Investment style consistency and performance of Indian fixed income mutual funds

IF 1.7 Q3 MANAGEMENT

IIMB Management Review Pub Date : 2023-09-01 DOI:10.1016/j.iimb.2023.07.002

Mayank Patel , Supratim Das Gupta , Vinodh Madhavan

引用次数: 0

Abstract

In this study, we examine investment style, and style consistency and its relationship with risk-adjusted performance of the Indian fixed income mutual funds (MFs) using a sample of 242 funds across 16 categories over a period from April 2015 to March 2020. Our findings indicate that (a) fund managers practice securities selection, but their securities selection ability fails to improve risk-adjusted returns; (b) higher style consistency leads to better risk-adjusted performance; and (c) investment style and style consistency have considerable impact on fund performance. This is possibly the first comprehensive study that analyses investment style and its relationship with the performance of Indian fixed income MFs and contributes to the growing body of research on performance evaluation of fixed income funds.

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印度固定收益共同基金的投资风格一致性和业绩

在本研究中，我们使用2015年4月至2020年3月期间16个类别的242只基金样本，研究了印度固定收益共同基金(MFs)的投资风格、风格一致性及其与风险调整后绩效的关系。研究结果表明:(a)基金经理进行证券选择，但其证券选择能力并不能提高风险调整后的收益;(b)更高的风格一致性导致更好的风险调整绩效;(c)投资风格和风格一致性对基金业绩有相当大的影响。这可能是第一个全面分析印度固定收益基金投资风格及其与业绩关系的研究，并为固定收益基金业绩评估的研究做出了贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

IIMB Management Review MANAGEMENT-

CiteScore

3.20

自引率

5.90%

发文量

审稿时长

68 days

期刊介绍： IIMB Management Review (IMR) is a quarterly journal brought out by the Indian Institute of Management Bangalore. Addressed to management practitioners, researchers and academics, IMR aims to engage rigorously with practices, concepts and ideas in the field of management, with an emphasis on providing managerial insights, in a reader friendly format. To this end IMR invites manuscripts that provide novel managerial insights in any of the core business functions. The manuscript should be rigorous, that is, the findings should be supported by either empirical data or a well-justified theoretical model, and well written. While these two requirements are necessary for acceptance, they do not guarantee acceptance. The sole criterion for publication is contribution to the extant management literature.Although all manuscripts are welcome, our special emphasis is on papers that focus on emerging economies throughout the world. Such papers may either improve our understanding of markets in such economies through novel analyses or build models by taking into account the special characteristics of such economies to provide guidance to managers.