Mutual Funds

INVESTIGATING MUTUAL FUNDS IN GHANA: IT’S RISK, RETURN AND PERFORMANCE ABSTRACT Over the years, investors have been attracted to mutual funds. This study seeks to do an-depth analysis of the Ghanaian mutual fund industry between the years 2006 and 2010. An exhaustive literature review on mutual funds and portfolio diversification will be conducted. An assessment of the performance of mutual funds will be done using the Sharpe and Sortino ratios as well as the Jensen Alpha. Comparisons will be made with analogous indices to determine the attractiveness of the industry. The investment strategy of fund managers will also be analysed and recommendations made. This paper will provide investors with a broad overview of the Ghanaian mutual fund industry, its inherent risks and returns. INTRODUCTION The potential conflict between mutual fund companies and the people who invest in them is a classic example of an agency problem. Consumers would like the fund in which they invest to use its judgment to maximize risk-adjusted expected returns (Chevalier and Ellison, 1997). Measuring the performance, risk and returns of mutual funds thus becomes imperative as rational investors need such information to make investment decisions. According to an article published by All Africa on the 8th of November, 2010, figures released by Ghana’s statistical service indicated that the country’s economy stood at GH? 44 billion, 60% more than estimated earlier. Per this figure, the country was deemed to have attained middle income status. Ghana recorded at the time, the largest Per Capita Income in West Africa and ranked 21st in the continent. The Ghanaian economy’s steady growth has attracted both domestic and international investors. Among the many investment opportunities in the country available to investors is the attractive mutual fund industry which provides numerous benefits to its investors. According to the Securities and Exchange Commission, the number of mutual fund companies increased from 7 in the year 2008 to 9 in 2009. The total Net Asset Value of funds under management by mutual funds companies was GH? 95,817,222. 27 in 2009 while total fund mobilization stood at GH? 40,433,682. 0. A summary of the performance of the mutual fund industry in 2009 is shown in tables 1 and 2 in the appendix. This information provides several points of interest as to how the Ghanaian mutual fund industry has performed over the years and more importantly how it compares to other analogous mutual funds in the continent and elsewhere. This has informed the choice of enquiry and the need for research in the proposed area. M easuring the performance, risk and returns of mutual funds in the Ghanaian financial market has implications for a host of stakeholders. AIMS AND RESEARCH OBJECTIVES The general objective of this research is to assess the risks and returns associated with investing in mutual funds in Ghana. The study also aims to draw a comparison between the performance of the Ghanaian mutual funds industry and similar financial markets. To achieve the general objectives, the following specific objectives have been formulated to guide in data collection and analysis. 1. To identify what makes mutual funds attractive to investors in Ghana 2. To identify the types of mutual funds available to Ghanaian investors 3. To measure the performance of mutual funds between 2006 and 2010 4. To compare Ghanaian mutual funds performance with similar market indices 5. To make recommendations to improve the management of mutual funds LITERATURE REVIEW According to Haslem, 2009, investing in Mutual funds has with many advantages. A primary advantage is the professional management of investors’ money. Investors purchase funds because they do not have the time or the expertise to manage their own portfolio. Secondly, by owning shares in a mutual fund instead of owning individual stocks or bonds, an investor’s risk is spread out. The idea behind diversification is to invest in a large number of assets so that a loss in any particular investment is minimized by gains in others. Again, if you buy only one security at a time, the transaction fees will be relatively large. Mutual funds are able to take advantage of their buying and selling size and thereby reduce transaction costs for investors. Finally, mutual funds boost liquidity as an investor can also sell his shares at any time. International mutual funds are key contributors to the globalization of financial markets and one of the main sources of capital flows to emerging economies. Despite their importance in emerging markets, little is known about their investment allocation and strategies (Kaminsky et al. , 2001). Fund managers however have numerous strategies for stock selection, identifying underappreciated or cheap securities, seeking growth potential and following past price trends (Chan et al. , 2002). According to them, most mutual funds adopt investment styles that cluster around a broad market benchmark. Few funds take extreme positions away from the index, but those who do are more likely to favor growth stocks and past winners. Licensing requirements for operating a mutual fund in Ghana A Mutual Fund Company must be incorporated under the Companies Code 1963 (Act 197) as a public limited liability company with the sole aim of holding and managing portfolio of securities and other financial assets. An application is then made by the company to the Securities and Exchange Commission (SEC) for a license to operate the fund. Company regulation, Management agreement, Custodial agreement and a Prospectus are required by the commission for review before a license is issued (SEC, 2011). These stringent requirements help ensure a robust industry with compliant firms. Measuring mutual funds performance Considerable progress has been made in three closely related areas – the theory of portfolio selection, the theory of the pricing of capital assets under conditions of risk and the behavior of stock-market prices. Results obtained in all three areas are relevant for evaluating mutual fund performance (Sharpe, 1966). A number of measures have been used over the years for measuring the performance of mutual funds. The Sharpe ratio, Sortino ratio and Jensen Alpha are among the few distinguished ones. METHODS OF ANALYSING DATA Data to be analysed will be gathered from company websites. There are a few methodologies that I intend to use for the purposes of analyzing data collected. These will measure the performance of Ghanaian mutual funds, asses its risk, volatility and return. * Sharpe Ratio This is a ratio developed by William F. Sharpe, a Nobel laureate, for the measuring of risk-adjusted performance in 1966. It measures the amount of excess return per unit of volatility provided by a fund. It is calculated by divided the excess return of a fund by its volatility. Algebraically, we have: Sharpe Ratiop All numbers are expressed usually expressed on an annual basis, so the Sharpe ratio itself is expressed on an annual basis. The interpretation of the Sharpe ratio is straightforward: the higher the ratio the better. A high ratio means that the fund delivered a high return for its level of volatility. In contrast, a ratio of 1. 