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BIBTEX RIS

Is active management of mandatory pension funds in Croatia creating value for second pillar fund members?

2015; Institute of Public Finance; Volume: 39; Issue: 3 Linguagem: Inglês

10.3326/fintp.39.3.1

ISSN

1846-887X

Autores

Petar-Pierre Matek, Masa Radakovic,

Tópico(s)

Insurance and Financial Risk Management

Resumo

This paper analyses Croatian mandatory pension funds’ investment returns during the 2005-2014 period using performance attribution methodology. Results from active investment management are compared to a long-term policy return. Such analysis is essential to shed light on the contribution of active portfolio management in the second pillar pension scheme. Evidence suggests that in the period analysed portfolio managers have added value through active management decisions. In addition, we determined the sources of portfolio return by breaking down active return into policy, tactical asset allocation and security selection effect.

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