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

Full Text:

PDF (Język Polski)

References


Balarie E., Commodities for Every Portfolio, John Wiley & Sons, Hoboken–New Jersey 2007.

Dawidowicz D., Fundusze inwestycyjne. Rodzaje, metody oceny, analiza, CeDeWu, Warszawa 2012.

Edwards F.R., Caglayan M.O., Hedge fund and commodity fund investment styles in bull and bear markets, Working Paper, Columbia University, 2000.

Jamróz P., Efektywność wybranych FIO rynku akcji w latach 2003–2011, „Finanse, Rynki Finansowe, Ubezpieczenia” 2013, nr 63.

Perez K., Efektywność funduszy inwestycyjnych. Podejście techniczne i fundamentalne, Difin, Warszawa 2012a.

Perez K., Fundusze inwestycyjne. Rodzaje, zasady funkcjonowania, efektywność, Wolters Kluwer, Warszawa 2012b.

Wong K.H.Y, Exchange-traded funds in bullish and bearish markets, “Applied Economics Letters” 2010, Vol. 17, DOI: https://doi.org/10.1080/13504850903085035.

www.izfa.pl [dostęp: 10.12.2017].




DOI: http://dx.doi.org/10.17951/h.2017.51.6.233
Date of publication: 2018-02-27 16:38:10
Date of submission: 2017-05-22 20:26:42


Statistics


Total abstract view - 1338
Downloads (from 2020-06-17) - PDF (Język Polski) - 0

Indicators



Refbacks

  • There are currently no refbacks.


Copyright (c) 2018 Agnieszka Moskal, Danuta Zawadzka

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.