| Abstract | U ovom radu analiziran je prinos i volatilnost cijena udjela najvećih investicijskih fondova u Republici Hrvatskoj. Promatrani su dionički, mješoviti, obveznički i novčani fondovi u sastavu društava za upravljanje investicijskim fondovima u vlasništvu četiri najveće banke na hrvatskom tržištu. Spomenuta društva su: Erste Invest, ZABA Invest, PBZ Invest te Raiffeisen Invest. Za potrebe analize, investicijski fondovi navedenih društava podijeljeni su po vrstama na : dioničke-ZB Trend, ZB Euroaktiv, PBZ Equity, Erste Adriatic Equity, ZB Aktiv i ZB Bric+; mješovite- ZB Global, PBZ Global, PBZ Conservative 10, You Invest Active, You Invest Solid i PBZ Flexible 30 Fond; obvezničke-ZB Bond, ZB Bond Fond, Erste Adriatic Bond, Raiffeisen Classic, PBZ Short Term Bond fond i PBZ Dollar Bond fond; novčane- PBZ Novčani Fond, ZB Plus, ZB Europlus BK, PBZ Europlus BE, PBZ Euronovčani, Raiffeisen Cash, Erste Money, PBZ Dollar Fond, Erste Euro Money i Raiffeisen Euro Cash. Prema objavljenim podacima o povijesnim prinosima spomenutih investicijskih fondova izvršena je statistička obrada podataka u svrhu izračuna volatilnosti te usporedbe volatilnosti i prinosa pojedninih fondova kao i utvrđivanje moguće korelacije. Volatilnost je utvrđena promatranjem kretanja cijena u desetogodišnjem razdoblju od 2007. godine do 2017. godine. Ista je uspoređena s prinosom svake od deset promatranih godina svakog pojedinog fonda, kao i pojedine vrste fonda. Volatilnost je također uspoređena s prosječnim godišnjim prinosom pojedinog fonda tijekom desetogodišnjeg razdoblja. |
| Abstract (english) | The paper analyzes the yields and volatility of the prices of the shares of the largest investment funds in the Republic of Croatia. Equity, mixed, bond and cash funds comprised of investment fund management companies owned by the four largest banks in the Croatian market. These companies are: Erste Invest, ZABA Invest, PBZ Invest and Raiffeisen Invest. For the purposes of analysis, the investment funds of the listed companies are divided into: ZB Trend, ZB Euro Akt, PBZ Equity, Erste Adriatic Equity, ZB Aktiv and ZB Bric +; mixed - ZB Global, PBZ Global, PBZ Conservative 10, actively investing, investing in solid and PBZ Flexible 30 Fund; ZB Bond, ZB Bond Fund, Erste Adriatic Bond, Raiffeisen Classic, PBZ Short Term Bond Fund and PBZ Dollar Bond Fund; Cash PBZ Money Fund, ZB Plus, ZB Europlus BK, PBZ Europlus BE, PBZ Euronovčani, Raiffeisen Cash, Erste Money, PBZ Dollar Fund, Erste Euro Money and Raiffeisen Euro Cash. According to published data on the historical yields of the mentioned investment funds statistical data processing was calculated for the calculation of volatility and comparison of volatility and yield of individual funds as well as determination of possible correlations. Volatility was determined by observing the price movements over the ten year period from 2007 to 2017. The same is the comparison with the yield of every ten years of each fund, as well as the individual fund types. Volatility is also compared with the average annual yield of a particular fund over a ten-year period. |
