The unprecedented growth of mutual funds has raised questions about the impact of mutual fund flows on stockand bond prices. Many believe that the equity bull market of the 1990's is atributable to the huge flows of funds into equity mutual funds during this period, and that a withdrawal of...

This paper examines the performance of managed commodity funds during the period 1982 through 1996. By year-end 1996 almost $30 billion of speculative capital was invested in these funds, a nearly 60-fold increase since 1980. Three types of managed commodity funds are available. First, investors...