عنوان مقاله [English]
One of the challenges faced by investment managers is to answer the question that the total value added of each of the constituent groups of assets (deposits, fixed income securities and equity) portfolios of mixed investment funds and stock exchanges, from which one of the decisions Dual selection of asset groups and weighting to each of these groups (asset allocation). Considering that, generally, regardless of the effect of each selection decision on securities and weighting them, in order to measure the performance and, as a result, the assessment of managers' skills, the total value added is used, and in response to the above question and the extension of methods Traditionally, in this paper, with the presentation of the framework, the value added of each portfolios of asset portfolios of the above-mentioned investment funds is divided into value added from the allocation of assets (weighing) and selection of securities, and thus the skills of the managers of each of these funds In these two decisions, it has been measured.
Given the novice of such funds in the Iranian stock exchange and limited information, the results of this paper show that managers of these funds have no sustainability skills in either of these two dimensions. It is worth noting, however, that by increasing the operating time of these funds as well as using more sophisticated models in which returns and risks are simultaneously investigated, we can provide a sustainability framework for full assessment of managers' skills