Managed fund attributes and performance

This cross-sectional study goes beyond the traditional performance evaluation of managed funds and extends the literature to consider fund-specific attributes that influence performance.. Using a sample of 168 Australian open-ended equity funds, the risk adjusted performance is measured using three alternative evaluation techniques. We found funds with higher management fees and senior in age have contributed to the underperformance. Along with the traditional attributes identified by the literature. market capitalisation of the security held by the fund is included as a unique attribute with significant results indicating that funds targeting small capitalisation companies display superior performance.