Antros pakopos pensijų fondų Lietuvoje pelningumo ir rizikos analizė

LTReikšminiai žodžiai: Investicijų grąža; Investicinė grąža; Pensijų fondai; Rizika; Šarpo rodiklis; Investment return; Lithuania; Pension funds; Risk; Sharpe ratio.

ENThe second tier pension funds play a significant role after the pension system reform was made in Lithuania. However, which pension fund is the best for your own finance remains a topical issue. Pension funds are different according to many characteristics. For instance, fund’s strategies of investment, investment areas, return to the investor and the taken risks. Therefore, it is needful to evaluate the activity of the private pension funds. Usually most important to the investor is the return of investment and its risk. Therefore this article focuses on the second tier pension funds profitability and its risk evaluation over the past five years. The article discusses about the main principles and methods of evaluation of the pension funds profitability and risk: investment return, standard deviation and Sharpe ratio. The analysis of net assets structure according to investment strategy in the second tier pension funds over the past five years is presented and the investment return tendencies and the level of risk over 2007-2011 is presented as well. Furthermore, the evaluation of investment return according to the risk is made. The results show that the return of investment and the investment level of risk vary considerably between different categories of pension funds and the risk of some pension funds compared with the return is too considerable. Consequently, some of the pension funds return is determined to accept additional risk and are not influenced by fund management company's professional investment decisions. In the end, the participants of the Lithuanian private pension system have to make a choice between high and low risk pension funds and all of them have different return. [Text from author]

• Vadyba / Management
• Ekonomika / Economics