EAN: 9783960670766

INVESTMENT CRITERIA FOR MUTUAL FUND SELECTION -...

The importance of mutual funds for individual investors has increased in recent decades. This
becomes apparent when looking at the increased share of households owning mutual funds. These
mutual fund investors usually want to receive a return which is above or at least close to the
mutual fund's benchmark. Consequently  investors want to invest in those funds which will show
these patterns in the future. Some of these mutual funds receive much attention  since they
generate extraordinary high performance. But the question that remains is whether it is
possible to predict such performance before funds exhibit such outstanding performance. In the
past  mutual fund investors focused extensively on performance or performance linked patterns 
like the Morningstar star rating  and thus chased past performance. This seems surprising since
performance persists only over a short time and is more persistent to weak mutual funds (1 and
2 star rated) than well performing mutual funds. Thus  chasing past performances seems to be a
rather inferior strategy. Therefore  investors should try to identify alternative tools showing
a high correlation to future mutual fund performance. In this book  mutual funds are analysed 
especially open-end mutual funds and actively managed mutual funds. The main focus is on what
purpose and usefulness active investments have and whether performance is persistent and what
the determinants of mutual fund flows are. Moreover  some alternative measures will be
introduced by explaining which attributes or methods should be used and avoided when selecting
mutual funds.

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