@article {Mulvey126, author = {John M. Mulvey and Woo Chang Kim}, title = {Active Equity Managers in the U.S.}, volume = {34}, number = {2}, pages = {126--134}, year = {2008}, doi = {10.3905/jpm.2008.701623}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Empirical evidence from a database free of survivorship bias shows that the excess return patterns of long-only industry-level momentum strategies are highly correlated with active fund returns in the growth and the core domains, especially since publication of the momentum effect phenomenon in 1993. The best-performing managers are more strongly similar than the poorest-performing managers, who have low correlation with momentum. Investment performance of momentum strategies at the industry level is competitive, or between the top 10\% and top 25\% of funds in each period. The source and the persistence of these patterns compared to optimal asset allocation are cause for speculation.TOPICS: Portfolio construction, exchanges/markets/clearinghouses, mutual fund performance}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/34/2/126}, eprint = {https://jpm.pm-research.com/content/34/2/126.full.pdf}, journal = {The Journal of Portfolio Management} }