Analiza uspješnosti investicijskih fondova u Republici Hrvatskoj

Investicijski fondovi smatraju se pokretačem i jednim od najznačajnijih indikatora razvijenosti tržišta kapitala. S obzirom na to da velik broj istih djeluje na globalnom tržištu kapitala, pospješuje se ekonomski rast pojedinih nacionalnih ekonomija. Posebno su značajni oni investicijski fondovi koji primarno djeluju u razvijenim zemljama s razvijenim financijskim tržištem, i to, već više od 100 godina. Tržište je regulirano čvrstim zakonodavnim okvirom uz sve povoljniji porezni tretman za ulagače koji zaista ostvaruju svoje investicijske ciljeve. Gledajući povijesni razvoj investicijskih fondova u svijetu, industrija investicijskih fondova u Republici Hrvatskoj relativno je mlada. Tržište pokreću ponajprije bankarske grupacije koje i prevladavaju industrijom investicijskih fondova. Uz definiranje pojma, vrsta i obilježja investicijskih fondova te pojašnjenja zakonodavnoga okvira u kojem posluju, u radu se analizira uspješnost poslovanja investicijskih fondova kroz mjeru prinosa na uloženi kapital. S obzirom na to da domaći investitori mogu ulagati u investicijske fondove ili izravno sudjelovati na tržištu kapitala, uspoređeni su prinosi investicijskih fondova s prinosima indeksa tržišta kapitala kao njihovih supstituta. Testirane su performanse dioničkih i obvezničkih fondova u odnosu na dva najpoznatija burzovna indeksa u Republici Hrvatskoj, a to su CROBEX i CROBIS. Analiza je pokazala da investicijski fondovi svakako imaju potencijal omogućiti investitorima natprosječne prinose uz diverzifikacijske prednosti pa bi investitori u trenutnom financijskom okruženju trebali ozbiljno razmotriti mogućnosti ulaganja u investicijske fondove, bilo dioničke, obvezničke ili pak mješovite, ovisno o njihovom profilu rizika.Investment funds are generally considered the prime initiator and one of the most significant indicators of the level of development of capital markets. A large number of investment funds are active in the global capital market. This facilitates the growth of national economies. The investment funds that have been primarily operating, for more than a hundred years, in developed countries with evolved financial markets are especially noteworthy. These markets are strictly regulated within a legislative framework. Those investors, in the context of these markets, that are able to realize their investment objectives enjoy ever more favorable tax regimes. When compared to the historical development of investment funds in the world, it could be said that the development of the investment fund industry in the Republic of Croatia is in its early stages. The market is driven mainly by banking groups, which dominate the investment fund industry. This work provides the definition, lists the types and explains the characteristics of investment funds. Also, special attention is given to explaining the legal framework within which investment funds operate and to analyzing the performance of investment funds through the measure of return on invested capital. It is a fact that domestic investors can invest in investment funds or directly participate in the capital market. Therefore, we compared the returns of investment funds with the returns of the capital market indexes, as their substitutes. We also tested the performance of equity and bond funds in relation to the two most well-known stock exchange indexes in the Republic of Croatia, namely CROBEX and CROBIS. The results show that mutual funds certainly have the potential to provide investors with above-average returns with diversification advantages. The conclusion, based on the results, is that investors in the current financial environment should seriously consider investing in investment funds, whether equity, bond or mixed, depending on their risk profile