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Which one is more important in explaining the return variations of pension funds? Market movement, asset allocation policy or active management? We explore the subject for Turkish equity and balanced pension funds for the period July 2007 to July 2017. This paper sheds a new light on pension funds' sources of performance from an emerging market perspective. Our first empirical investigation confirms the widely held belief that market movement is the dominant factor and leaves a little room fordoi:10.30845/ijbss.v9n8p14 fatcat:nfsltl6cpjhp3iaxmd6bih3bly