Tudorache Florentin Gabriel

Academy of Economic Studies Bucharest, Romania

6, Piata Romana, 1st district,

010374, Romania

 +4.021.319.19.00

E-mail: tudorache.gabriel@yahoo.com

OPEN-ENDED FUNDS IN ROMANIA.

THEIR PERFORMANCE IN AN ECONOMICALLY DIFFICULT ENVIRONMENT

ABSTRACT.Romania is one of the emerging markets, where the investment funds market is less developed than in other European countries, but developing fast. The number of open-ended funds increased in the 20 years of existence of the investment market, reaching 60 in 2012. The paper looks at the open-ended funds’ evolution (measured through the yearly changes in value of the fund unit), in the period 2010-2012. The main objective is to analyze the performance of the different types of mutual funds in a comparative manner and to assess them against the industry benchmark. The analysis takes place in a period of economic turmoil and based on the findings, the paper attempts to point out advices on what would be good placements for investors during economically difficult periods.

Received: July, 2012

1st Revision: September, 2012

Accepted: December, 2012

JEL Classification:G23, G11, D53, E22

Keywords: open ended funds, Romania, investment funds’ performance