On the Average Return Rate for a Group of Investment Funds
Streszczenie
In the paper a new definition of the average return rate for a group of
investment (or pension) funds is proposed. The definition is derived via integration of
the financial results of the group of funds during a given period of time. It satisfies
a set of postulates which every coherent definition is supposed to fulfil contrary to the
definition which is used in the Polish law of August 1997 on Organisation and Operation
of Pension Funds. A very simple formula for the average return rate is available provided
that the fund’s shares are stable in time
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