On The Industry Concentration of Actively Managed Equity Mutual Funds  

Oleh:

Kacperczyk, Marcin ; Sialm, Clemens ; Zheng, Lu

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 4 (Aug. 2005), page 1983-2012.
Topik: mutual funds; mutual funds; studies; investment advisors; portfolio management; correlation analysis; mathematical models; regression analysis
Fulltext: p 1983.pdf (150.05KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Mutual funds managers may decide to deviate from a well - diversified portfolio and concentrate their holdings in industries where they have informational advantages. In this paper, we study the relation between the industry concentration and the performance of actively managed U. S. mutual funds from 1984 to 1999. Our results indicate that, on average, more concentrated funds perform better after controlling for risk and style differences using various performance measures. This finding suggests that investment ability is more evident among managers who hold portfolios concentrated in a few industries.

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