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Management structure and the performance of funds of mutual funds

机译：共同基金的管理结构和基金绩效

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摘要

A rapidly growing mutual fund category is funds of funds (FOFs) which invest in other mutual funds instead of individual securities. This study reports on FOFs' characteristics and performance relative to traditional equity mutual funds and finds that FOFs compare favorably. FOFs with identified managers outperform their unidentified counterparts, and FOFs that invest in-family outperform both traditional equity funds and those FOFs investing out-of-family. Finally, replicating FOFs' holdings can be prohibitively expensive since they commonly hold funds with high minimum initial investments, closed funds and/or funds that are restricted to a particular investor type.
机译：快速发展的共同基金类别是投资于其他共同基金而非个人证券的基金（FOF）。这项研究报告了FOF相对于传统股票共同基金的特征和表现，并发现FOF具有可比性。具有确定经理人的FOF优于未确定身份的FOF，在家族中进行投资的FOF优于传统股票基金和在家族之外进行投资的FOF。最后，复制FOF持有的资产价格可能过高，因为它们通常持有具有较高的最低初始投资，封闭式基金和/或仅限于特定投资者类型的基金。

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