Portfolios of equity mutual funds tend to be equally weighted to a greater degree than they are value weighted according to metrics of fund weightedness developed in this paper. Measures of fund investment performance based solely on a single value-weighted or equally weighted benchmark may...

Among the factors influencing investment performance measurement is the weight dedicated to each security. This paper develops metrics for measuring the extent of equal weighting and value weighting of a portfolio. A sample of 506 actively managed mutual funds shows that funds tend to be equally...