Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/148376
Authors: 
Göricke, Marc-André
Year of Publication: 
2016
Series/Report no.: 
CFR Working Paper 16-09
Abstract: 
This paper analyzes how the existence of sector funds (specialists) within a mutual fund family affects the performance and investment behavior of affiliated diversified equity funds (generalists). First of all, I show that specialists have stock picking skills. Second, information flows from the specialist to the generalist. The overlap in specialist and generalist industry sub-portfolios is positively related to the past track-record of the specialist in this industry and specialist work experience and negatively related to the overall work experience and the industry track-record of the generalist. Generally, stocks held by specialists appear in more diversified funds of the family than other stocks. As a result, diversified funds from fund families with sector funds perform better, trade more, and hold more hard-to-value stocks than their peers from families without sector funds.
Subjects: 
mutual funds
fund families
analyst skills
manager skills
information sharing
fund performance
investment behavior
JEL: 
D23
D83
G23
G24
Document Type: 
Working Paper

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