Performance of Canadian hybrid mutual funds

Ayadi, Mohamed; Chaibi, Anis; Kryzanowski, Lawrence

doi:10.1016/j.najef.2016.09.003

Cited by 9 publications

(15 citation statements)

References 48 publications

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“… with R m and TE representing a return on benchmark and tracking error, respectively. Following Ayadi, Chaibi, and Kryzanowski ( 2016 ) and Clare, O’Sullivan, Sherman, and Zhu ( 2019 ), we measure the performance net of the management fees and adjust funds’ returns accordingly.…”

Section: Methodsmentioning

confidence: 99%

The impact of human capital efficiency on Latin American mutual funds during Covid-19 outbreak

Mirza

Hasnaoui

Naqvi

et al. 2020

Swiss J Economics Statistics

109

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The mutual funds’ returns, inter alia, are dependent on fund managers’ performance. This makes human capital efficiency very central for consistent risk-adjusted performance. The persistence in performance becomes more critical during periods of high turbulence, like the one we are experiencing amidst the outbreak of Covid-19. In this research, we attempt to evaluate the performance of equity funds in massively impacted Latin American countries. These equity funds, with 95% of their investment in the infected region, are ranked as per their human capital efficiency using 2019 as the base year. Our findings demonstrate that funds with higher human capital efficiency significantly outperform their counterparts that rank lower on human capital efficiency. These findings remained consistent for the sub-periods that we specify to map the evolution of Covid-19. We conclude that equity funds should enhance their human capital efficiency to endure resilience amid macroeconomic shocks.

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Section: Methodsmentioning

confidence: 99%

The impact of human capital efficiency on Latin American mutual funds during Covid-19 outbreak

Mirza

Hasnaoui

Naqvi

et al. 2020

Swiss J Economics Statistics

109

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show abstract

“…For example, Alibakhshi, Reza, and Moghadam (2016) affirmed that an amateur investor can make similar investments to those of professionals. Other scholars have cited good versus bad luck as a key factor (Ayadi, Ben-Ameur, & Kryzanowski, 2016;Ayadi, Chaibi, & Kryzanowski, 2016;Blake, Caulfield, Ioannidis, & Tonks, 2017). Andreu and Puetz (2017) affirmed that individuals with university degrees can be found at either extreme: outstanding returns or devastating losses.…”

Section: Manager Tenurementioning

confidence: 99%

Influences on mutual fund performance: comparing US and Europe using qualitative comparative analysis

Graham

Navarré

Navarrete

2019

Economic Research-Ekonomska Istraživanja

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This study examines the conditions that lead mutual funds to underperform or outperform competitors. Using fuzzy-set qualitative comparative analysis (fsQCA), we draw upon extensive research on fund returns to affirm and extend earlier discoveries. Fund performance (Morningstar ratings), features of the funds themselves, and characteristics of the fund managers are considered. Positive Morningstar star and analyst ratings are necessary conditions for funds to generate value (measured by Jensen's alpha). Funds with low management fees and low ongoing fees have attractive Sharpe ratios and high returns. Likewise, large funds with good Morningstar ratings have good Sharpe ratios and returns, often when fund managers have short tenures.

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“…The descriptive results of the variables within the model are illustrated in Table II. As can be seen from Table II, the average growth of Vietnamese mutual funds is 0.064 or 6.4 percent, which is lower than developed countries such as the USA (11 percent) or the UK (9.5 percent) (Ayadi et al, 2016;Berkowitz et al, 2017;Moreno et al, 2014 figure is still higher than several emerging countries such as Bangladesh (5.5 percent) or South Africa (4.5 percent) (Tudorache et al, 2015;Wang et al, 2015). From the investor perspective in Vietnam, mutual funds' returns are not as attractive as other investment channels such as banks (quite similar returns but at lower risk) or the stock market (higher yield).…”

Section: Descriptive Analysismentioning

confidence: 88%

The impact of country-level and fund-level factors on mutual fund performance in Vietnam

Nguyen¹,

Nguyen

2019

JED

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Purpose The purpose of this paper is to examine the determinants of mutual funds’ performance at both a country level and a fund level in Vietnam. Design/methodology/approach The different types of funds with more than three-year operation are selected to remove outliers of the stock market boom from 2015 to 2018. The data set includes 54 mutual funds operating during the period from 2008 until November 2018. Findings The research finds that there is a positive relationship between macroeconomics and mutual funds’ performance. Furthermore, country-level governance such as regulation effectiveness, political stability, economic growth and financial development has a positive correlation with mutual funds’ performance. However, the impact of fund-level factors is diverse with the no significant impact of board size on mutual fund’s performance, while passive funds perform better than active funds in Vietnam. Practical implications The research results suggest that investors should pay attention to the types of funds and operating expense when making an investment decision in mutual funds. There are some recommendations for both government policy-makers and the mutual fund industry that are likely to facilitate the development of this field in Vietnam. Originality/value The research contributes to the understanding of what are the factors that should be considered when investing in mutual funds.

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Performance of Canadian hybrid mutual funds

Cited by 9 publications

References 48 publications

The impact of human capital efficiency on Latin American mutual funds during Covid-19 outbreak

The impact of human capital efficiency on Latin American mutual funds during Covid-19 outbreak

Influences on mutual fund performance: comparing US and Europe using qualitative comparative analysis

The impact of country-level and fund-level factors on mutual fund performance in Vietnam

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