 Do generalists profit from the fund families' specialists? Evidence from mutual fund families offering sector fundsMarc-André Göricke No 16-09, CFR Working Papers from University of Cologne, Centre for Financial Research (CFR) Abstract: This paper analyzes how the existence of sector funds (specialists) within a mutual fund family affects the performance and investment behavior of affiliated diversified equity funds (generalists). First of all, I show that specialists have stock picking skills. Second, information flows from the specialist to the generalist. The overlap in specialist and generalist industry sub-portfolios is positively related to the past track-record of the specialist in this industry and specialist work experience and negatively related to the overall work experience and the industry track-record of the generalist. Generally, stocks held by specialists appear in more diversified funds of the family than other stocks. As a result, diversified funds from fund families with sector funds perform better, trade more, and hold more hard-to-value stocks than their peers from families without sector funds. Keywords: mutual funds; fund families; analyst skills; manager skills; information sharing; fund performance; investment behavior (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:zbw:cfrwps:1609 Access Statistics for this paper More papers in CFR Working Papers from University of Cologne, Centre for Financial Research (CFR) Contact information at EDIRC. |
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