The Efficiency of Commodity Funds in Bull and Bear Market

Agnieszka Moskal, Danuta Zawadzka

Abstract


The purpose of this article is to examine the effectiveness of investment funds in the case of bull and bear market on the example of commodity funds. We highlighted 5 periods of decline and 4 periods of bull market in 2008–2016. The study included 10 commodity funds in Poland. The results show that the commodity fund managers were not able to avoid negative rates of return during periods of downturn and did not provide positive rates of return in bull markets.


Keywords


investment funds; commodity funds; efficiency; bull and bear market

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References


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DOI: http://dx.doi.org/10.17951/h.2017.51.6.233
Data publikacji: 2018-02-27 16:38:10
Data złożenia artykułu: 2017-05-22 20:26:42


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Copyright (c) 2018 Agnieszka Moskal, Danuta Zawadzka

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