According to the nature of the MUTUAL FUNDS, the use of an appropriate method for evaluating the performance of such FUNDS always has been one of the most important issues in the field of investments performance evaluation. So, different criteria have already been introduced by researchers to evaluate the FUNDS Performance.The present paper examines the efficiency of the postmodern Performance measurements criteria compared with modern criteria based on data of the active MUTUAL FUNDS in Tehran Stock Exchange for the period of 6 years from April 2009 to March 2015. In this paper, Upside Potential Ratio, Sortino Ratio and Omega measure as postmodern Criteria and Sharp Return, Treynor Ratio, and Jensen Differential Return Measure as Modern Performance Measurements Criteria have been used. Results of the study show that there is a significant different between Postmodern and Modern Performance Measurements Criteria for MUTUAL Fund in Tehran Stock Exchange.

The MUTUAL FUNDS are suitable instrument for individuals and legal in order to investment. Evaluating and rating of these MUTUAL FUNDS can be useful guide for investment. The aim of this study was ranked active MUTUAL fund in Iran. For this purpose, the statistical data during December -2011 to the end of the period of December 2016 (5 years) is used. The MUTUAL FUNDS selected on the basis traditional criteria and DEA are ranked. Then, according to numerous criteria to rank the full FUNDS have been used TOPSIS. Input and output surplus return FUNDS in traditional MEASURES of risk indicators and data envelopment analysis inputs and outputs, including a variety of risk factors, including the rate of return and of course have been better. After ranking all FUNDS with 8 criteria to criteria used in the ranking of TOPSIS. The results showed that among the 17 FUNDS surveyed Firouzeh, Burseiran and Agah aware ranked first to third and Pishgam fund, brokerage Agricultural Bank fund and the Ganjeneh Refah fund have the final ranking.

MUTUAL FUNDS are one of the most important financial institutions which play an undeniable role in transferring excess FUNDS toward companies.In Iran, for the first time and under the Provisions of the securities market act (ratified in 2005), MUTUAL FUNDS were established, launched and introduced to capital market realm since March 2008.The main objective of this study is to provide empirical finding to answer this question that whether performance of MUTUAL FUNDS is good enough in comparison with market return or not.Risk-adjusted performance MEASURES which were applied in this research are: sharp ratio, Jensen's alpha, Treynor ratio and Sortino ratio for the period of March 2008 up to the July 2010.In accordance with the findings of the research, with ANOVA, there is not significant difference between risk-adjusted performance MEASURES of MUTUAL FUNDS and the market return. Also, based on the Sharp ratio, Treynor ratio and Sortino ratio, there is no significant difference between the performances of MUTUAL FUNDS and the market return. But, Jensen's alpha didn’t refuse existence of any significant difference between different MUTUAL FUNDS.

MUTUAL FUNDS are new financial institutions established following the enforcement of Securities Market Act and developed by the approval of The Law for Development of New Financial Instruments and Institutions. The advantages of MUTUAL FUNDS are clear to everyone. However, the popularity and public trust to these new financial institutions require the existence of appropriate protection mechanisms to protect the fund assets and investor’s rights. In this regard, one of the most challenging legal debates is the phenomenon of directors’ responsibilities. In Iran, there is no relevant specified statute. So in this article, I study the directors’ responsibilities in MUTUAL FUNDS in the United States and Britain and I will propose a legal framework for directors’ responsibilities in Iran according to the current national laws.

In this paper we evaluate the performance of MUTUAL FUNDS that are already active in the country. Evaluation has been done using conventional criteria and data envelopment analysis (DEA). Considering the inputs and outputs of the DEA method, it has been found that it is more suitable than traditional methods for performance evaluation of the fund. Inputs consist of risk factors, such as standard deviation, beta and market square half - variance and costs of issuance and cancellation of investment units. Outputs include Downside and the best time. Based on the results of the DEA method and 29 FUNDS eight full performance are investigated. Inefficiency is in other inputs, respectively, in units of unit investment factors such as percentage of export price index, half - variance, standard deviation and market beta. The inefficiency in output due to the low ratio of the rate of return is higher. To achieve efficiency, the fund should seek to reduce the cost of inputs, particularly of investment units.

