Although there has been a substantial flow of money over the last twenty years into index tracking funds and ETFs, the vast majority of equity investment in mutual funds is still being managed on an active, discretionary basis. In the US and the UK active management still accounts for around 75%...

We evaluate the performance of the US bond mutual fund industry using a comprehensive sample of bond funds over a long time period from January 1998 to February 2017. In this one study, we examine bond fund selectivity, market timing and performance persistence. We evaluate bond funds relative...

We formally test the age-old question of whether professionally managed equity funds outperform portfolios of stocks selected at random, also known as ‘dartboard' or ‘monkey' portfolios. We examine the case of UK equity mutual funds between 1980 and 2011. We employ alpha and the t-statistic...