Do Fund Size, Style and Rating Explain Performance?

IF 0.3 Q4 BUSINESS, FINANCE

Asia-Pacific Management Accounting Journal Pub Date : 2021-08-31 DOI:10.24191/apmaj.v16i2-01

Jacob Ongaki

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引用次数: 0

Abstract

The purpose of this quantitative investigation was to examine whether performance (1-Year, 3-Year, and 5-Year annual returns) differences exist among fund categories by size and style (large-cap growth, large-cap blend, mid-cap growth, and small-cap growth) and fund ratings (5-Star and 4-Star) controlling covariate variables (standard deviation, turnover rate, and top-10 holding) of the United States equity MFs. Morningstar Inc. provided an insightful measure of fund performance annual returns and fund efficacy ratings. The study utilized the Analysis of Covariance and Multivariate Analysis of Covariance methods. The investigation revealed that the large-cap growth fund category produced superior annual returns than other fund families. The five-star-rated funds performed better than the four-star-rated funds. Turnover and top-10 percentage asset holdings had a statistically significant effect on fund annual performance. Investors and asset managers should consider the fund style, size, fund ratings for making short-term, medium, and long-term financial investment decisions. Keywords: mutual fund, fund style, fund size, fund ratings, market return

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基金规模、风格和评级能解释业绩吗？

这项定量调查的目的是检验基金类别之间是否存在业绩（1年、3年和5年的年回报率）差异，按规模和风格（大盘股增长、大盘股混合、中盘股增长和小盘股增长）以及基金评级（五星和四星）控制美联的协变量（标准差、换手率和前10名持股）国家股权MFs。晨星股份有限公司提供了一个有见地的衡量基金业绩年度回报率和基金功效评级。本研究采用协方差分析和多变量协方差分析方法。调查显示，大盘股成长型基金类别的年回报率高于其他基金家族。五星级基金的表现要好于四星级基金。营业额和前10%的资产持有量对基金的年度业绩有统计学上的显著影响。投资者和资产管理公司在做出短期、中期和长期财务投资决策时，应考虑基金的风格、规模和基金评级。关键词：共同基金、基金风格、基金规模、基金评级、市场回报

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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Asia-Pacific Management Accounting Journal BUSINESS, FINANCE-

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