Are specialist funds “special”?

Daniel Fricke ()

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: In this paper, I explore the relation between portfolio overlap and performance diversity. Using data on actively managed U.S. equity mutual funds, I find that the pairwise portfolio overlap between individual funds has increased over time and is significant compared to various randomized benchmarks. These findings motivate the main question of this paper, namely whether specialist funds (those with low levels of portfolio overlap with other funds) differ significantly from funds with high levels of overlap. Here, I find that these specialists differ with regard to certain portfolio- and fund-specific characteristics, but they do not appear to outperform other funds.

JEL-codes: G1 G2 (search for similar items in EconPapers)
Date: 2018-11-28
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in Financial Management, 28, November, 2018. ISSN: 0046-3892

Downloads: (external link)
http://eprints.lse.ac.uk/91335/ Open access version. (application/pdf)

Related works:
Journal Article: Are specialist funds “special”? (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:91335

Access Statistics for this paper

More papers in LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library LSE Library Portugal Street London, WC2A 2HD, U.K.. Contact information at EDIRC.
Bibliographic data for series maintained by LSERO Manager ().