An Empirical Analysis of Performance Measurement and Market Timing Ability of Mutual Fund Managers in an Unprecedented Economic Environment in India


  • Dr. Garima Srivastava
  • Dr. Nivi Srivastava
  • Dr. Namita Srivastava


A pool of funds administered by an investing firm is referred to as a mutual fund. Low A pool of funds administered by an investing firm is referred to as a mutual fund. Low transaction costs, portfolio diversity, and expert management are all the benefits included in it. One of the most common financial methods in the financial climate is investment through mutual funds. As a result, a lot of work has gone into analysing the mutual fund. The period of study was 27 month approximately starting from 1st January 2020 to 28th April 2022.Reason for selecting the time period was unveiling the performance of selected mutual funds due to unlikely behaviour of the stock market.

The study examines the mutual fund scheme performances of 25 mutual fund schemes with growth option classified as per market capitalization. Funds were selected at random basis. Treynor measurement, Sharpe measurement, M-square, and Sharpe Differential were used to calculate mutual fund performance. Hypotheses were framed to check the significant difference in stock selection ability of fund managers and risk adjusted performance of the fund. The study resulted that sample schemes give positive rewarded returns to investors for the level of market risk incurred. The study reveals that as per IR measures the sample schemes have consistency in performance in the long run. Under the unconditional models, TM and HM Models were used, Study’s findings showed that fund managers in different funds were successful at their fund selectivity skills but not the market timing skills in selected period. Even while funds outperformed when assessed using several risk-adjusted criteria, market timing abilities of fund managers were found negative in all cases.