Access

You are not currently logged in.

Access JSTOR through your library or other institution:

login

Log in through your institution.

If You Use a Screen Reader

This content is available through Read Online (Free) program, which relies on page scans. 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.
Journal Article

Performance Measurement without Benchmarks: An Examination of Mutual Fund Returns

Mark Grinblatt and Sheridan Titman
The Journal of Business
Vol. 66, No. 1 (Jan., 1993), pp. 47-68
Stable URL: http://www.jstor.org/stable/2353341
Page Count: 22
  • Read Online (Free)
  • Download ($14.00)
  • Subscribe ($19.50)
  • Add to My Lists
  • Cite this Item
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.
Performance Measurement without Benchmarks: An Examination of Mutual Fund Returns
Preview not available

Abstract

This article introduces a new measure of portfolio performance and applies it to study the performance of a large sample mutual funds. In contrast to previous studies of mutual fund performance, the measure used in this study employs portfolio holdings and does not require the use of a benchmark portfolio. It finds that the portfolio choices of mutual fund managers, particularly those that managed aggressive growth funds, earned significantly positive risk-adjusted returns in the 1976-85 period.

Page Thumbnails

  • Thumbnail: Page 
47
    47
  • Thumbnail: Page 
48
    48
  • Thumbnail: Page 
49
    49
  • Thumbnail: Page 
50
    50
  • Thumbnail: Page 
51
    51
  • Thumbnail: Page 
52
    52
  • Thumbnail: Page 
53
    53
  • Thumbnail: Page 
54
    54
  • Thumbnail: Page 
55
    55
  • Thumbnail: Page 
56
    56
  • Thumbnail: Page 
57
    57
  • Thumbnail: Page 
58
    58
  • Thumbnail: Page 
59
    59
  • Thumbnail: Page 
60
    60
  • Thumbnail: Page 
61
    61
  • Thumbnail: Page 
62
    62
  • Thumbnail: Page 
63
    63
  • Thumbnail: Page 
64
    64
  • Thumbnail: Page 
65
    65
  • Thumbnail: Page 
66
    66
  • Thumbnail: Page 
67
    67
  • Thumbnail: Page 
68
    68