Abstract:

The article aims to evaluate the effectiveness of equity funds in Poland in the years 2018-2020 and to examine the relationship between fund performance and their size. A hypothesis, based on previous researches, was made that there is no clear correlation between the size of funds and their effectiveness. The study included 38 universal equity funds investing on domestic market. Annual research periods were used, and the funds were divided into five groups. The criterion for allocating investment funds to a given group was their size expressed as the net asset value. Popular risk-adjusted measures such as Sharpe's ratio, Treynor's ratio, Jensen's alpha, M2 were calculated to measure the effectiveness of funds. The conducted investigation does not allow for an unequivocal statement of the existence of such a relationship. Funds perform both higher and below the benchmark, regardless of their AUM. The study did not allow demonstrating the greater effectiveness of smaller funds, as the results gathered by researchers in other countries would suggest.