Industry allocation preferences of equity fund managers are examined to identify how style investing from industry-dimensions influence fund performance and flows. Using Australian equity fund data, we show that the level of Industry Activeness, Industry Rotation and Industry Rotation...

We evaluate the performance of artificial intelligence (AI)-powered mutual funds. We find that these funds do not outperform the market per se. However, a comparison shows that AI-powered funds significantly outperform their human-managed peer funds. We further show that the outperformance of AI...