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Journal Article

Returns from Investing in Equity Mutual Funds 1971 to 1991

Burton G. Malkiel
The Journal of Finance
Vol. 50, No. 2 (Jun., 1995), pp. 549-572
Published by: Wiley for the American Finance Association
DOI: 10.2307/2329419
Stable URL: http://www.jstor.org/stable/2329419
Page Count: 24
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Returns from Investing in Equity Mutual Funds 1971 to 1991
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Abstract

Several recent studies suggest that equity mutual fund managers achieve superior returns and that considerable persistence in performance exists. This study utilizes a unique data set including returns from all equity mutual funds existing each year. These data enable us more precisely to examine performance and the extent of survivorship bias. In the aggregate, funds have underperformed benchmark portfolios both after management expenses and even gross of expenses. Survivorship bias appears to be more important than other studies have estimated. Moreover, while considerable performance persistence existed during the 1970s, there was no consistency in fund returns during the 1980s.

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