Mutual Funds Review of Literature

A study was conducted by Artikis (2002) to analyze the risk adjusted performance of equity mutual funds operating in Greek from 1995-1998. For this purpose daily, weekly and monthly returns were calculated and compared with the GIASE. These funds were ranked on the basis of standard deviation, total risk, and techniques of Treynor (1965), Sharpe (1966), and Jensen. The results showed that coefficient of variations of seven mutual funds were higher than the GIASE whereas the total risk of all the seventeen mutual funds was lower than the GIASE. On the other hand Treynor (1965) index showed values higher than the General Index of the ASE.