1993/01/01 by Mark Grinblatt, Sheridan Titman · 872 citations
Business, Management and Accounting · Economics, Econometrics and Finance · #Business #Corporate Finance and Governance #Econometrics #Economics #Finance #Financial Markets and Investment Strategies #Housing Market and Economics #Mutual fund
paper · doi:10.1086/296593
published in The Journal of Business 66(1), 47 (University of Chicago Press)
openalex publication_date 1993/01/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/08/05
This article introduces a new measure of portfolio performance and applies it to study the performance of a large sample of mutual funds. In contrast to previous studies of mutual fund performance, the measure used in this study employs portfolio holdings and does not require the use of a benchmark portfolio. It finds that the portfolio choices of mutual fund managers, particularly those that managed aggressive growth funds, earned significantly positive risk-adjusted returns in the 1976-85 period. Copyright 1993 by University of Chicago Press.