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Mutual Fund Performance and Flows During the COVID-19 Crisis

Lubos Pastor () and Blair Vorsatz ()
Additional contact information
Blair Vorsatz: University of Chicago - Booth School of Business

No 2020-96, Working Papers from Becker Friedman Institute for Research In Economics

Abstract: We present a comprehensive analysis of the performance and flows of U.S. actively-managed equity mutual funds during the COVID-19 crisis of 2020. We find that most active funds underperform passive benchmarks during the crisis, contradicting a popular hypothesis. Funds with high sustainability ratings perform well, as do funds with high star ratings. Fund outflows surpass pre-crisis trends, but not dramatically. Investors favor funds that apply exclusion criteria and funds with high sustainability ratings, especially environmental ones. Our finding that investors remain focused on sustainability during this major crisis suggests they view sustainability as a necessity rather than a luxury good.

Pages: 38 pages
Date: 2020
New Economics Papers: this item is included in nep-cwa and nep-fmk
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https://repec.bfi.uchicago.edu/RePEc/pdfs/BFI_WP_202096.pdf (application/pdf)

Related works:
Working Paper: Mutual Fund Performance and Flows During the COVID-19 Crisis (2020) Downloads
Working Paper: Mutual Fund Performance and Flows During the COVID-19 Crisis (2020) Downloads
Journal Article: Mutual Fund Performance and Flows during the COVID-19 Crisis Downloads
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