0 indicates a return on investment that is proportional to the risk taken in achieving that return. A Sharpe ratio of less than 1. 0 shows a return on investment lower than the risk taken (Lhabitant, 2006). This ratio is appropriate for measuring the performance of mutual funds in Ghana for the purposes of the study. Sortino Ratio This ratio was developed by Frank Sortino. It is an extension of the idea behind the Sharpe ratio that calls for attention to an investor’s return target or minimal accepted return (MAR). The ratio uses target semi deviation in the denominator instead of the standard deviation. This is particularly useful when the return target is of importance to the investor (Christopherson et al. , 2009). * Jensen Alpha The average return on a portfolio over and above that predicted by the capital asset pricing model (CAPM), given the portfolio's beta and the average market return. Developed by Michael C. Jensen, this measure of a portfolio's alpha value is the most widely used measure of the risk to return trade-off. It is also known as the abnormal return or the risk adjusted excess return (Russell, 2011). The skewness and kurtosis of the distribution of the data will also be analysed and discussed whiles comparing risk and return. RESEARCH STRATEGY, TIME SCALES AND RESOURCE IMPLICATIONS This research will involve the gathering and analysis of quantitative data available to the public. Literature on existing research in mutual funds assessment will be discussed. Other electronic sources of information such as online journals, articles, eBooks and databases will be accessed. Business reports and articles published in Ghanaian newspapers and journals such as the Securities and Exchange Commission Reports will also be consulted. The risk and return of a sample of mutual funds in Ghana will be calculated and discussed. A comparison will then be made with a benchmark performance in a market that has macroeconomic conditions similar to Ghana. This is justified as it enables logical submissions to be made from the comparisons. The use of financial markets indices will be employed. Conclusions will be drawn and recommendations made on how fund managers can heighten the performance of mutual funds in Ghana. Any lapses in the Ghanaian mutual funds industry will be pointed out. There will be no questionnaires involved or the gathering of primary data for the purposes of this study. Microsoft Excel and SPSS are the software packages that will be used to analyse data. No costs will be incurred for their usage as they are already in my possession. LIMITATIONS OF THE STUDY Secondary data has the limitation of not being effective in predicting the future. Time constraints may also be faced as a number of mutual funds will have to be analysed individually and compared with other indices. The later limitation will however be overcome by effective time management and committing to the developed Gantt chart. RESEARCH ETHICS In the conduct of this research, the highest ethical standards will be observed. The issue of confidentiality of information will not arise as all data to be analysed in the research is already available to the public. The sources of information will be duly referenced and acknowledged. My independence from the organisations under study will ensure accountability and objectivity of the research. Recognized and accepted methods of analyzing data will also be used to avoid fabrication and falsification. SIGNIFICANCE OF THE STUDY This study will fill the gap of knowledge about the performance of Ghanaian mutual funds. Fund managers as well as investors will benefit from the study and its recommendations. The study is significant as Ghanaian investors are increasingly being attracted to the mutual funds industry and its ability to effectively diversify their risk. GANTT CHART Week 1 25/09 | Week 2 2/10| Week 3 9/10| Week 4 16/10| Week 5 23/10| Week 6 30/10| Week 7 6/11| Week 8 13/11| Week 9 20/11| TOPIC AGREED| | | | | | | | | | AIMS & OBJECTIVES| | | | | | | | | | OPENING SECTIONS| | | | | | | | | | DRAFT OUTLINE| | | | | | | | | | LITERATURE REVIEW| | | | | | | | | | METHOD/ APPROACH| | | | | | | | | | ANALYSIS/ RESULTS| | | | | | | | | | DISCUSSIONS/ CONCLUSIONS| | | | | | | | | | REFERENCE/ ACKNOWLEDGEMENT| | | | | | | | | | BINDING| | | | | | | | | | SUBMISSION TO FACULTY| | | | | | | | | | REFERENCES 1. All Africa. Ghana: Nation Attains Middle Income Status. Online]. Retrieved from: http://allafrica. com/stories/201011081261. html (accessed 30 August, 2011) 2. Chan, L. K. C. , Chen, H-L. and Lakonishok, J. , On Mutual Fund Investment Styles. The Review of Financial Studies, Vol. 15, No. 5 (Winter, 2002), pp. 1407-1437. 3. Chevalier, J. and Ellison, G. , Risk Taking by Mutual Funds as a Response to Incentives. The Journal of Political Economy, Vol. 105, No. 6. (Dec. , 1997) pp. 1167 – 1200. 4. Christopherson, J. A. , Carino D. R. and Ferson, W. E. , Portfolio Performance Measurement and Benchmarking. McGraw-Hill (2009), USA. 5. Haslem, J. A. Mutual Funds: Portfolio Structures, Analysis, Management, and Stewardship. John Wiley and Sons (2009), New Jersey. 6. Kaminsky, G. L. , Lyons, R. K. and Schmukler, S. L. , Mutual Fund Investment in Emerging Markets: An Overview. The World Bank Economic Review, Vol. 15, No. 2 (2001), pp. 315-340 7. Lhabitant, F-S. , Handbook of Hedge Funds. John Wiley and Sons(2006), London 8. Russell. Jensen Alpha. [Online]. Retrieved from: http://www. russell. com/us/glossary/analytics/jensen_alpha. htm (accessed 20 July, 2011) 9. Securities and Exchange Commission Ghana. What are Mutual Funds? Online]. Retrieved from: http://ww. secghana. org/investor/display_mutualfunds. php (accessed 20 July, 2011) 10. Securities and Exchange Commission (2009) Annual Report, Accra Ghana. 11. Sharpe, W. F. , Mutual Fund Performance. The Journal of Business, Vol. 39, No. 1, Part 2: Supplement on Security Prices. (Jan. , 1996). Pp. 119- 138 APPENDIX TABLE 1. 0 NET ASSET VALUE OF MUTUAL FUNDS IN GHANA (2009) Source: Securities and Exchange Commission Report (2009) TABLE 2. 0 FUNDS MOBILISED BY GHANAIAN MUTUAL FUNDS (2008 AND 2009) Source: Securities and Exchange Commission Report (2009)

