1. FM Performance Indicator calculations

Methodology ...

FM INDICATOR 3-stage calculations are made: the first stage, the premiums and losses of funds, according to the second stage, showing the performance of funds and risk-return average return and risk values are calculated and grouped according to the third stage, the funds return and risk. Every 6, 12, the same process is repeated for the 24-month periods. Below you can review these procedures in detail.

I. RISK PREMIUM and LOSS VALUE

RISK FREE RETURN : Twenty-four-month period considering the first stage, 24-month period for the calculation of the weekly limit for each week of days that the average change in FonMarket liquid fund index is calculated weekly. (B-type liquid funds when the investment is considered risk-free yield is obtained.) Liquid FM for each week as a result of this process is the return on index funds ( RISK FREE RETURN) is reached.

PREMIUM : Then for the same periods of changes in each fund's average weekly days of the week is calculated. Calculated for each fund for the same period the average weekly change in the calculated average change in weekly FM liquid fund index is removed. The obtained value of the fund during the period PREMIUM is called.

LOSS : If you change on a weekly average of the fund within the same week under the FM liquid with a value index fund if the fund takes a negative value means that the premium. The negative difference between the two, the fund last week mentioned LOSS is called data.

Then, for each fund, the 24-month period each week in the remaining premiums and losses are calculated values. At this stage, and defines the formula used is as follows:

Then the average of all funds premium and lost values calculated

 

II. RETURN and RISK VALUES

All funds were included in the second stage, the fund is market average premium. Market Fund after accepting a premium, the funds were normalized according to each fund's contribution to it is RETURN VALUE.

Likewise, the lost value of each fund, fund of funds were normalized to the average loss of Market RISK VALUE is calculated

Then, by subtracting the value of a fund for the return value of the risk FM INDICATOR VALUE are obtained.

And expressions used in the formula is as follows

r pM Related to the analysis period (6, 12, 24) Average premium fund market

k dM Related to the analysis period (6, 12, 24) Average lost market fund

r pF :Related to the analysis period (6, 12, 24) Contributions to a fund

k dF Related to the analysis period (6, 12, 24) Loss of a fund

Return Value GD = r pF / r pM

Risk Value : RD = kdF / kdM

Indicator Value : RT = GD - RD

 

III. FM INDICATORS

At this stage, all the funds 'Display Values' are sorted in descending order according to. Funds then 'Group sheets,' looking at the General Group, broken down as Category A and B category.
The distribution of the Group and Category Indicators are shown below:

FM Rankings	The weight of the FM Group	Group Indicator	Category Indicator
The first group	%10
The second group	%20
The third group	%40
The fourth group	%20
The fifth group	%10

 

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Related Links:

Some performance indicators used throughout the world: 'American Century', regardless of the alternatives on the performance metrics says ... Published by 'Business Week' magazine, online site describes the performance metrics .. 'Morningstar' publishes performance indicators in this site ..

Academic studies and articles that analyze the effectiveness of performance indicators in the world: Morningstar performance metrics in this article also criticized 'CNN' published .... A type of evaluation of the performance of stock funds to a run on the Dr.A.Argun Karacabey ..

 

2. All funds in the previous months is calculated for the FM FM indicators Indicators

Last FM Performance Indicator values Menu by selecting the desired date of the time period of 6, 12 and 24-month rankings or you can find
Or alphabetically by clicking column headers in the table, either 6, 12 and 24 months s separately in order to be able to sort.

 

3. Volatility in financial markets and brought the data structure choices:

In this study, the calculation of the indicators in the periods 6, 12 and 24 months were taken. These ranges are dominated by short-term investment in Turkey Financial Markets believe that the decrease in accordance with the concept.

Although the fund also goes back to the enterprise of Herodotus dates in 1993 and the purpose of this study is to compare a number of funds will, in June 1999 has been accepted turning point can be obtained.

Instead of the average monthly level of statistical indicators to be more meaningful information through weekly averages. FM Performance Indicators currently published, are based on weekly data.