Systematyka ryzyka w funduszach inwestycyjnych otwartych i specjalistycznych otwartych

The aim of this article is to systematizing of risk connected with investing in units of open-end and specialised open-end investment funds. There are two main categories of risk in investment funds: risk connected with fund's investment policy and risk resulting from holding units. The most important types of investment risk are: market risk, credit risk, interest rates risk, liquidity risk, macroeconomic risk, inflation risk, currency risk, event risk and political risk. Unit-holders are also taken to different types of risk resulting from participation in investment fund, for example risk of unattainable expected rate of return from units, risk connected with special situations (such as takeover of the management of an investment fund, mergers funds, transformation, dissolution and liquidation of an investment fund, changing of investment policy) and risk of unstable legislation.