TY  - JOUR
AU  - Chan,Louis K.C.
AU  - Chen,Hsiu-Lang
AU  - Lakonishok,Josef
TI  - On Mutual Fund Investment Styles
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 7215
PY  - 1999
Y2  - July 1999
UR  - http://www.nber.org/papers/w7215
L1  - http://www.nber.org/papers/w7215.pdf
N1  - Author contact info:
Louis Chan
Department of Finance
University of Illinois
113 Commerce West, MC 706
1206 S. Sixth
Champaign, IL 61820
Tel: 217/333-6391
E-Mail: l-chan2@uiuc.edu

Hsiu-Lang Chen
University of Illinois at Chicago
E-Mail: hsiulang@uic.edu

Josef Lakonishok
University of Illinois, Department of Finance
College of Commerce & Business Administration
1206 S. Sixth Street
Champaign, IL 61820
Tel: 217/333-7185
Fax: 217/244-1151
E-Mail: jlakonishok@yahoo.com
AB  - We provide an exploratory investigation of mutual funds' investment styles.  Funds' styles tend to cluster around a broad market benchmark.  When funds deviate from the benchmark they are more likely to favor growth stocks with good past performance. There is some consistency in styles, although funds with poor past performance are more likely to change styles.  Some evidence suggests that growth funds have better style-adjusted performance than value funds.  The results are not sensitive to style identification procedure, but an approach based on fund portfolio characteristics performs better in predicting future fund returns.
ER  -