Performance Analysis Of Pension Funds Based On Participation Basis ABSTRACT Fund type based on participation is composed of rent certificates, participation accounts, partnership shares, gold and other precious metals and other interest-free Money and capital market instruments deemed appropriate by the Capital Markets Board. The first objective of this study is to analyze the performance of participation-based pension investment funds. These condobjective is to measure the timing and

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... y ability of the fund managers. The third objective of thestudy is toinvestigatewhetherthefundperformance is affectedbypoliticalcrises. Theresults of the analysis showed that the performance of these funds was poor and that fund managers lacks electivity and market timing capabilities. The participation-based pension investment funds, which consist of gold-based capital market instruments, were not affected by the crisis, while other funds were negatively affected by the crisis.