Analiza polityki inwestycyjnej otwartych funduszy emerytalnych w Polsce w latach 2001–2009. Ocena stylu zarządzania przy braku zewnętrznych benchmarków

This study attempts to explain the essence of active management and highlights trends in the investment policy of open pension funds from 2001 to 2009 in Poland. An analysis of pension fund investments leads to the conclusion that the pension fund industry is moving towards a passive management model. The results of the study produced no evidence that any of the funds could significantly beat the market average or the main stock index, nor did analysis of result repeatability bear out the existence of extraordinary skill among pension fund managers.