Elton, Edwin J.; Gruber, Martin J.; Green, T. Clifton - In: Journal of Financial and Quantitative Analysis 42 (2007) 02, pp. 257-277
Many investors confine their mutual fund holdings to a single fund family either for simplicity or through restrictions placed by their retirement savings plan. We find evidence that mutual fund returns are more closely correlated within than between fund families. As a result, restricting...