Evaluation of the Performance of Equity Funds in Turkey


  • Serkan Ünal Ufuk University, Department of Management, Ankara, Turkey
  • Mehmet Aydınlı Başkent University, Department of Banking and Finance, Ankara, Turkey



Anahtar Kelimeler:

Equity Funds- Performance Analysis- Investment Style


Purpose – The young population, the ongoing inflation problem, dynamic market structure, and the ongoing geopolitical risks place Turkey in a unique position in comparison with other emerging markets. Recently, with the decrease in interest rates, the demand for stocks has surged and the number of stock investors has increased by 30% in a short period of time. This situation has boosted the need for equity funds, and it has become important to measure the performance of these funds effectively. The purpose of this study is to measure the performance of stock funds and to determine the statistical significance levels of the fund performances announced to the public on the TEFAS platform.

Design/methodology/approach – In this study the performance of equity funds in Turkey has been tested by following the FF3F approach. Firstly, reference portfolios to be used for performance comparison were created. Then stock-based performances of all equity funds that operate continuously in Turkey during the last five years were tested.

Findings – According to the findings of the research, it was observed that the funds on average had performances exceeding the index. However, it has been determined that the results in the TEFAS platform may not be very meaningful when comparing the stock funds among themselves.

Discussion – Although the performance difference between the funds is high according to the TEFAS platform data, it has been determined that this difference is due to the investment of some funds in smallscale companies and is not sustainable.




Nasıl Atıf Yapılır

Ünal, S., & Aydınlı, M. (2021). Evaluation of the Performance of Equity Funds in Turkey. İşletme Araştırmaları Dergisi, 13(2), 1200–1215. https://doi.org/10.20491/isarder.2021.1193