Reflection And Reflection Of Budgeting - 1363 Words

REFLECTIONS AND SYNTHESIS of COURSES and INTERNSHIP When reflecting on the individual courses, I had very little application and experience in the actual budgeting process. I learned the most NEW information in the finance class. I knew how to do a budget and understood basic functions of input and output and even some basic formulas. The qualitative functions of the budget were the most interesting and certainly explained many decisions made over the past many years in reference to building projects and staffing. I learned through Dr. Vandew’s commentary to understand the value in resource allocations and the political documentation and communication necessary when developing budgets (A. Vandrew, personal communication, August 25,†¦show more content†¦Everything we did in class I likened to if I were principal at Valley View Elementary. During the second week of the course I completed an optional personal reflection activity called TADS identifying traits, attributes, dispositions and skills. Traits, Attributes, Dispositions, Skills (TADS) Activity TADS You Possess Application to Educational Leadership Situations People Skills Excel in listening, reflecting and prioritizing 2. Adaptability Flexibility Professional Development and knowing what people need after getting a pulse on situation and temperature of the room 3. Integrity Lead by example in every part of my life. 4. Stress tolerance Ability to prioritize often helps me be proactive and head off potential stress. 5. Technical skills I am ultra organized and efficient. I am a work smarter not harder person believe in measuring twice and cutting once. 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New Questions About College Services Answered and Why You Must Read Every Word of This Report

