PORTFOLIO PERFORMANCE MEASUREMENT OF MUTUAL FUNDS IN SERBIA *Aleksandra Cvetkovic **Sonja Gogin *Faculty of Management Zajecar, Park suma

Kraljevica bb, 19000 Zajecar, tel. +381638603415, aleksandra.cvetkovic@fmz.edu.rs **Faculty of Management Zajecar, Park suma Kraljevica bb, 19000 Zajecar, tel. +381641217618, sonja.gogin@fmz.edu.rs ABSTRACT In Serbia, investment funds are a relatively new type of financial market participants. Their founding was made possible by a law that was passed in December 2006. The first investment fund in Serbia was found in february 2007. Today, we have 13 investment funds in Serbia that are actively participating in the financial market. Investment funds are very current and attractive in the modern business. This financial institution serves, primarily, the interests of individuals - investors in securities. Therefore, investment funds collect, as for mobilize resources which are invested in different securities, with the foal of achieving a certain yield to the investitors. Portfolio management is the process of revisal and management, ie. constant control of risk and yield and adaptation of portfolio to altered circumstances, and all in accordance to the pre-set preferences of investitors. An important part of this process is the periodical measurement of business performances that are achieved by portfolio in terms of its comparisons with benchmarks or standards which are often taken stock indexes - in this case Belex Line and Belex 15. Key words: mutual funds, portfolio management, risk, yield, Belex Line, Belex 15