ANALYSIS OF INVESTMENT FUNDS IN THE REPUBLIC OF CROATIA WITH A FOCUS ON QUANTITATIVE ANALYSIS OF OPERATIONS OF THE INVESTMENT COMPANY „ZB Invest“

Investicijski fondovi su institucionalni ulagači koji prikupljaju novčana sredstva široke javnosti (pojedinaca i kućanstava), ali i poduzeća i financijskih institucija te ih plasiraju u različite vrste imovine u cilju ostvarivanja prinosa. Iako su investicijski fondovi u Republici Hrvatskoj relativno nove financijske institucije koje su započele s djelovanjem tek sredinom devedesetih godina, bilježi se rast njihovog broja te neto vrijednosti imovine. U radu je dan osvrt na dvije vrste investicijskih fondova koji danas djeluju u Republici Hrvatskoj, a to su otvoreni investicijski fondovi s javnom ponudom (UCITS) i alternativni investicijski fondovi (AIF). Analiza dioničkih, obvezničkih, mješovitih i novčanih UCITS fondova koji se razlikuju prema ulagačkoj strukturi provodi se korištenjem znanstvenih metoda te grafičkog prikaza podataka. Posebna pozornost u radu pridaje se društvu „ZB invest“ te detaljnoj analizi ZB aktiv, ZB global, ZB bond i ZB plus pod-fondova korištenjem različitih kvantitativnih pokazatelja performansi. Time se ukazuje na različitost pojedinih fondova s obzirom na njihovu ulagačku strukturu, rizik i prinos, ali i atraktivnost ulaganja u investicijske fondove za pojedine profile ulagača. U ovom radu se koriste moderne mjere rizika kao što su VaR i CVaR za kvantitativnu analizu te izračunavanje i interpretiranje rizika. Na navedene mjere rizika potrebno je ukazati upravo zbog njihove popularnosti u modernim kvantitativnim istraživanjima slične tematike te manjka provedenih domaćih istraživanja pomoću navedenih mjera rizika. Tako dobiveni podatci o riziku investicijskih fondova uspoređuju se sa standardnom devijacijom prinosa kao tradicionalnom mjerom rizika kako bi se naglasila važnost izbora mjere rizika. Također, podaci o riziku dovode se u odnos sa prinosom investicijskih fondova koji su predmet analize kako bi se ispitala uvriježena povezanost između rizika i prinosa.Investment funds are institutional investors that raise funds from the general public (individuals and households), companies and financial institutions and place them in various types of assets in order to achieve returns. Although investment funds in the Republic of Croatia are relatively new financial institutions that started operating in the mid-1990s, their number and net asset value are increasing ever since. This paper refers to the two types of investment funds that operate in the Republic of Croatia today, namely open-end investment funds with a public offering (UCITS) and alternative investment funds (AIF). An analysis of equity, bond, mixed and money UCITS funds that differ according to their investment structure is conducted using scientific methods and graphical presentation of data. Special attention in this paper is given to the company "ZB invest" with detailed analysis of ZB aktiv, ZB global, ZB bond and ZB plus sub-funds using different quantitative performance indicators. This approach indicates the diversity of individual funds with regard to their investment structure, risk and return, but also the attractiveness of investing in investment funds for different profiles of investors. The paper uses modern risk measures such as VaR and CVaR for quantitative analysis and calculation and interpretation of risk. These risk measures need to be emphasized because of their popularity in modern quantitative research on similar topics and the lack of domestic research conducted using these risk measures. The risk data of investment funds thus obtained is compared with the standard deviation as a traditional risk measure in order to stress the importance of the risk measure selection. Also, risk data is observed in relation to the return of the analyzed investment funds to examine the ingrained relationship between risk and return