Work detail

Investing into guaranteed and secured funds offered by czech banks

Author: PhDr. Jiří Outrata
Year: 2007 - winter
Leaders: prof. Ing. Oldřich Dědek CSc.
Consultants: RNDr. Alexis Derviz CSc.
Work type: Doctoral
Language: Czech
Pages: 95
Awards and prizes:
Link:
Abstract: Investing in guaranteed and secured funds offered by the Czech banks. The goal of this thesis is to provide a basic overview of the dynamic market with guaranteed and secured funds offered by the Czech banks. The introduction tries to answer the question why is there a need for such products like guaranteed and secured funds. What are their main characteristics and what is the difference between these two products from the investor's point of view, is defined next.
The second chapter is dedicated to a basic description of how funds work, gives an overview of all parties connected with their functioning, explains how the value of one fund's share and the value of the fund are computed, introduces the investment goals and investment policy of funds and lists the risks specific for guaranteed and secured funds.
In the third chapter the guaranteed and secured funds are being described in the
framework of portfolio management. They are being examined according to five aspects decisive for any choice of a strategy and management of a portfolio, which are evaluated both from the view of an investor and a portfolio manager.
The fourth chapter then contains an overview of permitted and actually employed
instruments and techniques of their investment policies. The most important instruments and techniques such as mountain range options, stress testing or the so-called "risk cushion" are discussed in more detail.
The following two chapters represent the practical part of the thesis. Chapter five tries to grasp the actual situation on the guaranteed and secured funds' market. Funds offered by individual banks are described in great detail. Among others the share of guaranteed and secured funds on the total open-end funds offered in the Czech Republic and their importance for respective banks are being determined.
In the sixth chapter, the individual funds are being compared from the point of view of their performance and net returns. The most important questions the author tries to answer in this part of the thesis are: in what range do we find the net returns of already repaid funds, how do the guaranteed funds fare in comparison with the secured ones, do we observe a better performance connected with a specific fund's strategy and finally: do some particular funds show a significantly higher or more persistent excess returns.


Downloadable: Rigorous thesis

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