Table 6.

Performance evaluation of funds.

Panel A:		Covid-19 Period (Jan - June 2020)		Pre Covid-19 Period (June - Nov 2019)
		Adjusted Sharpe Ratio	Return to VaR	Adjusted Sharpe Ratio	Return to VaR
Capital Market	Equities	−0,081**	−0,070***	0,117***	0,098***
	Debt	−0,103**	−0,081**	0,074**	0,065**
Money Market	Treasury	−0,106***	−0,052**	0,050***	0,045**
	Corporates	−0,089**	−0,073**	0,082**	0,078**
Alternative Investments	Private Equity	−0,096**	−0,081**	0,061*	0,048*
	Real Estate	−0,059***	−0,034**	0,066**	0,064*
	Venture Capital	−0,008	−0,033	0,098**	0,096**
	Social Entrepreneurship	0,129***	0,118***	0,064***	0,060***
	Infrastructure	−0,009**	−0,006**	0,053*	0,046*
Panel B: Stage 1
		Adjusted Sharpe Ratio	Return to VaR
Capital Market	Equities	0,114***	0,111***
	Debt	0,085**	0,020***
Money Market	Treasury	0,072**	0,008**
	Corporates	−0,015	−0,010
Alternative Investments	Private Equity	0,131**	0,059
	Real Estate	0,151***	0,120***
	Venture Capital	0,115	0,013
	Social Entrepreneurship	0,159***	0,158***
	Infrastructure	0,112	0,095**
Panel C: Stage 2
		Adjusted Sharpe Ratio	Return to VaR
Capital Market	Equities	−0,032**	−0,015***
	Debt	−0,065**	−0,015**
Money Market	Treasury	−0,032**	−0,020**
	Corporates	0,012	0,006
Alternative Investments	Private Equity	−0,005**	0,000***
	Real Estate	−0,136**	−0,010**
	Venture Capital	−0,107	−0,077
	Social Entrepreneurship	0,146***	0,117***
	Infrastructure	−0,036	−0,025
Panel D: Stage 3
		Adjusted Sharpe Ratio	Return to VaR
Capital Market	Equities	−0,047***	−0,013***
	Debt	−0,080**	−0,062**
Money Market	Treasury	−0,052**	−0,023**
	Corporates	0,018	0,014
Alternative Investments	Private Equity	−0,005**	0,000**
	Real Estate	−0,146**	−0,131**
	Venture Capital	−0,184	−0,171
	Social Entrepreneurship	0,079***	0,072***
	Infrastructure	−0,061*	−0,020
Panel E Stage 4
		Adjusted Sharpe Ratio	Return to VaR
Capital Market	Equities	0,124**	0,097**
	Debt	0,060**	0,021**
Money Market	Treasury	0,070**	0,051**
	Corporates	−0,015	−0,011
Alternative Investments	Private Equity	0,097*	0,073*
	Real Estate	0,079	0,071
	Venture Capital	0,099	0,015
	Social Entrepreneurship	0,147***	0,121***
	Infrastructure	0,050*	0,074*

*** represents significance at 99%, ** at 95% and * at 90%.