Are specialist funds “special”?
研究美国主动管理型股票共同基金的投资组合重叠与绩效差异的关系，发现专业基金（与其他基金重叠度低的基金）在组合特征上有别于高重叠基金，但并未表现出更优业绩。
Abstract In this paper, I explore the relation between portfolio overlap and performance diversity. Using data on actively managed U.S. equity mutual funds, I find that the pairwise portfolio overlap between individual funds has increased over time and is significant compared to various randomized benchmarks. These findings motivate the main question of this paper, namely whether specialist funds (those with low levels of portfolio overlap with other funds) differ significantly from funds with high levels of overlap. Here, I find that these specialists differ with regard to certain portfolio‐ and fund‐specific characteristics, but they do not appear to outperform other funds.