Industry specialization and performance: a study of mutual funds

Radu Burlacu, Patrice Fontaine and Sonia Jimenez-Garces

Finance, 2006, vol. 27, issue 2, 33-70

Abstract: A significant body of literature predicts that mutual funds with higher levels of private information are more specialized and deliver superior performance. We analyze the impact of private information (informational advantages) on mutual funds? performance for 224 U.S. sector funds and 1,135 U.S. actively-managed equity funds. Using the degree of industry concentration as a proxy for private information, we find a positive and significant relation between performance and private information for sector funds. This relation is less obvious for equity funds. Our results are robust to asset pricing models and benchmark specifications.

Date: 2006
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