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Analysis of Mutual Funds' Performance Stability in Russia
In this work, Russian open-ended equity mutual funds’ persistency from 2008 to 2016 is analyzed. Persistency is considered in this paper as the ability of the "winning" funds to provide results above the average of the comparable financial instruments' market and to re-play the market benchmark. This indicator is very important - it is almost impossible to ignore the past results of funds at the moment of choosing an investment object. While foreign researches show different results depending on the periods of analysis, the basis for choosing "winner funds", as well as the length of the time window for assessing their subsequent indicators, the issue of the persistency of open-ended equity funds in Russia remains opened. The obtained results showed that the most stable are the funds analyzed with short- and medium-term periodicity. The analysis of long-term returns showed the lack of sustainability of the results.