Selectivity and Market Timing Performance of Fidelity Sector Mutual Funds PDF Download
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Author: Wilfred L. Dellva
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
In this paper, we test the selectivity and timing performance of the Fidelity sector mutual funds during the 1989-1998 time period. We use the Samp;P 500, the Dow Jones Industry Group Total Return Indexes, and the Dow Jones Subgroup Total Return Indexes as benchmarks. When we use the Dow Jones Industry benchmarks, our results indicate that many sector fund managers have positive selectivity but negative timing ability. We also find that the results are sensitive to our choice of benchmark and timing model.
Author: Wilfred L. Dellva
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
In this paper, we test the selectivity and timing performance of the Fidelity sector mutual funds during the 1989-1998 time period. We use the Samp;P 500, the Dow Jones Industry Group Total Return Indexes, and the Dow Jones Subgroup Total Return Indexes as benchmarks. When we use the Dow Jones Industry benchmarks, our results indicate that many sector fund managers have positive selectivity but negative timing ability. We also find that the results are sensitive to our choice of benchmark and timing model.
Author: Donald D. Pickinpaugh
Publisher: ATL Press
ISBN: 9781882360000
Category : Business & Economics
Languages : en
Pages : 106
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Book Description
This is the first comprehensive guide to offer investors a convenient method for monitoring the performance of Fidelity Select mutual funds. Incorporating extensive historical research on all Fidelity Select funds, the prominent authors have developed three powerful mutual fund models that allow investors to identify growth trends, assess returns, and compare risks with market indices. Book jacket.
Author: Wenchi Kao
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This study examines the selectivity and market timing ability of international mutual fund managers. Ninety-seven international mutual funds with a minimum of five-year return history selected from the Morningstar OnDisc database are analyzed. Our findings suggest that managers of international mutual funds possess good selectivity and overall performance. We also find weak evidence of poor market-timing ability. Consistent with prior findings from domestic mutual funds, there is a negative correlation between the international fund managers' selection ability and market-timing ability. Finally, managers for European funds show poorer performance than those managing the other three international fund groups.
Author: Son-Nan Chen
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper evaluates the performance of 15 U.S.-based international mutual funds for the period 1980-89. Selectivity and timing skills of mutual fund managers are the primary criteria for performance evaluation. The technique used here is the one developed by Treynor and Mazuy and refined by Lee and Rahman. We find that many of the international mutual funds outperformed the U.S. market benchmark, perhaps due to the expanded diversification opportunities that they provide. When a world market index is used as the benchmark, fund managers show relatively poor performance in terms of selectivity skills. However, there is strong evidence that some managers rely rather heavily on timing skills in international capital markets.
Author: Aydeen Azimi-Zonooz
Publisher:
ISBN:
Category : Mutual funds
Languages : en
Pages : 394
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Book Description
The goal of this study is to test the accuracy of various mutual fund timing and selectivity models under a range of portfolio managerial skills and varying market conditions. Portfolio returns in a variety of skill environments are generated using a simulation procedure. The generated portfolio returns are based on the historical patterns and time series behavior of a market portfolio proxy and on a sample of mutual funds. The proposed timing and selectivity portfolio returns mimic the activities of actual mutual fund managers who possess varying degrees of skill. Using the constructed portfolio returns, various performance models are compared in terms of their power to detect timing and selectivity abilities, by means of an iterative simulation procedure. The frequency of errors in rejecting the null hypotheses of no market timing and no selectivity abilities shape the analyses between the models for power comparison. The results indicate that time varying beta models of Lockwood- Kadiyala and Bhattacharya-Pfleiderer rank highest in tests of both market timing and selectivity. The Jensen performance model achieves the best results in selectivity environments in which managers do not possess timing skill. The Henriksson-Merton model performs most highly in tests of market timing in which managers lack timing skill. The study also investigates the effects of heteroskedasticity on the performance models. The results of analysis before and after model correction for nonconstant error term variance (heteroskedasticity) for specific performance methodologies do not follow a consistent pattern.
Author: Peter G. Martin
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
This guide explains not only how to invest in Fidelity funds but also the methods used today for managing Fidelity fund investments. It shows you how to decide which ones to buy and sell, and when. The safety inherent in each fund's diversification offers the advantages of trading individual securities without any of the disadvantages; switching assets between funds is quick and easy, and the trading costs are essentially zero. The Guide clears up some popular misconceptions about investing with Fidelity and offers sound advice on how to avoid common pitfalls. Using the techniques described here, one should be able to beat the market by an average of 10-15 percentage points per year, without assuming more than market-level risk.
Author: Han Qian
Publisher:
ISBN:
Category : Investment advisors
Languages : en
Pages : 106
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Book Description
Author: Stanley J. Kon
Publisher:
ISBN:
Category : Mutual funds
Languages : en
Pages : 34
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Book Description
Author: Serkan İmişiker
Publisher:
ISBN:
Category : Mutual funds
Languages : tr
Pages : 96
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Book Description
Author: Jack Bowers
Publisher: Prima Lifestyles
ISBN: 9780761521006
Category : Business & Economics
Languages : en
Pages : 372
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Book Description
In this revised edition of his popular book, Jack Bowers, editor of the Fidelity Monitor newsletter, shows how to pick the best Fidelity funds, create a great portfolio, avoid unnecessary fees, and win with long-term investing.
