การเปรียบเทียบผลการดำเนินงานของกองทุนรวมตราสารทุนในประเทศไทยในช่วงก่อนและหลังการประกาศปิดประเทศสาธารณรัฐประชาชนจีนเนื่องจากสถานการณ์โควิดสิบเก้า

Abstract

This study aims to compare Thai equity mutual funds’ performance before and after COVID-19 pandemic. This study uses border closure announcement of the People’s Republic of China as the beginning of COVID-19 pandemic. The data used in the study consists of daily net asset value of 190 Thai equity mutual funds from July 2019 to 2020. This study groups Thai equity mutual funds into 7 groups by investment policy of each fund and selects the funds that have received Morningstar rating of 4 to 5 stars. Performance of equity mutual funds was compared separately at window period of 7, 15, 30, 60 and 90 days from the start of COVID-19 pandemic. Performance of each mutual fund is calculated using Sharpe ratio and using t-Test to test for statistical significance from comparisons. The results of the study reveal that performances of Thai equity mutual funds are significantly differed before and after COVID-19 pandemic. The results also reveal that performances of Thai equity mutual funds significantly differ for high dividend funds, strong fundamental funds, and index funds. The results indicate that Thai equity mutual funds have been impacted by COVID-19 pandemic and there is no specific group of funds that can withstand the impact of COVID-19 pandemic.