The Value of Active Mutual Fund Management: An Examination of the Stockholdings and Trades of Fund Managers

2000 ◽  
Author(s):  
Russ R. Wermers ◽  
Hsiu-Lang Chen ◽  
Narasimhan Jegadeesh
Keyword(s):  
Mutual Fund ◽  
Fund Management ◽  
Fund Managers

Mutual fund management in the period of financial crisis

2017 ◽  
Vol 31 (2) ◽  
pp. 75-81
Author(s):  
О. А. Bank
Keyword(s):  
Financial Crisis ◽  
Mutual Fund ◽  
Economic Recession ◽  
Investment Strategy ◽  
Economic Conditions ◽  
Investment Strategies ◽  
Fixed Income ◽  
Fund Management ◽  
Fund Managers ◽  
Different Types

Mutual fund managers do not have full freedom in choosing investment strategies - they are limited both by the laws and by investment declarations of the funds. Investment strategy cannot be fully changed even in financial crisis but it only can be corrected. This fact could not be characterized as a disadvantage because different types of funds are efficient in different time even during the same economic recession. Mutual fund manager should rationally invest funds of their clients: it is better to keep the maximum possible part of the portfolio in cash and instruments with fixed income on the declining market and it is better to keep shares on the rising market. However the choice of bonds also as the choice of shares should pay respect for the features of these instruments during unfavorable economic conditions. Russian mutual fund management differs from fund management in other countries as in stable economic situation so in the circumstances of financial crisis.

Lazy Investors, Lazy Fund Managers, Lousy Performance: Culture and Mutual Fund Management

2016 ◽  
Author(s):  
Aneel Keswani ◽  
Antonio F. Miguel ◽  
Sofia Brito Ramos
Keyword(s):  
Mutual Fund ◽  
Fund Management ◽  
Performance Culture ◽  
Fund Managers

scholarly journals Funds Manager and Mutual Funds Characteristics on Mutual Funds Performance: Empirical Evidence of Equity Mutual Funds in Indonesia

2020 ◽  
Vol 11 (2) ◽  
pp. 77
Author(s):  
Rina Rachmawati ◽  
Sugeng Wahyudi ◽  
Irene Rini Demi Pangestuti ◽  
Najmudin .
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Linear Models ◽  
Market Timing ◽  
Investment Strategy ◽  
Investment Fund ◽  
Fund Management ◽  
Fund Managers ◽  
Equity Funds ◽  
Positive Effect

This study examines the effect of investment fund managers' characteristics in the form of tenure, and mutual fund characteristics with proxy turnover portfolios, market timing and stock selectivity on the performance of stock mutual funds. The research sample is 27 stock mutual funds in Indonesia that were active from 2013 to 2017. On the analysis of the relationships between the characteristics of investment managers and mutual funds characteristics on the performance of stock mutual funds, a series of OLS regressions were run. The panel data regression was included based on using the Eviews. All of the above were aimed at achieving portfolio optimization and realizing the maximization of the interests for fund management companies and investors. The main findings are as follows. Tenure does not affect the performance of stock mutual funds during the years 2013 to 2017, but if divided into 2 quadrants of tenure, namely tenure over 19 years and tenure under 19 years of work, the result is that tenure over 19 years has a positive effect on the performance of stock mutual funds, but tenure brought 19 years has no effect on the performance of equity funds, whereas mutual funds characteristics, which are proxied by portfolio turnover, market timing and stock selectivity, have a significant positive effect on the performance of equity funds in Indonesia. The primary limitation in the scope is the sample, because stock mutual funds that publish consistently Financial statements between 2013 and 2017 are few in number. These findings have important implications for fund management companies as input material that the investment strategy of the investment management team affects the performance of equity funds compared to the characteristics of investment managers with proxies for years of service. This paper proposes a new perspective to evaluate the relationship between the fund manager and mutual funds characteristicsanddivide 2 groups of working years, and calculate them with non-linear models.

scholarly journals Fund Managers Adding Values? Measuring Performance without Benchmark – A Study of Indian Mutual Fund Schemes

