The decision to choose the right investment fund involves the analysis of the investment policy of each institution by evaluating their effectiveness. It is important to study the effectiveness of the investment both from the point of view of the investor (it allows to evaluate the potential of the fund) and top management (it allows to assess whether the adopted investment policy is appropriate and cost-effective). The quality of the investment fund is defined on the basis of the results of selected funds. For this purpose, the historical rates of return on an investment fund are compared with the results calculated for the reference point called benchmark. The fund is effective if its performance in a given period exceeds the results obtained from the benchmark.
The paper presents an analysis of the effectiveness of eighteen open-ended equities for the period February 2009 - February 2013. Research period covers two economic turning points of  Stock Exchange (bull market and bear market). Data for analyses was obtained from the following websites: www.bossa.pl, www.money.pl. The main aim of this study is to evaluate the effectiveness of joint-stock investment funds and assess the management of these financial instruments during the boom and bust in the capital market. We analyzed the daily trading value of the shares of selected mutual funds in the period from 17 February 2009 to 17 February 2013. The study was conducted for three series: P1 (17.02.2009 - 11.12.2010), P2 (11.12.2010 - 17.02.2013) and P3 (17.02.2009-17.02.2013). Evaluation of the effectiveness of investment in various funds was carried out using three indicators: Sharpe, Treynor and Jensen. Sharpe and Treynor indicators calculated for eighteen funds were compared with WIG20 values.  Based on the results, a ranking of  funds was built in terms of their efficiency, as well as connection between their quotations and the capital market where they invest.

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