YATIRIM FONU ANLAŞMALARININ DİNAMİK YÖNETİMİ

Abstract

Profesyonel portföy yönetim hizmetinin bedeli fon özelliklerinin yanı sıra, fon cinsine, fon yöneticisinin direkt portföy ilişkili ve kurum yönetimi ilişkili kararlarına ve portföyün performansına bağlıdır. Çalışmada 125 farklı kurum tarafından yönetilen 176 hisse senedi fonu incelenmektedir. Fon yönetimi Pazar hizmet fiyatı ortalamasını veri almakta ancak bu strateji ancak trend azalan karakterde olduğu durumlarda fon hissedarlarının lehine işlemektedir. Fon yöneticileri hizmetlerinin masrafını türev araçlarını kullanarak azaltabilmekte ya da “soft dollar” anlaşmalarına girerek manipule etmektedir. Fon yönetim bedeli zorunlu olmayan kesinti aflarını ve bağımsız yöneticilerin masraflarının fon hissedarlarınca tam olarak karşılanmadığı dönemlerden sonra artış göstermektedir

Keywords

• Yatırım fonları, fon yönetim bedeli, kontrat, fon yönetimi

DYNAMIC MANAGEMENT OF MUTUAL FUND ADVISORY CONTRACTS

Abstract

The price of professional portfolio management provided by the mutual fund adviser depends not only on the fund characteristics but also on the fund objective, the adviser's portfolio related and management based decisions, and the portfolio performance. I analyze the advisory fee, using a survivorship bias free data set of 176 equity funds managed by 125 different advisers. Advisers benchmark the objective average but this benefit the shareholders only when the objective trend is descending. Advisers tend to reduce the cost of their marginal product through the use of derivatives or manipulate by engaging in soft dollar agreements. I find that the advisers actively manage the advisory fee contracts responding to the outcome of their management decisions. The advisory fee increases after voluntary fee reimbursement or if the adviser is not fully reimbursed for the compensation of independent directors and officers.

Keywords

• Mutual Fund, Advisory Fee, Management Fee, Contract, Adviser

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