TY - JOUR T1 - Active Equity Managers in the U.S. JF - The Journal of Portfolio Management SP - 126 LP - 134 DO - 10.3905/jpm.2008.701623 VL - 34 IS - 2 AU - John M. Mulvey AU - Woo Chang Kim Y1 - 2008/01/31 UR - https://pm-research.com/content/34/2/126.abstract N2 - 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 ER -