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Cited by 827Financial Markets and Investment StrategiesFinancial Analysis and Corporate GovernanceCorporate Finance and Governance

The DOI matches its Crossref record.

Performance Measurement without Benchmarks: An Examination of Mutual Fund Returns

Grinblatt, Mark, Titman, Sheridan·1993·The Journal of Business
DOI 10.1086/296593
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Abstract

This article introduces a new measure of portfolio performance and applies it to study the performance of a large sample of mutual funds. In contrast to previous studies of mutual fund performance, the measure used in this study employs portfolio holdings and does not require the use of a benchmark portfolio. It finds that the portfolio choices of mutual fund managers, particularly those that managed aggressive growth funds, earned significantly positive risk-adjusted returns in the 1976-85 period. Copyright 1993 by University of Chicago Press.

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Metadata

Authors
Grinblatt, M., & Titman, S.
ORCID
Venue
The Journal of Business
Publisher
University of Chicago Press
Published
1993-01
Volume
66
Issue
1
Pages
47
ISSN
  • 0021-9398 (ISSN-L)
  • 1537-5374
DOI
10.1086/296593
OpenAlex
W2078870183
Cited by
827
References
0
Citations by year
2026: 11 · 2025: 21 · 2024: 17 · 2023: 13 · 2022: 15 · 2021: 25 · 2020: 24 · 2019: 22 · 2018: 28 · 2017: 26 · 2016: 33 · 2015: 53 · 2014: 38 · 2013: 34 · 2012: 53
FWCI
9.71
Type
journal article
Language
en
Open access
closed
Locations
The Journal of Business (publishedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
  • Social Sciences › Business, Management and Accounting › Accounting › Financial Analysis and Corporate Governance
  • Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
Keywords
mutual fund performance, portfolio performance evaluation, portfolio holdings, risk-adjusted returns, mutual fund managers, portfolio optimization

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CoChat. (2026). Citation check: Performance Measurement without Benchmarks: An Examination of Mutual Fund Returns. https://app.cochat.ai/papers/10.1086/296593
The paper
Grinblatt, M., & Titman, S. (1993). Performance Measurement without Benchmarks: An Examination of Mutual Fund Returns. The Journal of Business. https://doi.org/10.1086/296593