I provide evidence that fund managers who overweight firms with the most differentiated products ('monopolies') exhibit a superior risk-adjusted performance. This is consistent with information advantages due to a better understanding of qualitative information on a firm's competitive...

Although the 1940 Act restricts interfund lending within a mutual fund family, families can apply for exemptions from the regulator to participate in interfund lending. We find that heterogeneity in portfolio liquidity and investor flows across funds, funds' investment restrictions, and...

To optimally utilize their labor, fund families need to match their portfolio managers' skills with the job requirements of different funds. Fund families make it possible for their managers to try out different funds in a learning-by-trying fashion until they find their best match. After they...