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The Value of Active Mutual Fund Management: An Examination of the Stockholdings and Trades of Fund Managers

Hsiu-Lang Chen, Narasimhan Jegadeesh and Russ Wermers
The Journal of Financial and Quantitative Analysis
Vol. 35, No. 3 (Sep., 2000), pp. 343-368
DOI: 10.2307/2676208
Stable URL: http://www.jstor.org/stable/2676208
Page Count: 26
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The Value of Active Mutual Fund Management: An Examination of the Stockholdings and Trades of Fund Managers
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Abstract

We investigate the value of active mutual fund management by examining the stockholdings and trades of mutual funds. We find that stocks widely held by funds do not outperform other stocks. However, stocks purchased by funds have significantly higher returns than stocks they sell-this is true for large stocks as well as small stocks, and for value stocks as well as growth stocks. We find that growth-oriented funds exhibit better stock selection skills than income-oriented funds. Finally, we find only weak evidence that funds with the best past performance have better stock-picking skills than funds with the worst past performance.

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