Efektywność inwestycyjna OFE w świetle teorii portfela
Abstract
The purpose of this article is to demonstrate that the evaluation of investment activity
run by Polish Open Pension Funds only through analyzing their rate of returns calculated
according to formula specified in legal regulations, is insufficient, since it covers only some
part of the history of their activity, which does not allow to assess their real profitability
potential or risks associated with it. In addition, collected data were used to analyze the
effectiveness of investments made by OPF in terms of portfolio theory. The evidence showed
that investment results of OPF are very similar to each other, and that those investments are
associated with significantly less risk than other investments on the stock market. The study
showed also that the effectiveness of those investments is similar to the theoretical
effectiveness of investments in market index (WIG) and that they are correctly priced in
terms of Sharpe’s model. The conclusion is that the OPFs, as a part of Polish pension system,
should be regarded as correctly fulfilling their task.
Collections