محمدجواد فرهنگ

Investment capital funds, like all other sectors of the capital market, are affected by economic variables, and its quality and type of effectiveness can be found in how to guide this financial institution in the face of search. Objectives and

In this study, using the integrated model of Lit et al. (2003), we will evaluate the performance of Iranian investment funds in the years 2016-2019 using soft panel transfer regression (PSTR) by MATLAB software and check whether the investment funds have been able to reduce the nonlinear effects. Recognize macro variables on fund returns and change the composition of your portfolio based on that?

The results indicate the existence of a non-linear relationship between macroeconomic variables and the return of investment funds by considering a transfer function and a threshold parameter and a two-regime model.

Considering the asymmetric relationship between macroeconomic variables and the returns of funds, the ability to recognize this issue, identifying the appropriate stocks in each regime and the positioning of investment funds can, in addition to creating competition between funds in having superior performance, lead to their ranking by institutions. supervisory help.