The Purpose of this research is to evaluate the ability of MUTUAL FUNDS investors to forecast the performance of MUTUAL FUNDS and selecting the best performed FUNDS. It should be mentioned that both individual and institutional investors have been evaluated in this study. In order to answer the question whether the investors have the ability to forecast the performance of MUTUAL FUNDS or not, we have gathered 40 Iranian MUTUAL FUNDS data that are founded and active in Tehran stock exchange market. Time period of this assessment data is 36 months, from the beginning of March 2011 to the end of March 2014. We have constructed two portfolios of new money. The first portfolio consists of all FUNDS with a positive net cash flow. The second portfolio comprises all FUNDS with a negative net cash flow. Next, we estimate the performance of each of the portfolios using both the Fama-French’s (1993) model and the Carhart’s (1997) model including a momentum factor. The result of using the mentioned models showed that investors are unable to select the appropriate fund, also there is not a significant difference between the ability of individual and institutional investors for selecting the best performed FUNDS.

The present study aims at determining a proper decision making model for investment. In this regard, the effective criteria for evaluating the performance of MUTUAL FUNDS are extracted through reviewing research literature. Afterwards, the importance of each criterion (sharp, trainer, Jensen, Sortino) will be assessed through using the Shannon entropy. The study sample includes eight MUTUAL FUNDS. Thus, given the small sample size and incomplete information, concept of grey systems theory and grey relational grade is used for ranking the sample. For this purpose, the actual data, in the period of 2008-2010 is used. After ranking, it came out that "Melli bank", "Pouya" and "Sahm Ashna" MUTUAL FUNDS had the best performance in the above-mentioned period.

ObjectiveBest ideas refer to trades within MUTUAL FUNDS that are driven by the goal of outperforming the index and are primarily based on expert analysis. According to the extant literature, in this study, we use four MEASURES to detect the best ideas in MUTUAL FUNDS trading activities. By comparing the performance of the best ideas detected by these MEASURES, in this paper, we identify the best method to define the best ideas. Our findings demonstrate that the best ideas yield higher profits than other trading strategies. MethodsBased on the existing literature, we choose four methods to define the best ideas, (1) common trades, (2) aggressive positions, (3) consensus wisdom, and (4) innovational trades. Common trades, introduced by Pomorski (2009), are common trades of FUNDS managed by the same company’s management. Aggressive positions mentioned by Antón et al. (2020), are the top three stocks with the highest weight difference from the market index in the MUTUAL fund portfolio. Consensus wisdom, as introduced by Jiang et al. (2014), refers to the upper decile of average overweighted stocks among all FUNDS, and is considered a measure of the collective expertise of active MUTUAL fund managers. Innovational trades, introduced by Lantushenko (2015), are completely new portfolio positions that a fund has not previously held. To calculate the performance of the best ideas, we create a unique portfolio containing the best ideas. Each month, new best ideas are added to the portfolio, and after one month, they are removed from it. Finally, we use CAPM, Fama-French, and Carhart alphas to measure the portfolio's performance. ResultsBy comparing the performance of the portfolios created by the four mentioned methods, “common trades of FUNDS from the same company” is recognized as the best method of defining the best ideas. Also, results show that the portfolio containing the common trades as best ideas can generate an alpha of 4 to 5.1 percent with a T-statistic of 2.641 to 5.329. Specifically, we test our results across two distinct market periods: before July 2020, when the market experienced aggressive growth, and after July 2020, when the market stabilized. Our findings demonstrate robustness in both periods. Common trades of FUNDS in unrelated management companies are fundamentally different from those with the same company, this paper shows that trades made commonly in FUNDS that are in unrelated management companies fail to generate economically positive and statistically significant alphas. In the following, we demonstrate that the performance of best ideas is not driven by the speculative behavior of FUNDS. Additionally, we show that fund herding does not account for the abnormal returns of best ideas. ConclusionResults show that the best ideas detected by the common trades method can generate a meaningful and positive alpha (statistically and economically), independent of size (SMB), market value (HML), and momentum (UMD) factors. Finally, the common trades of FUNDS from the same company serve as the best measure for defining the best ideas in Iran's stock exchange.