Mutual fund investment performance

Visual analysis for mutual fund performance

“…A one percentage difference in expense ratio is associated with a performance difference of 0.71%. This result is consistent with [2]. However, the regression fit is very poor, i.e., R 2 is close to 0.1%.…”

“…An increase of 1.0 in turnover would lead to a drop of 1% in returns per year. The negative relation between turnover and fund return is consistent with the Morningstar study [10] and the conventional wisdom, but different from [2].…”

“…For example, Ippolito [5] finds that load funds commonly outperform no-load funds, while Chen et al [1] find no performance difference between load and no-load funds. Droms and Walker [2] find no relation between fund performance and asset size, turnover, or load/no-load status; but they find that funds with higher expense ratios have higher returns. On the other hand, a study by Morningstar Inc. finds that funds with higher turnovers have lower returns [10].…”

Market Timing and Selectivity Performance: A Cross-Sectional Analysis of Malaysian Unit Trust Funds

“…The fi ndings of Low (2010) also indicate that riskier funds are able to generate higher returns. On portfolio turnover, Dahlquist et al (2000) and Fortin and Michelson (2005) fi nd that it is positively related to fund performance while Ippolito (1989) and Droms and Walker (1996) fi nd no evidence that performance is signifi cantly affected by portfolio turnover. While the aforementioned studies relate fund characteristics to performance, the focus is on the overall fund performance without separating the performance into timing and selectivity components.…”

Emekli̇li̇k Yatirim Fonlarinin Karakteri̇sti̇k Özelli̇kleri̇ Ve Performansi: Türki̇ye Örneği̇

“…Yapılan çalışmalar, genellikle fon performansı ve maliyetleri arasında negatif yönlü ilişki ortaya koymuştur. Bununla birlikte; Droms ve Walker (1996), Amerikan hisse senedi yatırım fonlarının getirilerinin fon büyüklüğü ve devir oranı ile ilişkili olmadığı fakat yüksek getirilerin yüksek gider oranlarıyla ilişkili olduğu sonucunu elde etmişlerdir. Vijayakumar (2012), Hindistan için hisse senedi yatırım fonunun performansı ile fonun standart sapması, büyüklüğü ve gider oranları arasında pozitif yönlü; fonun getirisiyle fonun devir oranı arasında ise negatif yönlü ilişki elde etmiştir.…”