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Business & Economics

A COMPARATIVE ANALYSIS OF THE RATES OF RETURN ON OPEN-END DEBT INVESTMENT FUNDS IN POLAND IN THE YEARS 2005-2015
Iwona Dittmann

ABSTRACT. The paper assesses the differentiation of 15 debt investment funds operating in Poland in terms of their returns. The study was conducted for different investment horizons from the period 2005 - 2015. The analysis was carried out using the quartiles of the empirical distributions of returns on funds. The main conclusion was that there exists an average differentiation of debt funds with regard to their returns. It has been stated that the extension of the investment period has a significant impact on reducing the differentiation of the first quartile of returns (the occurrence of the phenomenon of sigma convergence was noted). It was found that the investment horizon, to a very limited extent, influenced the positions of the funds in their rankings. It was found that the changes in position in the rankings of funds for different investment horizons were statistically insignificant  .

KEYWORDS: personal finance, open-end investment funds, return, comparative analysis, Poland.

JEL classification: D14, G11.