The Performance of Thai Mutual Funds: A 5-Star Morningstar Mutual Fund Rating

Chotivetthamrong, Chollaya

doi:10.7763/joebm.2015.v3.163

Cited by 4 publications

(2 citation statements)

References 19 publications

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“…Investors frequently use ratings to select investment funds (Otero and Durán, 2021). Howe and Pope (1996), Blake and Morey (2000), Morey and Gottesman (2006), Morey (2005), Duret et al (2008), Philips and Kinniry (2010) and Chotivetthamrong (2015) studied ratings and their predictive power, concluding that they have little power to predict future performance. Blake and Morey (2000) studied the rating obtained by Morningstar, showing that a low rating was a good predictor of future bad behaviour, but they no found evidence that funds with good ratings had a better performance than the average.…”

Section: Morningstar Ratingsmentioning

confidence: 99%

The explanatory power of expenses in the performance of eurozone mutual funds

2022

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We studied the relationship between the mutual fund’s expenses and their profitability, as well as their ability to predict future performance. We used regressions in panel data with a sample of equity mutual funds of the eurozone area from 2003 to 2014. We concluded that expenses are an important determinant of performance in the eurozone and we show evidence that there is, in the short-term, a negative relationship between the profitability of the year and the level of expenses of the fund. Furthermore, there is also a relationship between the profitability of mutual funds with their level of expenses after one and three years. On the other hand, by applying the quantile regression, it seems clear that the funds with the highest returns have a positive relationship with the level of expenses.

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Section: Morningstar Ratingsmentioning

confidence: 99%

The explanatory power of expenses in the performance of eurozone mutual funds

2022

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“…However, the existing literature is all related to mutual funds and conclusive results cannot be drawn. Thus, previous research, developed by Howe and Pope (1996), Blake and Morey (2000), Morey (2005) and Chotivetthamrong (2015), concluded that star ratings have little predictive power to identify mutual funds that perform better. However, several studies indicate that investing in assets with better ratings can help to beat its peers in the long term (Morey and Gottesman, 2006; Müller and Weber, 2014; Meinhardt, 2014 and Otero et al , 2020; Otero and Durán, 2021).…”

Section: Introductionmentioning

confidence: 99%

Active management, value investing and pension fund performance

González

Santomil

Lado-Sestayo

et al. 2021

EJMBE

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PurposeThis paper analyses whether the active management and the fundamentals of the pension fund allow products that beat their peers to be identified in terms of risk-adjusted performance.Design/methodology/approachThe sample is composed of all the pension funds active in the period 2000 to 2017 investing in the Eurozone. What this means is that a greater similarity is guaranteed in terms of benchmark, assets available for investment and currency. All the data have been retrieved from the Morningstar Direct database.FindingsThe paper reveals that the degree of concentration and value for money are important determinants of performance. In this sense, the strategies of investing in concentrated portfolios that differ from the benchmark and with undervalued assets in terms of price earnings ratio (PER)-return on assets (ROA) achieve better results.Originality/valueThis is one of the few papers that shows the effect of active management and value investing strategies’ on the performance of pension funds.研究目的本文旨在分析、我們能否根據退休基金的積極管理及其基本原理, 找到就風險調整表現而言之最優勝產品.研究設計/方法我們的樣本包括於2000年至2017年期間活躍於歐元區內投資活動的所有退休基金。這意味著、樣本確保了相關之退休基金就基準、可供投資的資產及貨幣而言、均擁有較大的相似性。所有數據均從晨星基金資料庫檢索得來的。.研究結果本文顯示、集中程度和價值比率是決定表現的重要因素。在這個意義上說，如投資在與基準不同的及附有就本益比 – 資產收益率 (PER - ROA) 而言被低估的資產的那些集中投資組合上, 這會是效果較佳的策略.研究的原創性探討積極管理和價值投資策略如何影響退休基金表現的學術研究為數不多, 本文乃屬這類研究。.

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