Abstract
The authors build on the insight that sectors perform differently from, and to a certain extent independently of, each other over the phases of the economic cycle to test heuristic investment rules of systematic sector rotation. Using 3 simple market-timing techniques on 41 funds of the Fidelity Select Sector family over the period January 1998–September 2003, the authors' approach always outperforms market returns.
TOPICS: Mutual funds/passive investing/indexing, portfolio construction, security analysis and valuation, performance measurement
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In this issue
Dynamic Asset Allocation Using Systematic Sector Rotation
