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- W2286803721 abstract "As investments in the Malaysian capital market becomeinstitutionalised, unit trusts are increasingly becoming the main vehiclefor a retail investor to participate in the capital market. Unit Trusts areoriginally promoted to generate stable income with reasonable risks formedium to long term investors.This study examines the performance of 27 unit trusts inMalaysia.Monthly data were collected over a 8 year period from 1990to 1997. Performance is measured by the returns earned by the UnitTrust. However these returns must commensurate with the level of riskand therefore risk-adjusted performance measures are used .Performance evaluation is further refined by investigating the ability of the Unit Trust manager to select correct investments at the right timei.e. his/her timing and selection performance.The general findings of this study indicate that most MalaysianUnit Trusts generally under perform the market, are poorly diversifiedand generate low levels of returns, of the 27 funds studied only 33%outperformed the market. However after adjusting for different risklevels, none of the funds were able to outperform the market. Theaverage R2 was 0.516 indicating most funds were not fully diversified.Specifically most funds analysed attained half the level ofdiversification compared to the market portfolio which is used as thebenchmark portfolioThe findings indicate that funds generally perform better duringa bear market as compared to a bull market. Though the returns forunit trusts in a down trending period was negative, the losses were lessthan the market portfolio, whereas in an uptrend period the returns ofunit trusts were less than the market return.The findings also indicate that the timing and selection ability ofUnit Trust managers were poor with all funds having negative net selection. Timing ability was only marginally positive for income growthfunds.This implies that in terms of the performance measured on thebasis of returns per unit of risk and the level of diversification achievedby these funds, it would have been better for investors to invest on their own." @default.
- W2286803721 created "2016-06-24" @default.
- W2286803721 creator A5057011680 @default.
- W2286803721 date "1998-01-01" @default.
- W2286803721 modified "2023-09-27" @default.
- W2286803721 title "The Performance of Private Unit Trusts in Malaysia" @default.
- W2286803721 hasPublicationYear "1998" @default.
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