The Persistence of Mutual Fund Performance

Mark Grinblatt and Sheridan Titman

Journal of Finance, 1992, vol. 47, issue 5, 1977-84

Abstract: This paper analyzes how mutual fund performance relates to past performance. These tests are based on a multiple portfolio benchmark that was formed on the basis of securities characteristics. The authors find evidence that differences in performance between funds persist over time and that this persistence is consistent with the ability of fund managers to earn abnormal returns. Copyright 1992 by American Finance Association.

Date: 1992
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