n wesenlike negatiewe verhouding tussen die grootte en intensietyd van samedromming. 'n Waarneming van samedrommingsmaatstawwe, relatief tot die risikoprofiel van fondse, dui die teenwoordigheid van 'n statistiese wesenlike positiewe verhouding aan. Die hoogste vlakke van samedromming word waargeneem by aggresiewe groeifondse en die laagste vlakke by inkomste-/groeifondse. Hierdie bevinding staaf die gedagte dat aggresiewe groeifondse, as gevolg van die aard van hul beleggingsdoelwit, hoë groei maatskappye volg. Ontleders beskik oor minder akkurate inligting ten opsigte van toekomstige opbrengs en gevolglik is daar groter samedrommingsvlakke vir watter rede ookal. 'House views', soos voorgeskryf deur individuele bestuursmaatskappye, mag ook tot hoër vlakke van samedromming lei. Voorlopige bewyse ten opsigte van die teenwoordigheid van hierdie praktyk bestaan, veral in twee van die sewe maatskappye waargeneem. Die verhouding tussen samedromming en aandelemarkonbestendigheid reflekteer 'n interessante fenomeen. 'n Sterk positiewe verhouding is teenwoordig tussen kwartaalikse onbestendigheidsskattings en vlakke van samedromming. Hierdie verhouding verander wesenlik vir onbestendigheidsvlakke groter as 9%, wat die teenwoordigheid van 'n strukturele breukpunt duidelik aantoon. 'n Kwartaallikse tydreeks van portefeulje-opbrengste word bereken relatief tot die vlak van samedromming om handelstrategië, soos deur fondsbestuurders toegepas, waar te neem. Bevindinge dui aan dat daar gebrekkige bewyse is van fondse wat positiewe terugvoerstrategië volg. Daar is ook gevind dat fondse meer gereeld handel in gewese wenners as in gewese verloorders wat 'n afwesigheid van uitstallingsstrategië aandui. Daar is besliste bewyse van fondse wat winsbejagstrategië volg met kwartaalikse tussenposes. Die afwesigheid van omgekeerde opbrengste dui die afwesigheid van oorreaksie aan met kwartaalikse tussenposes.

An adaptable service system adjusts to the operational-level environments of organisations to enable heterogeneous services. This adaptation is important for sustainability and contextual-value (benefit) creation in a service system. Academics, such as those related to the current service-ecosystem concept, acknowledge the significance of this adaptation. However, little is known about a comprehensive adaptation process and how that integrates within a design for a service system. Also, practitioners are inclined towards this development, as the financial regulator in Pakistan has established an “evolutionary framework”. This framework encourages financial institutions to design Shariah finance services (SFS) which respond and evolve to the emergent market environments. The existing SFS models take benefit from Islamic jurisprudence and economics literatures to provide designs for transactions of financial and physical assets. However, the SFS models de-emphasis the intangible service-elements, where the adaptation is more likely to occur. Currently there is a great need for models that could explain the detailed adaptation process and its placement in an SFS design. The aim of this research is to develop, evaluate and theorise a model for conceptualising a holistic adaptable service-system design. The research aim is achieved through the proposal of a novel deferred service-system design (DSD) model. The DSD conceptualises a service-system design that adapts to the operational-level environments of SFS organisations in Pakistan. The DSD has seven constructs: (i) the service creators apply centrally-planned designs to create a service ii) they adapt these designs to meet the requirements of emergent contexts (iii) the service personnel, customers and aiding parties co-create a service by integrating their (iv) roles and actions, (v) resources and usufructs, (vi) rules and control to generate (vii) value. DSD is based on service-system design (SSD) literature, SFS literature and theory of deferred action (TODA)  a theory of system and organisation design. A multiple case study strategy is employed to evaluate, extend and theorise the DSD developed in phase I. Qualitative data are collected in four SFS organisations: Islamic commercial bank, Islamic life Takaful, Islamic mutual fund, and Islamic leasing organisation. Thirty-two in-depth narrative interviews of SFS personnel are conducted and analysed using a narrative discourse analysis method. The findings are triangulated by adding focus-group discussions, visualisations and service offering documents. The empirical findings are synthesised with the extant literature to develop a novel and comprehensive DSD in phase II. The findings show that the service co-creators apply a centrally-developed planned design typology (PDT). PDT includes different blends of SFS models (e.g., partnerships, sales, leases, agency and endowment), expected varieties (list, range and negative) and addable-deductible modules. The service co-creators and their inclusive systems (e.g., families, societies, markets, regulators and other government agencies) affect the planned service-system design to adapt or migrate. The service co-creators follow a novel six-step deferred adaptation process (DAP): emergence locale, information diffusion, knowledge diffusion, indexation, specifics evaluation and adaptation/migration. The empirical findings advance our understanding of a service-system design by showing how a planned design enables adaptation through PDT. More importantly, how the service co-creators follow a systematic process, DAP, to attain the desired adaptation or migrate off the scene. The findings also broaden the conceptualisation of SFS by showing how it is co-created by the financial institutions, customers and aiding parties. This is due to the SFS being perceived as a product of financial institution alone. This research also makes a contribution to service visualisation method by extending and using the service blueprint as an additional data-collection and analysis tool. This study provided fourteen implications for the practitioners.

