%0 Journal Article %A John M. Mulvey %A Woo Chang Kim %T Active Equity Managers in the U.S. %B Do the Best Follow Momentum Strategies? %D 2008 %R 10.3905/jpm.2008.701623 %J The Journal of Portfolio Management %P 126-134 %V 34 %N 2 %X 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 %U https://jpm.pm-research.com/content/iijpormgmt/34/2/126.full.pdf