Does institutional ownership predict mutual fund performance? An examination of undiscovered holdings within 13(f) reports
利用机构季度13(f)申报数据，发现机构持股的共同基金业绩优于非机构持股基金，且优势持续至少3年，主要源于机构的信息优势。
Abstract We show that institutional ownership in equity mutual funds predicts fund performance. Our measure of institutional ownership in mutual funds is directly from institutions’ quarterly 13(f) filings so it provides a broader coverage of institutional investment in mutual funds than existing studies. Most institutions holding mutual funds are independent investment advisors and bank trusts who invest in mutual funds on behalf of their clients. Our results show that funds held by institutions perform better than funds not held by institutions for at least 3 years. Institutions’ informational advantage is the main driver of the outperformance of institution‐held funds.