Holdings Return Skewness as a Luck-Skill Discriminator
April 8, 2011 - Investing Expertise, Mutual/Hedge Funds
Can investors discriminate between lucky and skillful equity fund managers by examining the distribution of returns across fund holdings? In the September 2010 preliminary draft of their paper entitled “Home-Run Sluggers vs. Contact Hitters: Stock Performance Distribution inside Mutual Funds and Fund Managers’ Stock Picking Ability”, Peter Chung and Thomas Kim relate the skewness of… Keep Reading