On the industry concentration of actively managed equity mutual funds
by Marcin Kacperczyk
"Mutual fund managers may decide to deviate from a well-diversified portfolio and concentrate their holdings in industries where they have informational advantages. In this paper, we study the relation between the industry concentration and the performance of actively managed U.S. mutual funds from 1984 to 1999. Our results indicate that, on average, more concentrated funds perform better after controlling for risk and style differences using various performance measures. This finding suggests that investment ability is more evident among managers who hold portfolios concentrated in a few industries"--National Bureau of Economic Research web site.
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On the industry concentration of actively managed equity mutual funds
2004, National Bureau of Economic Research
Electronic resource
in English
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Includes bibliographical references.
Title from PDF file as viewed on 1/21/2005.
Also available in print.
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Mode of access: World Wide Web.
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