Do Winners Repeat with Style?

29 Pages Posted: 9 Jan 2002

See all articles by Roger G. Ibbotson

Roger G. Ibbotson

Yale School of Management; Zebra Capital Management, LLC

Amita K. Patel

Colonial Consulting

Date Written: February 2002


Several studies have found that considerable persistence exists in mutual fund performance. We study this phenomenon in fund managers who achieve superior performance, after adjusting for the investment style of the fund. Our data of domestic equity mutual funds indicates that winning funds do repeat good performance. Style-adjusted alphas are evaluated on both an absolute and relative basis. The highest persistence is exhibited by funds whose alpha is greater than 10% and also by funds whose alpha ranks in the top 5% of the sample.

JEL Classification: G00, G11, G14, G23

Suggested Citation

Ibbotson, Roger G. and Patel, Amita K., Do Winners Repeat with Style? (February 2002). Available at SSRN: or

Roger G. Ibbotson

Yale School of Management ( email )

165 Whitney Avenue
P.O. Box 208200
New Haven, CT 06520-8200
United States
203-432-6021 (Phone)
203-432-6970 (Fax)

Zebra Capital Management, LLC ( email )

2187 Atlantic Street
Stamford, CT 06902
United States
203 701 5900 (Phone)

Amita K. Patel (Contact Author)

Colonial Consulting ( email )

One Rockefeller Plaza, Suite 2420
New York, NY 10020
United States
212-218-4944 (Phone)
212-218-4930 (Fax)

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
PlumX Metrics