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Impact of fund, management and market characteristics on bond mutual fund performance

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  • Arnold L Redman
  • Nell S Gullett

Abstract

The authors examine the factors that influence risk-adjusted returns for bond mutual funds. The data set is divided into two groups: taxable bond funds and municipal bond funds. The factors are grouped into three categories: fund or portfolio characteristics, management-controlled factors, and bond market variables. Taxes, fund age, and operating expenses significantly affect the risk-adjusted returns for taxable bond funds. Portfolio concentration is statistically significant for municipal bond funds, but has a minor influence on taxable fund returns. Fund expenses and the average duration of the bonds in the portfolios are key determinants of municipal bond fund returns. It is concluded that portfolio managers can enhance bond fund shareholder returns.

Suggested Citation

  • Arnold L Redman & Nell S Gullett, 2007. "Impact of fund, management and market characteristics on bond mutual fund performance," Journal of Asset Management, Palgrave Macmillan, vol. 7(6), pages 429-442, March.
    • Handle: RePEc:pal:assmgt:v:7:y:2007:i:6:d:10.1057_palgrave.jam.2250053
    DOI: 10.1057/palgrave.jam.2250053
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    Cited by:

    1. Grose, Chris & Dasilas, Apostolos & Alexakis, Christos, 2014. "Performance persistence in fixed interest funds: With an eye on the post-debt crisis period," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 33(C), pages 155-182.
    2. Abbas Hejri, 2022. "On the recent developments of mutual funds with fixed‐income holdings: a systematic review," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(2), pages 2313-2338, June.
    3. Chris Grose, 2013. "Diversification Opportunities through Fixed-income Managed Funds in Eastern Europe," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 12(1), pages 1-29, April.
    4. Amaral, Fatima & Reis, Pedro & Pinto, Pedro, 2019. "Evaluating investment fund performance in Portugal," Business and Economic Horizons (BEH), Prague Development Center (PRADEC), vol. 15(2).

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