New Questions About College Services Answered and Why You Must Read Every Word of This Report Things You Won't Like About College Services and Things You Will There is likewise the crown cost in addition to the implant. You have to purchase your own meal as this isn't included in your rent. TV packages may also be bundled with Internet and phone services. Take a look at your options here in order to find your new TV support. So How About College Services? With a bit of help, the price of a university education is less expensive than you believe. Our locksmiths are well trained and tested to make sure that the serving inside your community, is the most dependable and professional. If you've got an eye for trends and good people skills, you might be the ideal candidate for Tulsa cosmetology schools. To be an accredited cosmetology professional in Tulsa, you must begin with the suitable education. 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Factors Affecting The Economy Of A State Contingent

Executive Summary Macroeconomic pointers are measurements that demonstrate the present status of the economy of a state contingent upon a specific range of the economy (business, work business sector, exchange, and so on.). They are distributed frequently at a sure time by administrative organizations and the private sector. In truth, these insights help Forex merchants screen the economy s heartbeat; hence it is not shocking that these are religiously trailed by practically everybody in the monetary markets. After distribution of these pointers we can watch unpredictability of the business sector. The level of instability is resolved relying upon the significance of a marker. That is the reason it is imperative to comprehend which†¦show more content†¦(1) Obtain data on key macroeconomic indicators: real GDP, interest rates, unemployment rate, CPI, exchange rate, exports and imports. Macroeconomics is the interrelationships investigation of total financial variables. The most critical of these, without inquiry, is a nation s (GDP). Gross domestic product measures the aggregate estimation of all merchandise and administrations delivered by a nation amid a year. Thusly, it is a degree s measure of financial action in a nation or the monetary size of a nation. On the grounds that the utilization of merchandise and administrations is one approach to gauge an individual s financial prosperity, it is anything but difficult to figure the GDP per capita (i.e., per individual) to demonstrate the normal prosperity of people in a nation. Insights about how to gauge and decipher GDP follow in ensuing sections, yet before doing as such, it bodes well to know somewhat about how economy size and GDP per individual differ crosswise over nations around the globe. Table 1.1 Country/Region (Rank) GDP (Percentage in the World) GDP per Capita (Rank) World 69,987 (110) 10,433 European Union (1) 15,267 (22.1) — United States (2) 14,265 (20.7) 47,440 (6) China (3) 7,916 (11.5) 5,970 (100) Japan (4) 4,354 (6.3) 34,116 (24) India (5) 3,288 (4.8) 2,780 (130) Russia (7) 2,260 (3.3) 15,948 (52) Brazil (10) 1,981 (2.9) 10,466 (77) South Korea (14) 1,342 (1.9) 27,692 (33) Indonesia (17) 908 (1.3) 3,980 (121) Kenya (82) 60

On Love and Lessons free essay sample

The purity of love: how much love one human being can actually express for another has always been a question that has baffled even the wisest of men. I have questioned extensively the validity of unconditional love. I believed for so much of my life that love was entirely conditional: that a person cannot possibly love another person for their flaws. I have come to find, however, that flaws are what make people beautiful. I have learned that love is unconditional; anything and anyone can be loved fully and truly. I have learned this without any ease at all, and unfortunately by way of tragic circumstances that initially me question human nature, but have since made me appreciate to the most profound extent the capacity for feeling and reflecting, and most importantly, my capacity for learning from all that I see. One chilly December morning, my dad and I were in a T-mobile store shopping for Christmas presents when a man came in with a bandana pulled up over the lower half of his face, gun in hand. We will write a custom essay sample on On Love and Lessons or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page My dad prompted me to run, and I listened. As shots were fired at our backs, I fell. My dad stood over me with his arms outstretched and proved to me the definition of unconditional love as he faced that man with the gun. For whatever reason, the man turned and fled. Since that day, however, I have known the power of unconditional love and the lessons it can teach to those who take anything for granted, as I once did my own life, my education, my relationships, my everything. People wander into our lives for any reason at all, but each one has something to teach, even the man from the T-mobile; in fact, he helped teach me this greatest of lessons. No matter whether or not the relationship is an entirely positive one, there remains something to be gained from every encounter. I have come to view education in this way. Sometimes, school work gets grueling. Sometimes, when I feel unmotivated, I remind myself that I am here to take advantage of every gift that I have been given. What a wonder it is to be able to acquire knowledge, to utilize the powers of the mind to move mountains! This unconditional love I have for learning allows me to see the world through what some may call rose-colored glasses, but it allows me to love and be loved in complete confidence as well; moreover, it allows me to gain insight into a constantly changing world. It allows me to equip myself for challenges that I realize can always be overcome with unconditional love and passion f or life. I have insatiable curiosity, and because of my ability to love, I seek out challenges that will help me grow. I approach everything with vigor and interest, and see an opportunity for education around every corner, on every page, with every person’s hand I shake, and even with every fall I take.

