On the industry concentration of actively managed equity mutual funds
By: Marcin Kacperczyk, Clemens Sialm, Lu Zheng.
Contributors: Sialm, Clemens.; Zheng, Lu.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10770; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10770.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Mutual funds -- United States -- Management.; Investment analysis -- United States.
Description: "Mutual fund 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"--National Bureau of Economic Research web site.
Notes: Includes bibliographical references.
Title from PDF file as viewed on 1/21/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.