The persistence of unit trust performance for the period July 1985-June 1995

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The persistence of unit trust performance for the period July 1985-June 1995

Meyer, Margaret C.
URI: http://hdl.handle.net/2263/3508
Date: 1998-09

Abstract:

The purpose of this study was to determine whether any persistence of performance existed in the unit trust industry in South Africa over the ten-year period from July 1985 to June 1995. Calculations were done over different time periods (one-, two- and four-year periods) and using different definitions of superior performance (positive Jensen alphas or winner/loser phenomena). Results of nominal returns and risk-adjusted returns were also compared. Results obtained show that persistence in performance does exist, but that it is more of a 'loser' phenomenon than a 'winner' phenomenon.

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