Abstract
We compare the results from dynamic return-based style analysis with analyst reports about manager behaviour in the Fidelity Magellan Fund. We observe that much information about the fund's investment style can be gathered from investment returns only. We also compare the results from our dynamic model with models using macro-economic information and find that the former are smoother and hence better approximate a dynamic style analysis. Qualitative analyses (usually built on actual portfolio holdings) provide additional insights, but are generally more time-consuming, especially for a large universe of mutual funds.
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