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Article

Mutual Fund Portfolio Manager Structures: Attributes, Implications, and Performance

John A. Haslem
The Journal of Wealth Management Spring 2017, 19 (4) 115-127; DOI: https://doi.org/10.3905/jwm.2017.19.4.115
John A. Haslem
is professor emeritus of finance at University of Maryland’s Robert H. Smith School of Business in College Park, MD.
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  • For correspondence: jhaslem@rhsmith.umd.edu
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Abstract

The purposes of this study are to review how mutual fund portfolio manager structures—and their attributes and implications—impact fund risk and return performance. For example, retail investors in actively managed mutual funds are often characterized as “dumb investors chasing past performance,” but evidence finds the opposite is true. Investors are able to identify skilled portfolio managers, but the average investor’s net alpha is significantly negative. There is thus no evidence that investors share in returns provided by manager skill. Again, why do investors who can identify skilled managers in actively managed funds continue to be satisfied with below-market returns?

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The Journal of Wealth Management: 19 (4)
The Journal of Wealth Management
Vol. 19, Issue 4
Spring 2017
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Mutual Fund Portfolio Manager Structures: Attributes, Implications, and Performance
John A. Haslem
The Journal of Wealth Management Jan 2017, 19 (4) 115-127; DOI: 10.3905/jwm.2017.19.4.115

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Mutual Fund Portfolio Manager Structures: Attributes, Implications, and Performance
John A. Haslem
The Journal of Wealth Management Jan 2017, 19 (4) 115-127; DOI: 10.3905/jwm.2017.19.4.115
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  • Article
    • Abstract
    • INVESTORS AND ACTIVE PORTFOLIO MANAGER SKILLS
    • ACTIVELY MANAGED FUNDS AND DISTRIBUTION
    • SOLE PORTFOLIO MANAGERS AND COMPENSATION INCENTIVES
    • SOLE AND TEAM PORTFOLIO MANAGER SPECIALIZATION
    • SINGLE VS. TEAM PORTFOLIO MANAGER PERFORMANCE
    • PORTFOLIO MANAGER FUND OWNERSHIP AND PERFORMANCE
    • FUND ADVISERS AS PORTFOLIO MANAGERS AND BOARD CHAIRMEN
    • SINGLE AND TEAM PORTFOLIO MANAGERS AND DECISIONS
    • PORTFOLIO MANAGERS AND COMPENSATION INCENTIVES
    • NAMED VS. ANONYMOUS PORTFOLIO MANAGER MARKETING
    • PORTFOLIO MANAGER FUND OWNERSHIP AND PERFORMANCE
    • SINGLE AND TEAM PORTFOLIO MANAGERS AND BEHAVIOR
    • CONCLUSION
    • REFERENCES
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  • PDF

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