Market conditions of mutual funds functioning in Poland


  • Dariusz Filip Cardinal Stefan Wyszynski Uniwersity in Warsaw



mutual fund industry, devlopment of financial institutions, assets under menagment, market cometition


The purpose of the paper is to discuss the structure of financial intermediaries market with particular reference made to mutual funds, and to present the role they have played in the financial sector. Moreover, the study focusses on the presentation of the environment of the mutual funds functioning in Poland, which is possible by comparing the level of assets values in main groups of financial institutions over the long-term perspective. Furthermore, it is essential in the cognitive context to determine the influence of market trends on the popularity of given segments of funds. The analysis has shown that the development of collective investment institutions industry in Poland is incontestable. Even though the mutual funds have gained a relatively strong position on the financial intermediaries market, they clearly give priority to the banking sector institutions. The volume of market shares of main types of funds has changed over time, which could be dependent on capital market factors.


Download data is not yet available.


Al-Kaber, M. (2006). Rynki finansowe i instytucje [Financial markets and institutions]. Wydawnictwo Wyższej Szkoły Ekonomicznej w Białymstoku, Białystok.
Blake, D. (2000). Financial Market Analysis, John Wiley & Sons, 2nd edition, London.
Czekaj J., Woś M. & Żarnowski J. (2001). Efektywność giełdowego rynku akcji w Polsce. Z perspektywy dziesięciolecia [Effectiveness of stock market in Poland], Wydawnictwo Naukowe PWN, Warszawa.
Czempas J. & Lokwenc P. (2001). Opłacalność inwestycji w fundusze inwestycyjne w 2000 roku [Profitability of investments in mutual funds]. ?Nasz Rynek Kapitałowy?, No. 6?7,72?78.
Ferreira, A.M., Keswani, A., Miguel, A.F. & Ramos, S.B. (2013). The Determinants of Mutual Fund Performance: A Cross-Country Study. ?Review of Finance?, No. 17(2), 483?525.
Filip, D. (2007). Fundusze inwestycyjne w Polsce, Czechach i na Węgrzech [Mutual funds in Poland, the Czech Republic and Hungary]. ?Master of Business Administration?, No. 4 (87), 18?27.
Filip, D. (2015). A survey on important issues related to the organizational factors affecting mutual fund performance. In: Proceedings of IAC-MEM 2015 in Vienna, (pp. 84?89), Czech Institute of Academic Education, Prague.
Friend, I., Brown, F.E., Herman, E.S. & Vickers, D. (1962). A Study of Mutual Funds. U.S. Government Printing Office, Washington, D.C.
Horowitz, I. (1965). A Model for Mutual Fund Evaluation. ?Industrial Management Review, No. 6, 81?92.
Investment Company Institute, ICI (2016) A Guide to Understanding Mutual Funds, available at access 09.10.2016.
IZFiA (2016) Raport roczny za 2015 rok Izby Zarządzających Funduszami i Aktywami [Chamber of Fund and Asset Management Annual Report 2015], April 2016, available at access 26.11.2016.
Jackowicz, K. & Filip, D. (2009). Powtarzalność wyników funduszy inwestycyjnych w Polsce [Performance persistence of mutual funds in Poland]. Materiały i Studia nr 236, NBP, Warszawa.
JP.Morgan (2016). A Guide to Mutual Fund Investing, available at, access 12.09.2016.
Khorana, A. & Servaes, H. (2008). On the Future of the Mutual Fund Industry around the World. In: Fuchita, Y. and Litan (eds.), Pooling money: the future of mutual funds, Brooking Institution.
Khorana, A., Servaes, H. & Tufano, P. (2005). Explaining the size of the mutual fund industry around the world, ?Journal of Financial Economics?, No. 78, 145?185.
Matysek-Jędrych, A. (2007). Struktura i modele systemu finansowego [The structure and models of the financial system]. ?Bank i Kredyt?, No. 11?12, 87?102.
Miziołek, T. (1997). Ocena efektywności inwestowania w fundusze powiernicze [The evaluation of efectiveness of investment funds]. ?Nasz Rynek Kapitałowy?, No. 11, 37.
Olbryś, J. (2010). Ocena efektywności zarządzania portfelem funduszu inwestycyjnego z wykorzystaniem wybranych wieloczynnikowych modeli market-timing [Selected Multifactor Market-timing Models for Mutual Fund Performance Evaluation]. ?Optimum? Studia Ekonomiczne, No. 4(48), 44?61.
Perez, K. (2012). Efektywność funduszy inwestycyjnych. Podejście techniczne i fundamentalne [The effectiveness of mutual funds. Technical and fundamental approach]. Difin, Warszawa.
Pochmara, W. & Zapała, A. (2004). Prawa uczestnika funduszu inwestycyjnego i sposób ich realizacji [Rights of mutual fund? participant and the ways of their realization]. KPWiG, Warszawa.
SEC (2008). Mutual Funds: A Guide for Investors. SEC Pub. 002 (08/07).
Sharpe, W.F. (1966). Mutual Funds Performance. ?Journal of Business?, No. 39(1), 119?138.
Sikora T. (2010), Analiza wyników funduszy inwestycyjnych w Polsce z wykorzystaniem wnioskowania bayesowskiego [The Analysis of Investment Funds Performance in Poland with Applied Bayesian inference]. Materiały i studia nr 248, NBP, Warszawa.
Treynor, J.L. (1965). How to Rate Management of Investment Funds. Harvard Business Revi.




How to Cite

Filip, D. (2017). Market conditions of mutual funds functioning in Poland. Central European Review of Economics & Finance, 17(1), 65–81.