Mutual Fund Portfolio Manager Structures: Attributes, Implications, and Performance

45 Pages Posted: 4 Feb 2013 Last revised: 25 Apr 2019

See all articles by John A. Haslem

John A. Haslem

University of Maryland - Robert H. Smith School of Business; University of Maryland - Robert H. Smith School of Business

Multiple version iconThere are 2 versions of this paper

Date Written: December 27, 2016

Abstract

The purposes of this study are to review how mutual fund portfolio manager structures and their attributes, and implications impact fund risk and return performance. For example, retail Investors in actively managed mutual funds are often characterized as "dumb investors chasing past performance," but evidence finds the opposite is true. Investors are able to identify skilled portfolio managers, but the average investor's net alpha is significantly negative. There is thus no evidence that investors share in returns provided by manager skills. Again, why do investors who can identify skilled managers in actively managed funds continue to be satisfied with below market returns?

JEL Classification: G2, G23, G28

Suggested Citation

Haslem, John A. and Haslem, John A., Mutual Fund Portfolio Manager Structures: Attributes, Implications, and Performance (December 27, 2016). Available at SSRN: https://ssrn.com/abstract=2210670 or http://dx.doi.org/10.2139/ssrn.2210670

John A. Haslem (Contact Author)

University of Maryland - Robert H. Smith School of Business ( email )

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University of Maryland - Robert H. Smith School of Business ( email )

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