The object of this study is to analyze investment efficiency of pension funds by examining the portfolios of four mandatory pension funds (AZ, Erste Plavi, PBZ Croatia osiguranje and Raiffeisen). In this study, the pension system is analyzed through two step procedure. The study will first focus...

Increasingly, consultants for fund management firms care about the riskiness of fund managers’ investment strategies. Fund managers themselves must care about the riskiness of their investment strategies vis-a-vis the client’s specified benchmark