Larger Families Are Happier Families free essay sample

Individuals from large families are   well adjusted persons. Members of the expanded family are much more independent, and do not depend on other people . Related to this, they understand the real meaning of responsibility, that is, they grow in self-knowledge (their strengths and limitations) and realistic in self-confidence. They grow to be more mature more quickly. Most of out-going persons come from BIG FAMILIES , they’re much easier to get along with people, since they’re comfortable with being in the big crowd ! If their parents are away for works, the elders can help their father and mother by taking care of their youngs. They are being taught to look for one another , and assist when someone needs help . It is easy to search for help in a big family, because the members of a big family are much more helpful to compared to small families . This is because the length of availability in times for each members . We will write a custom essay sample on Larger Families Are Happier Families or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Individuals from large families are PSYCHOLOGICALLY more balanced individuals instead of to compared to the individuals from. Adults/Pre-adulthood children gives the best support to their youngers, no matter what befalls them in life the youngers will never be alone . Members of the large families learn to co-operate, sharing and be more understanding with one another . The reason is because they’re surrounded with LOVE . By its ups and downs, a home of large families is a happy place . They had fun together, they share the sheer of delights of being alive! Members of a large family learn to cooperate, sharing and be more understanding between the children and parents, big brothers and small sisters, big sisters and small brothers. Children from large families, do not care about sharing their belongings to their family members . Since they have known their siblings and parents for a very long time . In large families, parents are mostly work hard to search for pennies because of the big instituition’s financial and future . While their parents are away, the older child can be the role model for the youngers, they can shows their youngers the good behaviour and what shouldn’t do.

Victimization of Women in Society with Regard to Anita Nair, S Ladiescoupe Essays

Victimization of Women in Society with Regard to Anita Nair, S Ladiescoupe Essays Victimization of Women in Society with Regard to Anita Nair, S Ladiescoupe Essay Victimization of Women in Society with Regard to Anita Nair, S Ladiescoupe Essay etc. , shrink from grandeur to petty profit-taking. (48) The question ‘Who conquered whom’ melts into insignificance: â€Å"history is written by victors, but in the case of India, it’s not always clear who won, is it? 90) It is that both the victor (West) and the vanquished (East) mutually enriched the sensibility of the two cultures. It is a strange divine coincidence that John Mist’s creation of the â€Å"Mist-Nama† and â€Å"Mishtigunj† is along a line which the ancient tradition of India endorses. The discovery of such a wonderful treasure is made possible by the research work of an Indian immigrant in America, Tara. Both John Mist and Tara are in a way immigrants. The philosophical axiom is that cultures are not fixed entities like â€Å"quantity. Naturally ‘being’ and’ becoming’ are not static. The mutations have repercussions. Though the word Ã¢â‚¬Ë œbeing’ created a misleading picture of fixity and permanence, it has the character of fabric. The British conquest of India forms the context of the new in which these issues are raised indirectly. The history of Mishtigunj created by British Hindu John Mist puts obstacles in the way of glibly accepting the two categories ‘being’ and ‘becoming’. What determines history is not its concern with outward form but the ‘inner implications’ is which it unconsciously creates. It is this history which has created a martyr, John Mist. Tara Lata Gangooly represents the best of the East and her predecessor John Mist represents both the best of the East and the best of the West. Characters like Virgil Treadwell are more concerned with the British form and decorum than with the essence of life. Both John Mist and Tara Lata Gangooly live at a deeper level while men like Virgil Treadwell move on a superficial plane. There are many places where Virgil Treadwell is compared to Churchill and Nixon and he is satirized subtly. Both John Mist and Tara Lata died a martyr’s death. The former was hanged in 1880 on a charge of disobedience of the British Colonial venture and the latter died in a prison in 1943 on the same charges of treason, sedition and disobedience. These events and situations by themselves are utterly insignificant. But the effect and impact they leave have a lasting value. It is this fact which enable the readers arrives at a philosophical link between being and becoming both is that the reality of life permits a movement between being and becoming. Liking John Mist, Tara Lata, Virgil and their life styles lead the leader draw an intelligent interference events and circumstances keeps them in a state of transition and transformation. It is a great achievement on the part of the novelist to aim at an imaginative-historical reconstruction of Mishtigunj. Bharathi Mukherjee is not a thoughless immigrant. Her loyalty to the essence of life gives her a new responsibility to rephrase the issue of the contact and correlation between being and becoming.