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Performance in the Management of Spanish and European Investment Funds

Keywords: Performance ratios , diversification

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Abstract:

This study we analyse the positive effect that international financial diversification has over its domestic counterpart in achieving the efficient management of investment funds. We first consider the standard Sharpe measurement, before proposing and justifying alternative measurements of performance which, as indicators of utility, are applied in a comparative analysis of the management performance of investment funds versus that of the IBEX-35, IGBM, Euro Stoxx 50 and Eurotop 100. We provide evidence of the advantages of international diversification, as well as the difficulties encountered by investment funds in exceeding the performance of their benchmark, particularly those referring to international investment.

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