Author :
Abstract
The aim of this study is to examine the performance of sustainability‐themed funds by comparing three fund categories: variable umbrella funds, fund‐of‐funds umbrella funds, and equity umbrella funds. The dataset comprises May 2022-April 2025 data for 16 sustainability‐themed umbrella funds traded on TEFAS, each with at least three years of historical returns. These 16 funds were divided into three groups according to their fund type. The selection criteria included monthly, three month, six month, year to date, 12 month, and 36 month return percentages, as well as changes in portfolio size and share count. Criterion weights were determined using the Normalized Maximum Difference (NMD) method, and performance rankings were produced using the WASPAS (Weighted Aggregated Sum Product Assessment) method. Sensitivity analyses were conducted to observe how WASPAS rankings change under different parameter settings. According to the NMD results, change in portfolio size emerged as the most influential criterion, while the six month return carried the least weight. The WASPAS ranking placed the TMC variable umbrella fund first, followed by the GZV fund‐of‐funds umbrella fund and the IHK equity umbrella fund. TMC’s top scores across all criteria support its identification as the best alternative among the sustainability‐themed funds. The lowest rankings were assigned to the YJH variable umbrella fund, the IFN equity umbrella fund, and the AOY equity umbrella fund, respectively.
Keywords
Abstract
The aim of this study is to examine the performance of sustainability‐themed funds by comparing three fund categories: variable umbrella funds, fund‐of‐funds umbrella funds, and equity umbrella funds. The dataset comprises May 2022-April 2025 data for 16 sustainability‐themed umbrella funds traded on TEFAS, each with at least three years of historical returns. These 16 funds were divided into three groups according to their fund type. The selection criteria included monthly, three month, six month, year to date, 12 month, and 36 month return percentages, as well as changes in portfolio size and share count. Criterion weights were determined using the Normalized Maximum Difference (NMD) method, and performance rankings were produced using the WASPAS (Weighted Aggregated Sum Product Assessment) method. Sensitivity analyses were conducted to observe how WASPAS rankings change under different parameter settings. According to the NMD results, change in portfolio size emerged as the most influential criterion, while the six month return carried the least weight. The WASPAS ranking placed the TMC variable umbrella fund first, followed by the GZV fund‐of‐funds umbrella fund and the IHK equity umbrella fund. TMC’s top scores across all criteria support its identification as the best alternative among the sustainability‐themed funds. The lowest rankings were assigned to the YJH variable umbrella fund, the IFN equity umbrella fund, and the AOY equity umbrella fund, respectively.
