Information content of prior period mutual fund performance rankings

Article Abstract:

Prior period performance is not a good measure of subsequent period fund performance and is not essential to the mutual fund selection process. The study used monthly returns data for all domestic equity mutual funds in a period of 17 years for five year intervals to determine performance persistence. It was observed that there was a fairly stable persistence in performance between 1980 and 1992. The study also reveals that Spearman-rank correlations coefficients averaged 16.6% at five year intervals but were significantly reduced when the entire 17 year data was used.

Methods, Analysis, Financial planning, Institutional investments

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Do locals perform better than foreigners?: An analysis of UK and US mutual fund managers

Article Abstract:

The performance of US and UK mutual funds are evaluated to validate the supposition that possession of local knowledge and contacts brings about excellent returns to local mutual funds managers rather than foreign managers. The performance of UK open end fund managers investing in the US is compared to US open end fund managers investing in the US. Results of the analysis show that US domestic funds fared better than UK mutual funds investing in the US. It is concluded that the performance of UK managers was dampened by information/relationship disadvantages.

United Kingdom, Research, United States, Management, Foreign investments, Securities, Investment advisers

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Gold price risk and the returns on gold mutual funds

Article Abstract:

Mutual fund investments in gold mining firms yield return which is at least as high as gold investment. Factors responsible for the return on gold mining stock include return on gold, production costs, gold reserve levels, amount of debt and proportion of company assets unrelated to gold mining. Findings further show that gold fund elasticity is greater for funds investing in firms with higher extraction costs or financial leverage.

Primary nonferrous metals, not elsewhere classified, Primary Smelting and Refining of Nonferrous Metal (except Copper and Aluminum), Investment Funds & Trusts, Gold, HOLDING AND OTHER INVESTMENT OFFICES, Economic aspects, Prices and rates, Investments, Precious metal products

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