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Merry Christmas My DeerStagRed DeerChristmasDeer HeadDeer HunterMerryAntlerDeer Are some fund managers better than others : the relationship between manager characteristics and fund performance
Friis, Leonarda B. (2003-12)
ENGLISH ABSTRACT: This paper investigates fund manager performance in order to determine whether some
fund managers are better than others. The focus of the paper is to examine if fund
performance is related to the characteristics of fund managers that may indicate ability,
knowledge, or effort.
The data consists of South African regulated unit trust growth and growth-and-income
funds investigated over a seven-year period, and comprehensive and detailed information
on the various fund managers supplied by the MoneyMate database from the University
The research objective has been to find out whether fund manager characteristics help
explain fund performance and risk. Stepwise regression analysis as the research
methodology is applied, where the two dependent variables, performance and risk, are
regressed on the eight independent variables; manager age, tenure of the manager with
the fund, years of education, whether the manager hold a MBA or CA/CFA qualification,
management team size, fund age and fund objective.
The findings of the study are highly significant and show that fund performance and risk
are impacted upon by managers' qualifications. One can expect better risk-adjusted
performance from a fund manager who holds a CA/CFA and/or MBA qualification.
Results show that these managers outperform managers without these qualifications.
AFRIKAANSE OPSOMMING: Hierdie studie ondersoek fondsbestuurder prestasie met die doel om te bepaal of sommige
bestuurders beter is as ander. Die fokus van die studie ondersoek of fondsprestasie
verband hou met die eienskappe van fondsbestuurders.
Die data bestaan uit Suid-Afrikaanse effektetrust groei en groei-en-inkomste fondse
bestudeer oor 'n periode van sewe jaar, en omvattende besonderhede van die
fondsbestuurders soos verskaf deur die MoneyMate databasis van die Universiteit van
Die doel van die navorsing is om bewyse te vind wat mag aandui dat fondsbestuurdereienskappe
wel fondsprestasie en risiko's kan beïnvloed en verduidelik. Die metode van
stapsgewyse regressie word toegepas, waar die impak van die agt onafhanklike
veranderlikes (ouderdom van die fondsbestuurder, sy jare by die fonds, sy aantal jare van
tersiêre onderrig, of die bestuurder 'n MBA of CA/CFA kwalifikasie besit, spangrootte,
ouderdom van die fonds en die fonds se doelstelling) op die twee afhanklike
veranderlikes (prestasie en risiko) ondersoek word.
Die bevindinge van die studie is hoogs betekenisvol en dui daarop dat 'n fonds se
prestasie en risiko's wel beïnvloed word deur die kwalifikasies van die fondsbestuurder.
Beter risiko aangepaste prestasies kan verwag word van bestuurders wat 'n MBA en/of
CA/CFA kwalifikasie besit. Die resultate toon wel dat fonds bestuurders ander
bestuurders uitpresteer wat nie daardie kwalifikasie besit nie.
Please refer to this item in SUNScholar by using the following persistent URL: http://hdl.handle.net/10019.1/49749
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