عنوان مقاله [English]
Mutual funds are one of the most important financial institutions which play an undeniable role in transferring excess funds toward companies.
In Iran, for the first time and under the Provisions of the securities market act (ratified in 2005) , mutual funds were established, launched and introduced to capital market realm since March 2008.
The main objective of this study is to provide empirical finding to answer this question that whether performance of mutual funds is good enough in comparison with market return or not. Risk-adjusted performance measures which were applied in this research are: sharp ratio, Jensen's alpha, Treynor ratio and Sortino ratio for the period of March 2008 up to the July 2010.
In accordance with the findings of the research, with ANOVA, there is not significant difference between risk-adjusted performance measures of mutual funds and the market return. Also, based on the Sharp ratio, Treynor ratio and Sortino ratio, there is no significant difference between the performances of mutual funds and the market return. But, Jensen's alpha didn’t refuse existence of any significant difference between different mutual funds.