Reaction Paper

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COMPARATIVE ANALYSIS OF MUTUAL FUNDS IN GHANA

USING BETA AS THE DETERMINANT FACTOR.

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LIST OF TABLES

Table 2.1

Difference between a Unit Trust and a Mutual Fund

Table 2.2

Classification of Collective Investment Schemes in Ghana

Table 2.3

Performance of Collective Investment Schemes in Ghana 2010

Table 2.4

Market Share and Performance of Collective Investment Scheme in Ghana 2010

Table 4.1

Various Collective Investment Scheme with No. Shareholders, Annualized Returns of the funds

Table 4.2

Correlation Output Results of NAV, No. Shareholders and Annualized Returns of Listed CIS

Table 4.3

Annualized Returns of Four (4) Equity Fund and the Market Index (GSE-ASI)

Table 4.4

Annualized MFUND Returns and the 91-Day Treasury Rate

Table 4.5

Regression Output Result of EPACK Returns and GSE-ASI

Table 4.6

Regression Output Result of SAS Fortune Returns and GSE-ASI

Table 4.7

Regression Output Result of NTHC Equity Returns and GSE-ASI

Table 4.8

Regression Output Result of Anidaso Returns and GSE-ASI

Table 4.9

Regression Output Result of MFUND Returns and GSE-ASI

Table 4.10

Regression Output Result of EPACK Returns and GSE-ASI

Table 4.11

Summary of Regression Analysis Output Result

Table 4.12

Comparative Analysis of Four Equity Fund and one (1) Money Market Fund

LIST OF CHARTS

Chart 2.1

Performance of Funds as of the End of 2010

Chart 4.1

Scatter Plot of EPACK 's Returns and GSE-ASI

Chart 4.2

Scatter Plot of SAS Fortune 's Returns and GSE-ASI

Chart 4.3

Scatter Plot of NTHC Horizon 's Returns and GSE-ASI

Chart 4.4

Scatter Plot of Anidaso 's Returns and GSE-ASI

Chart 4.5

Scatter Plot of MFUND 's Returns and GSE-ASI

Chart 4.6

Comparative of Investment Returns (2005-2010)

LIST OF ACRONYMS AND ABBREVIATIONS

APT

Arbitrage Pricing Theory

AMF

Anidaso Mutual Fund

AUM

Asset Under Management

CAPM

Capital Asset Pricing Model

CGT

Capital Gain Tax

CIS

Collective

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