Thesis (M.Comm.)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: Many fund managers who are supposed to have your best interest at heart have become just as greedy, have vested interests and their performance has been mediocre. Until they clean up their act, your best bet is to opt for an index fund, or the type that uses our money to track a stock market index, provided the initial and ongoing costs are low if you invest in shares. A great many funds have been run well and conscientiously. However, it’s often not clear to individuals which ones these are. In the absence of clarity, those index funds that are very low-cost are investorfriendly by definition and are the best selection for most of those who wish to own equities. Warren Buffet Throughout the past twenty years, investment funds have been transforming financial markets. There has been a tremendous growth in this industry and at the end of 2003 more than USD 13 trillion were invested in investment funds around the globe. In the United States, 12 percent of all money invested in mutual funds resides in index mutual funds and investors can choose from 149 index funds. Academics have researched mutual funds in depth and most are in favour of index-related funds. The reason for this is that the average US mutual fund that is actively managed does not manage to outperform its benchmark index. In South Africa, the scenario is very different. There are currently only nine index unit trusts with a net asset value of ZAR 1.4 billion. This represents only 60 basis points of all money invested in South African unit trusts. In this study, a few factors are discussed as possible contributors to this situation, with exchange-traded funds and enhanced index fund strategies identified as the most significant factors. This study investigates whether active unit trusts succeed in outperforming their benchmark index. It provides empirical research showing that All-Share Index have been a better risk-adjusted investment over the twenty years studied. This may be seen as a reason why investors prefer enhanced strategies since they provide a premium on the index’s return, and the risk and costs are lower than for active unit trusts. Exchange-traded funds have accumulated investments of close to ZAR 6 billion since the launch of the first Satrix fund, Satrix 40, in 2001. These funds aim at the same return as index unit trusts and have significant cost advantages over index unit trusts. / AFRIKAANSE OPSOMMING: Many fund managers who are supposed to have your best interest at heart have become just as greedy, have vested interests and their performance has been mediocre. Until they clean up their act, your best bet is to opt for an index fund, or the type that uses our money to track a stock market index, provided the initial and ongoing costs are low if you invest in shares. A great many funds have been run well and conscientiously. However, it’s often not clear to individuals which ones these are. In the absence of clarity, those index funds that are very low-cost are investorfriendly by definition and are the best selection for most of those who wish to own equities. Warren Buffet Beleggingsfondse het tot gevolg gehad dat daar ‘n drastiese verandering in finansiële markte oor die afgelope twintig jaar plaasgevind het. Daar was ‘n aansienlike groei in hierdie industrie en aan die einde van 2003 was daar wêreldwyd meer as USD 13 triljoen in beleggingsfondse belê. In die Verenigde State behoort 12 persent van alle geld wat in effektetrusts belê is aan indeksfondse en beleggers het 149 indeksfondse waaruit gekies kan word. Effektetrusts is al in diepte deur akademici bestudeer en die meeste is ten gunste van indeks-verwante fondse. Die rede hiervoor is dat die gemiddelde effektetrust in die Verenigde State nie dit reg kry om beter as sy indeks maatstaf te presteer nie. In Suid Afrika is die omstandighede heeltemal anders. Daar is huidiglik slegs nege indeksfondse met ‘n netto bate waarde van ZAR 1.4 biljoen. Dit verteenwoordig slegs 60 basis punte van al die geld wat in Suid Afrikaanse effektetrusts belê is. In hierdie studie word daar ‘n paar faktore bespreek wat moontlik bygedra het tot hierdie situasie. Beursverhandelde fondse en ”verbeterde” indeksfondse word geïdentifiseer as die twee vernaamste faktore. Hierdie studie kyk of aktiewe effektetrusts suksesvol was om beter te presteer as hulle maatstaf indeks. Empiriese navorsing word gegee wat wys dat die Algemene Indeks ‘n beter risiko-aangepaste belegging was oor die twintig jaar van die studie. Dit kan gesien word as ‘n rede hoekom beleggers “verbeterings” strategieë verkies wat ‘n premie bied op die indeks se prestasie en beide die risiko en koste is laer as met aktiewe fondse. Beursverhandelde fondse het beleggings ten bedrae van ZAR 6 biljoen opgebou sedert die begin van die eerste Satrix fonds, Satrix 40 in 2001. Hierdie fondse mik vir dieselfde opbrengs as indeks effektetrusts en het groot koste voordele bo indeksfondse.