2020 ◽  
Vol 9 (SI) ◽  
pp. 44-62
Author(s):  
Munawar Sayyad
Keyword(s):  
Mutual Fund ◽  
Global Financial Crisis ◽  
Fund Management ◽  
Stock Selection ◽  
Monthly Basis ◽  
Fund Managers ◽  
Benchmark Portfolio ◽  
Rolling Window ◽  
Change Measure ◽  
One Year

This paper calculates the Portfolio Change Measure (PCM) developed by Grinblatt and Titman for a sample of 744 equity schemes of Indian mutual funds over a minimum period of more than 2 years and less than 11 years. PCM, based on holding of assets, is a measure which is free from ‘benchmark’ biases arising out of usage of a ‘benchmark’ portfolio. So by using PCM as a measure, this paper, without using any benchmark, attempts to assess whether the selected mutual fund managers were able to add value and exhibit superior skills on the average and thus making a case for active fund management over a passive buy and hold strategy. Using the monthly holding statement of each individual scheme’s portfolio, rolling PCM has been calculated on a monthly basis with a rolling window of one year. The results of our analysis, supported by robustness checks, which includes time periods of pre-and post-Global Financial Crisis, shows strong evidence of active fund management adding value in the stock selection and hence in return generating process, thus justifying the possession of superior skill or superior information of fund managers at an aggregate level. Finally, using Quantile Regression we identify some characteristics of the scheme like scheme size and ownership category, which influence PCM significantly.

Do Spanish mutual fund managers use public and private information correctly? Use of information in mutual fund management

2008 ◽  
Vol 18 (16) ◽  
pp. 1319-1331
Author(s):  
Luis Ferruz ◽  
Javier Nievas ◽  
María Vargas
Keyword(s):  
Private Information ◽  
Mutual Fund ◽  
Fund Management ◽  
Mutual Fund Managers ◽  
Public And Private ◽  
Fund Managers

The Value of Active Mutual Fund Management: An Examination of the Stockholdings and Trades of Fund Managers

2000 ◽  
Vol 35 (3) ◽  
pp. 343 ◽  
Author(s):  
Hsiu-Lang Chen ◽  
Narasimhan Jegadeesh ◽  
Russ Wermers
Keyword(s):  
Mutual Fund ◽  
Fund Management ◽  
Fund Managers

A Critical Analysis of Selected Public and Private Mutual Fund Schemes in India

2019 ◽  
Vol 118 (8) ◽  
pp. 28-34
Author(s):  
Dr. V. Murali Krishna ◽  
Dr T. Hima Bindu ◽  
Dr. Ravikumar Gunakala
Keyword(s):  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Portfolio Diversification ◽  
Financial Intermediaries ◽  
Public And Private ◽  
Fund Managers ◽  
Fixed Base ◽  
Banking Institutions ◽  
Different Levels

Mutual Fund Industry is one of the emerged dominant financial intermediaries in Indian Capital Market. The main objective of investing in a mutual fund is to diversify risk. Though the mutual fund invests in diversified portfolio, the fund managers take different levels of risk in order to achieve the schemes objectives. Mutual funds allow portfolio diversification and relative risk management through collection of funds from the savers/investors, the same investing in equity and debt stocks. This type of invested funds is managed by professional experts called as fund managers Funds are categorized as income should fixed base in India are a kind of mutual fund which makes investment in debt securities that have been issued to the corporate, banking institutions and to government in general

Stock Selection Ability of Indian Mutual Fund Managers Under Conditional Models

2011 ◽  
Author(s):  
Bhuvaneswari Palanisamy ◽  
Murugesan Selvam
Keyword(s):  
Mutual Fund ◽  
Stock Selection ◽  
Mutual Fund Managers ◽  
Fund Managers ◽  
Conditional Models

Moral Hazard in Mutual Fund Management: The Quality-Assuring Role of Fees

2012 ◽  
Author(s):  
Michel A. Habib ◽  
D. Bruce Johnsen
Keyword(s):  
Moral Hazard ◽  
Mutual Fund ◽  
Fund Management
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