Investment decisions are becoming increasingly more complicated and sophisticated in the capital market today. Investment managers are judged by their ability to earn comparable returns over shorter time periods. A lot eventually depends on the portfolio selection skills of the investment managers. In this paper it is attempted to study the superior stock picking skill of fund managers based on the returns realized on the stocks they hold and trade.
The investigation has been carried out across the fund characteristics for a sample of 35 funds during the period January 1999 to March 2003. According to the suggested measure of skill evaluation, certain funds perform persistently better than others, and the best performers tend to have growth objective, further strengthening the role of portfolio management philosophy in investment performance.
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Author: Pandey Priti, Sudesh
Title of Paper: Evaluating stock selection abilities of Indian fund managers: An empirical study of Indian capital market
