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Einfluss der Fondsgröße auf Performance und Anlageverhalten von Investmentfonds

Einfluss der Fondsgröße auf Performance und Anlageverhalten von Investmentfonds

          
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About the Book

Bachelorarbeit aus dem Jahr 2011 im Fachbereich BWL - Investition und Finanzierung, Note: 1,7, Universität zu Köln (Seminar für Finanzierungslehre), Sprache: Deutsch, Abstract: 1.1 Problemstellung Investmentfonds nehmen seit langem einen äußerst bedeutenden Platz in der deutschen Finanzwelt ein, 2009 hielten 9,7 Mio. deutsche Haushalte Investmentfonds in ihren Depots. Auf der Suche nach dem passendem Investmentfonds achten die Anleger primär auf die historische Rendite der in Frage kommenden Fonds.1 Oft können jedoch die "Stars", d.h. Fonds mit sehr guter historischer Performance, die hohen Erwartungen der Investoren nicht langfristig erfüllen. Dieses Problem bezeichnet man als die fehlende Persistenz der Performance. Doch warum fehlt den Renditen der Investmentfonds in der Regel langfristig die Konstanz? In diesem Zusammenhang stellt sich die zunächst einmal die grundlegende Frage, wie die Performance überhaupt risikoadjustiert gemessen werden kann. Weiterhin ist ein häufig angeführter Grund für die mangelnde Persistenz das Unvermögen der Fondsmanager, die hohen Zuflüsse nach erfolgreicher Performance genauso gewinnbringend anzulegen wie in der Vergangenheit. Aber kommt es überhaupt zu diesen Zuflüssen? Und welchen Einfluss haben die Suchkosten der Anleger? Die Fondsmanager hingegen stehen vor dem Problem, neue Anlageideen zu generieren und gegebenenfalls ihr Portfolio zu diversifizieren. Hier stellt sich die Frage, ob und in welchem Grad diese Diversifikation tatsächlich stattfindet. Alternativ ist es denkbar, dass die Fondsmanager lediglich die bisherigen Anlagen aufstocken und die Portfoliozusammensetzung somit nicht ändern. Sind infolgedessen gar Skalenerträge möglich? In diesem Kontext drängt sich zudem die Frage auf, inwiefern die Fondsperformance von den jeweiligen Managern abhängt. Spiegeln die individuellen Renditen der Fonds die Fähigkeiten ihrer Verwalter wider? Welchen Einfluss haben Wechsel im Management, sowohl bei den "Winner funds" als auch b


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Product Details
  • ISBN-13: 9783656093343
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 5 mm
  • Width: 148 mm
  • ISBN-10: 3656093342
  • Publisher Date: 02 Jan 2012
  • Height: 210 mm
  • No of Pages: 76
  • Series Title: German
  • Weight: 109 gr


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