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A COMPARATIVE ANALYSIS OF PUBLIC AND PRIVATE SECTOR MUTUAL FUNDS IN NIGERIA
ABSTRACT
The financial market particularly capital market in Nigeria is playing a vital role in the mobilization of household savings from the investing public. In this context, it is observed that mutual funds are becoming the major channel for the mobilization of the savings. It was felt that mutual funds could be an effective vehicle for channelizing larger shares of household savings to productive investments in the corporate sector.
The performance of mutual fund schemes is dependent on the right strategy adopted by the fund managers in designing the portfolio. The issues related to the choice of schemes among the public and private sector funds on the one hand and on the other hand high risk associated with schemes have become an important point of every investor. Return alone is not considered as the basis of measurement of the performance of a mutual fund scheme, it should also consider risk involved in the investment. Because different funds will have different levels of risk attached to them. The researcher has set two objectives for the study: (1) to analyze the risk-return profile of equity linked growth and balanced funds. (2) To make a comparative analysis of public and private-sector mutual funds.
The study finds that there is a significant difference in terms of mean return between public and private sector schemes. However, there is no significant difference between public and private sector schemes in terms of excess return per unit of risk under Sharpe, Treynor and Jensen models.
Key Words: Household savings, capital market, Investment, Portfolio, Mutual Funds, Risk and return.
INTRODUCTION:
The financial market particularly capital market in Nigeria is playing a vital role in the mobilization of household savings
from the investing public. In this context, it is observed that mutual funds are becoming the major channel for the mobilization of the savings. The concept of mutual fund was emerged in Nigeria with the establishment of Unit Trust of Nigeria (UTI) in July 1964. The UTI was set up with the two main objectives viz. mobilizing household savings and investing the funds in the capital market for industrial growth. It was felt that mutual funds could be an effective vehicle for channelizing larger shares of household savings to productive investments in the corporate sector. Because, an ordinary investor does not have the time, expertise and patience to take independent investment decisions on his own.
The performance of mutual fund schemes is dependent on the right strategy adopted by the fund managers in designing the portfolio. Since the investors invest their money in different schemes offered by the two sectors which are public and private sector, their risk and return associated with the type of investment will also vary. The issues related to the choice of schemes among the public and private sector funds on the one hand and on the other hand high risk associated with schemes have become an important point of every investor. Return alone is not considered as the basis of measurement of the performance of a mutual fund scheme, it should also consider risk involved in the investment. Because different funds will have different levels of risk attached to them.
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