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Are specialist funds “special”?

Fricke, Daniel (2018) Are specialist funds “special”? Financial Management. ISSN 1755-053X

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Identification Number: 10.1111/fima.12257

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.

Item Type: Article
Official URL: https://onlinelibrary.wiley.com/journal/1755053x
Additional Information: © 2018 Financial Management Association International
Divisions: IGA: LSE IDEAS
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
JEL classification: G - Financial Economics > G1 - General Financial Markets
G - Financial Economics > G2 - Financial Institutions and Services
Sets: Research centres and groups > LSE IDEAS
Date Deposited: 19 Dec 2018 10:44
Last Modified: 19 Dec 2018 10:44
URI: http://eprints.lse.ac.uk/id/eprint/91335

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