Importance of the fund management company in the performance of socially responsible mutual funds

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2017-09-01

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Wiley

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Article

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0270-2592

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Belghitar Y, Clark E, Deshmukh N. (2017) Importance of the fund management company in the performance of socially responsible mutual funds. Journal of Financial Research, Volume 40, Issue 3, Fall 2017, pp. 349-367

Abstract

We compare the performance of a sample of U.K.-based socially responsible investment (SRI) funds with similar conventional funds using a matched-pair analysis based on size, age, investment universe, and fund management company (FMC). We find that both the SRI and conventional funds outperform the market index about 50% of the time, even after fees. Subsample tests show that the SRI funds in our sample perform better in the pre- and postfinancial crisis periods but underperform during the financial crisis period. Importantly, we find that the FMC plays a major role in the outperformance of both SRI and conventional funds.

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Attribution-NonCommercial-NoDerivatives 4.0 International

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