Analyzing the factors of excess returns in the mutual funds market: The importance of financial accessibility and investment attractiveness

Subject. This article explores the economic relationship between current trends in the development of the Russian collective investment market, factors of financial accessibility, investment attractiveness of open and exchange-traded mutual funds, on the one hand, and excess profitability, on the other hand. Objectives. The article aims to identify determinants of excessive return of open and exchange-traded mutual funds. Methods. For the study, I used classification and systematization of the results obtained using tables and figures, infographic analysis, mathematical statistics, econometric modeling, visualization using correlation matrices, rating scales, regression analysis et al. Results. The article proposes an information transparency rating as a new independent variable for constructing correlation and regression models, which makes it possible to assess the degree of openness of information about the key characteristics of mutual funds and management companies for their clients. The results of the study are expected to be used in the future to modify the methodology for assessing the quality of asset management of mutual funds in Russia. Relevance. The results obtained can be used by mutual fund managers and mutual supermarkets to improve marketing policies and promote effective investment strategies among retail and institutional investors.