Vol. 8 No. 5 (2020): Business & Management Studies: An International Journal
Articles

PORTFOLIO AND BENCHMARK RETURNS OF PRIVATE PENSION FUNDS: A COMPARATIVE ANALYSIS FOR TURKEY

Fatih KAYHAN
Assistant Professor, Kırklareli University
Mehmet İSLAMOĞLU
Associate Professor, Karabük University
Mehmet APAN
Assistant Professor, Karabuk University

Published 2020-12-25

Keywords

  • Pension Funds, Portfolio Returns, Benchmark Returns
  • Emeklilik Fonları, Portföy Getirileri, Benchmark Getirileri

How to Cite

KAYHAN, F., İSLAMOĞLU, M., & APAN, M. (2020). PORTFOLIO AND BENCHMARK RETURNS OF PRIVATE PENSION FUNDS: A COMPARATIVE ANALYSIS FOR TURKEY. Business & Management Studies: An International Journal, 8(5), 3891-3910. https://doi.org/10.15295/bmij.v8i5.1618

Abstract

The purpose of this study is to ascertain whether pension fund returns are in line with benchmark returns taking into account the regulatory structure in Turkey. The methodology of the study is the cumulative portfolio returns. Data is retrieved from TEFAS Platform and official web site of Capital Market Board of Turkey. Portfolio and benchmark of pension funds are compared. Only standard pension funds are covered within the scope of voluntary pension funds of Turkey. Findings are as follows; Portfolio returns and benchmark returns are in line significantly. The results are partly attributable to the regulations about pension fund management and portfolio structure. The paper also shows that in the long term, the volatility of returns decreases and returns prove to conform with the primary purpose of the private pension system.                            

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