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International Equity Asset Classes in the Turkish Fund Industry

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  • A. Can Inci
  • Hakan Saraoglu
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    Abstract

    We examine Turkish fund portfolios and identify the role of international investments in their formation. We find that (1) Turkish funds hold a very small fraction of international assets during 1987-2008, (2) the weight of international equity in the funds with an international mandate is smaller than the total weight of domestic asset classes as of 2009, and (3) international stock holdings of Turkish portfolio managers show significant similarity, which can be explained by the fact that the managers tend to hold stocks with which they are familiar. We compare the performance of funds that have the international investment objective with benchmark portfolios and provide suggestions for more diverse funds in the Turkish fund industry.

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    Bibliographic Info

    Article provided by M.E. Sharpe, Inc. in its journal Emerging Markets Finance and Trade.

    Volume (Year): 47 (2011)
    Issue (Month): 4 (July)
    Pages: 96-114

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    Handle: RePEc:mes:emfitr:v:47:y:2011:i:4:p:96-114

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    Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=111024

    Related research

    Keywords: diversification; mutual funds; pension funds; portfolio management;

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