Abstract
The risk-adjusted selectivity performance (alphas) of a comprehensive and survivorship-free sample of Canadian hybrid funds after (before) management-related costs is negative (neutral) and deteriorates when we control for fixed-income exposures and not for conditioning information. Fund performance is positively related with the asset allocation to Canadian Equity and with whether the fund family’s orientation is tilted more to equity or bond funds. Examination of funds in the tails of the performance distribution using the block-bootstrap method suggests that “good luck” explains the before and after costs outperformance of extreme right-tail funds and no fund possesses truly superior management skills.
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