The Investment Abilities of Mutual Fund Buy-Side Analysts
College of William and Mary - Mason School of Business
Claire M. Rosenfeld
College of William and Mary - Finance
September 15, 2012
We investigate the abilities of buy-side analysts by analyzing nontraditional mutual funds that are exclusively managed by in-house analysts rather than traditional portfolio managers. Analysts exhibit stronger general and job-specific investment abilities than traditional managers from within and outside the fund family. Using holdings of analyst-run funds as a proxy for the analysts’ best ideas, we document that more-skilled portfolio managers rely on analysts’ ideas from the same family to a lesser extent than less-skilled managers. We find that analysts’ abilities matter in that they are positively related to the future performance of other funds within the same family.
Number of Pages in PDF File: 43
Keywords: Mutual Funds, Portfolio Managers, Buy-Side Analysts, Performance Evaluation, Asset Management
JEL Classification: G10, G20, G23, G29working papers series
Date posted: September 16, 2012 ; Last revised: October 9, 2012
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