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Cited by 1,654

The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.

How Active Is Your Fund Manager? A New Measure That Predicts Performance

Open access
Cremers, K. J. Martijn, Petajisto, Antti·2009·Review of Financial Studies
DOI 10.1093/rfs/hhp057
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Abstract

We introduce a new measure of active portfolio management, Active Share, which represents the share of portfolio holdings that differ from the benchmark index holdings. We compute Active Share for domestic equity mutual funds from 1980 to 2003. We relate Active Share to fund characteristics such as size, expenses, and turnover in the cross-section, and we also examine its evolution over time. Active Share predicts fund performance: funds with the highest Active Share significantly outperform their benchmarks, both before and after expenses, and they exhibit strong performance persistence. Non-index funds with the lowest Active Share underperform their benchmarks.

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Metadata

Authors
Cremers, K. J. M., & Petajisto, A.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2009-08-06
Volume
22
Issue
9
Pages
3329-3365
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhp057
OpenAlex
W3123700708
Cited by
1,654
References
4
FWCI
124.37
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: How Active Is Your Fund Manager? A New Measure That Predicts Performance. https://app.cochat.ai/papers/10.1093/rfs/hhp057
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Cremers, K. J. M., & Petajisto, A. (2009). How Active Is Your Fund Manager? A New Measure That Predicts Performance. Review of Financial Studies. https://doi.org/10.1093/rfs/hhp057

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.