Measurement of Alpha coefficient of Bulgarian high-yield mutual funds

Georgi Kaloferov


The analysis aims to examine whether the Bulgarian high-yield mutual funds, respectively their managers, are able to perform better than the most liquid market index (considered by the author as a benchmark) in Bulgaria - SOFIX. Secondary objective of the analysis is to show whether the active investment strategies are preferable to passive ones. The measure, which was used to determine the performance of management companies is Alpha coefficient. 39 investment companies that are members of the Bulgarian Association of Asset Management Companies are the object of the analysis.

Ключови думи

alpha; mutual funds; high-yield; SOFIX; active strategies


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