Styles of Active Investment Portfolio Management of Open Pension Funds

Tomasz Miziołek

Abstract


Research of styles of active investment portfolio management of open pension funds in Poland showed that they are closet indexers (closet trackers). This is evidenced by very low values of active share (20,5–30,8%) and tracking error (0,48–0,56%). The consequence of such method of portfolio management may be net underperformance and relatively high management costs, inadequate to realized investment strategy.


Keywords


open pension funds; portfolio management; tracking error; active share

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References


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DOI: http://dx.doi.org/10.17951/h.2015.49.4.401
Date of publication: 2016-01-28 11:03:42
Date of submission: 2015-06-12 14:15:33


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