Performance Persistence of Experienced Mutual Fund Managers
DOI:
https://doi.org/10.1016/S1057-0810(99)80013-4Abstract
This study examines the performance of 93fund managers over the 10 year period 1986 through 1995 using relative percentile ranks based on quarterly compounded, annual total returns measured against funds with the same investment objective. On average, managers with lO-year track records at the samefund do not perform better than managers with shorter track records. Also, for these experienced managers, superior performance in onefive-year period is not predictive of superior performance over the next five years. However, inferior performance persists, particularly for funds with above average expense ratios.
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