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Strategy distinctiveness and fund performance: Evidence from U.S. fixed income funds

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dc.contributor Aalto University en
dc.contributor Aalto-yliopisto fi
dc.contributor.advisor Joenväärä, Juha
dc.contributor.author Sikanen, Tommi
dc.date.accessioned 2019-12-29T17:05:17Z
dc.date.available 2019-12-29T17:05:17Z
dc.date.issued 2019
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/41840
dc.description.abstract This thesis examines the relation between the distinctiveness and the performance of mutual funds. To analyze fund returns, I use the Strategy Distinctiveness Index following Sun et al. (2012). Defining the strategical distinctiveness of a fund as 1 – correlation between the fund and its peer group, I compute the SDI values for a fixed income fund dataset and then compile quintile portfolios based on the measure. In line with the original study, I find evidence that the SDI measure is somewhat capable of capturing managerial skill, by using an additional robustness check based on absolute correlation. In addition, results on performance add on to previous literature showing that the SDI has some positive relation with future fund performance, as the High-SDI portfolio outperforms the Low-SDI portfolio by 0.16% on monthly terms. en
dc.format.extent 20
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.title Strategy distinctiveness and fund performance: Evidence from U.S. fixed income funds en
dc.type G1 Kandidaatintyö fi
dc.contributor.school Kauppakorkeakoulu fi
dc.contributor.school School of Business en
dc.contributor.department Rahoituksen laitos fi
dc.subject.keyword fixed income funds en
dc.subject.keyword managerial skill en
dc.subject.keyword strategy distinctiveness en
dc.subject.keyword mutual funds en
dc.identifier.urn URN:NBN:fi:aalto-201912296786
dc.type.ontasot Bachelor's thesis en
dc.type.ontasot Kandidaatintyö fi
dc.programme Rahoitus en

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