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Industry specialization and performance: a study of mutual funds

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  • Radu Burlacu
  • Patrice Fontaine
  • Sonia Jimenez-Garces

Abstract

A significant body of literature predicts that mutual funds with higher levels of private information are more specialized and deliver superior performance. We analyze the impact of private information (informational advantages) on mutual funds? performance for 224 U.S. sector funds and 1,135 U.S. actively-managed equity funds. Using the degree of industry concentration as a proxy for private information, we find a positive and significant relation between performance and private information for sector funds. This relation is less obvious for equity funds. Our results are robust to asset pricing models and benchmark specifications.

Suggested Citation

  • Radu Burlacu & Patrice Fontaine & Sonia Jimenez-Garces, 2006. "Industry specialization and performance: a study of mutual funds," Finance, Presses universitaires de Grenoble, vol. 27(2), pages 33-70.
    • Handle: RePEc:cai:finpug:fina_272_0033
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    Cited by:

    1. Abou Tanos, Barbara & Jimenez-Garcès, Sonia, 2022. "Foreign investments during financial crises: Institutional investors’ informational skills create value when familiarity does not," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).

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