Purpose -The purpose of this paper is to examine the value of active fund management using a sample of hybrid mutual funds. Design/methodology/approach - Instead of using traditional risk-adjusted measures, the paper employs an alternative attribution return methodology where the actual monthly...

Purpose – The purpose of this paper is to examine the value of active fund management using a sample of hybrid mutual funds. Design/methodology/approach – Instead of using traditional risk‐adjusted measures, the paper employs an alternative attribution return methodology where the actual...