2. Performance is typically measured using returns, which can be compared to benchmarks such as market indices. 3. Past performance is not a guarantee of future results, and investors should consider factors beyond performance when selecting mutual funds. 4. Fees and expenses can have a signific...
Mutual Fund Performance Evaluation: A Comparison of Benchmarks and Benchmark Comparisonsdoi:10.1111/j.1540-6261.1987.tb02566.xThe authors' main goal in this paper is to ascertain whether conventional measures of abnormal mutual fund performance are sensitive to the benchmark chosen to measure normal...
Lehmann Bruce,David Modest.Mutual fund performance evaluation: a comparison of Benchmarks and Benchmark comparisons. Journal of Finance, The . 1987Lehman, B. N., and D. M. Modest, 1987, "Mutual fund performance evaluations: a comparison of benchmarks and benchmarks Comparisons", Journal of...
fund'sreturnonpassivebenchmarkreturns,canbeestimatedmorepreciselybyusing informationinreturnsonnon-benchmarkpassiveassets,whetherornotonebelieves thoseassetsarepricedbythebenchmarks.Afund'sSharperatiocanbeestimated morepreciselybyusingreturnsonotherassetsaswellasthefund.Newestimates oftheseperformancemeasuresfora...
Also, in contrast to many studies of mutual fund performance, our approaches endogenously determine a custom-tailored benchmark portfolio to which each mutual fund's performance is compared. All of our approaches are illustrated on a sample of twenty-six actual mutual funds. 展开 ...
performanceactive shareWe introduce a new holdings-based procedure to identify whether a mutual fund has a benchmark discrepancy, which we define as a benchmark other than the prospecdoi:10.2139/ssrn.3173437Cremers, MartijnFulkerson, Jon A.
As of March 2024, Fidelity Magellan has about $33 billion in assets, managed by Sammy Simnegar since 2019. The S&P 500 is the fund's primary benchmark.17 Mutual Funds vs. Index Funds Index fundsare mutual funds that aim to replicate the performance of a market benchmark or index. For ...
主要的分析工具有:(1)投资组合分析理论(由Markowitz均值方差理论衍生,见[1][2][3]),(2)股票市场定价理论(随机游走理论,见[4]),(3)CAPM理论(见[5])。大体分析框架如下:根据投资组合分析理论,共同基金的选择共需分三步,首先把对个股表现的预测转化为对投资组合(即基金本身)表现的预测,其次在海量的投资组合...
They employ the standard CAPM benchmarks and a va... BN Lehmann,DM Modest - 《Journal of Finance》 被引量: 1371发表: 1987年 Mutual Fund Performance: Evidence from the UK In: European Finance Review, vol. 2, pp. 57–77.Blake D, Timmermann A (1998) Mutual fund performance: evidence ...
Mutual funds: A pool of invested funds actively managed by a fund manager whose goal is to create income by meeting or beating an established benchmark. ETFs: A pool of invested funds passively managed by a fund manager whose goal is to create income by tracking a particular index of stocks...