Abstract
This paper studies the ∞ow-performance relationship of three difierent investor groups in mutual funds: Households, flnancial corporations, and insurance companies and pension funds, establishing the following flndings: Financial corporations have a strong tendency to chase past performance and also hold an increased share in the top performing funds. Insurance companies and pension funds show some evidence of performance chasing, but are underrepresented in the best performing funds. Households chase performance, but they are also subject to status quo bias in their ∞ows. Regarding investor composition the worst performing funds show no signiflcant difierence in their investor structure when compared to funds with average performance.
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