What determines fund performance persistence? International evidence

Miguel A. Ferreira, Aneel Keswani, António F. Miguel, Sofia B. Ramos

Research output: Contribution to journalArticlepeer-review

16 Citations (Scopus)


We study performance persistence across a global sample of equity mutual funds from 27 countries. In contrast to the existing U.S.-based evidence, we find that net performance persistence is present in the majority of fund industries, suggesting that fund manager skill is commonplace rather than a rarity. Consistent with the intuition that more competition in the mutual fund industry makes remaining a winner fund less likely but keeping a loser fund at the bottom of the performance ranks more probable, we show that competitiveness explains the cross-sectional variation in performance persistence.

Original languageEnglish
Pages (from-to)679-708
JournalFinancial Review
Issue number4
Publication statusPublished - Nov 2019


  • fund industry competition
  • G15
  • G23
  • manager skill
  • mutual fund persistence


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