The influence of management structure on the performance of funds

Laurie Prather, William Bertin

Research output: Chapter in Book/Report/Conference proceedingConference contributionResearchpeer-review

6 Downloads (Pure)

Abstract

A rapidly growing mutual fund category is Fund of Funds (FOFs), which invest in other mutual funds instead of individual securities. This study reports on FOFs’ characteristics and performance relative to traditional equity mutual funds and finds that FOFs compare favorably. In particular, FOFs with identified managers outperform their unidentified counterparts, and FOFs that invest in-family out perform both traditional equity funds and those FOFs investing out-of-family. Finally,replicating FOFs’ holdings can be prohibitively expensive since they commonly hold funds with high minimum initial investments, closed funds and/or funds that are restricted to a particular investor type.
Original languageEnglish
Title of host publicationFinancial Management Association European Conference
Place of PublicationFlorida
PublisherFinancial Management Association
Pages1-29
Number of pages29
Publication statusPublished - 2008
EventFinancial Management Association European Conference - Prague, Czech Republic
Duration: 6 Jan 2008 → …

Conference

ConferenceFinancial Management Association European Conference
CountryCzech Republic
CityPrague
Period6/01/08 → …

Fingerprint

Management structure
Fund of funds
Mutual funds
Equity
Investing
Fundholding
Investors
Relative performance
Managers

Cite this

Prather, L., & Bertin, W. (2008). The influence of management structure on the performance of funds. In Financial Management Association European Conference (pp. 1-29). Florida: Financial Management Association .
Prather, Laurie ; Bertin, William. / The influence of management structure on the performance of funds. Financial Management Association European Conference. Florida : Financial Management Association , 2008. pp. 1-29
@inproceedings{539bb9037a434e72a4e5fcd11f80971d,
title = "The influence of management structure on the performance of funds",
abstract = "A rapidly growing mutual fund category is Fund of Funds (FOFs), which invest in other mutual funds instead of individual securities. This study reports on FOFs’ characteristics and performance relative to traditional equity mutual funds and finds that FOFs compare favorably. In particular, FOFs with identified managers outperform their unidentified counterparts, and FOFs that invest in-family out perform both traditional equity funds and those FOFs investing out-of-family. Finally,replicating FOFs’ holdings can be prohibitively expensive since they commonly hold funds with high minimum initial investments, closed funds and/or funds that are restricted to a particular investor type.",
author = "Laurie Prather and William Bertin",
note = "{\circledC} Copyright William J. Bertin & Laurie Prather, 2008",
year = "2008",
language = "English",
pages = "1--29",
booktitle = "Financial Management Association European Conference",
publisher = "Financial Management Association",

}

Prather, L & Bertin, W 2008, The influence of management structure on the performance of funds. in Financial Management Association European Conference. Financial Management Association , Florida, pp. 1-29, Financial Management Association European Conference, Prague, Czech Republic, 6/01/08.

The influence of management structure on the performance of funds. / Prather, Laurie; Bertin, William.

Financial Management Association European Conference. Florida : Financial Management Association , 2008. p. 1-29.

Research output: Chapter in Book/Report/Conference proceedingConference contributionResearchpeer-review

TY - GEN

T1 - The influence of management structure on the performance of funds

AU - Prather, Laurie

AU - Bertin, William

N1 - © Copyright William J. Bertin & Laurie Prather, 2008

PY - 2008

Y1 - 2008

N2 - A rapidly growing mutual fund category is Fund of Funds (FOFs), which invest in other mutual funds instead of individual securities. This study reports on FOFs’ characteristics and performance relative to traditional equity mutual funds and finds that FOFs compare favorably. In particular, FOFs with identified managers outperform their unidentified counterparts, and FOFs that invest in-family out perform both traditional equity funds and those FOFs investing out-of-family. Finally,replicating FOFs’ holdings can be prohibitively expensive since they commonly hold funds with high minimum initial investments, closed funds and/or funds that are restricted to a particular investor type.

AB - A rapidly growing mutual fund category is Fund of Funds (FOFs), which invest in other mutual funds instead of individual securities. This study reports on FOFs’ characteristics and performance relative to traditional equity mutual funds and finds that FOFs compare favorably. In particular, FOFs with identified managers outperform their unidentified counterparts, and FOFs that invest in-family out perform both traditional equity funds and those FOFs investing out-of-family. Finally,replicating FOFs’ holdings can be prohibitively expensive since they commonly hold funds with high minimum initial investments, closed funds and/or funds that are restricted to a particular investor type.

M3 - Conference contribution

SP - 1

EP - 29

BT - Financial Management Association European Conference

PB - Financial Management Association

CY - Florida

ER -

Prather L, Bertin W. The influence of management structure on the performance of funds. In Financial Management Association European Conference. Florida: Financial Management Association . 2008. p. 1-29