Category: Research Paper

Finding a winning stock may be easy for some. However, recognising that it is a winner, and having the conviction to run it, is considerably more difficult for all but the most skilful investment managers. Contrary to conventional thinking, the overwhelming majority of fund managers do not run their winners. They do the opposite, and…

Separating luck from skill, in this study we provide evidence that even fund managers with no skill in stock picking have still been able to outperform the standard Australian equity benchmark. Analysing the Australian equity benchmark An industry in very good health – whenever we have undertaken search exercises on domestic Australian Equity Managers, or…

Does investment skill exist and, if so, how valuable are track records in measuring it? These are perennial questions in the investment industry, where in reality, a track record of outperformance can be the result of sustained investment skill, or the result of blind luck. Track records are poor guides for the future Research papers…