The Relationship Between UK Domiciled Funds Size and Performance

Xiaotong KONG


The on-going debate on the relationship between fund asset size and performance has been inconclusive. The previous studies made different conclusions. Researchers like Zera and Madura (2001) and Latzko (1999) concluded the positive relation between fund size and performance while Perold and Salomon (1991), Chen et al. (2004) and Yan (2008) thought the relation is negative, meanwhile Clark (2003), Gregoriou and Rouah (2003) thought that there is no significant relationship between fund size and performance. Most of the literatures studied about US mutual fund and hedge fund and the literature failed to examine the UK domiciled fund, an important kind of fund which includes about 10,000 fund. By applying both logarithm linear and quadratic regression model for each measurement of fund performance, the results revealed that the fund return is positive related to its performance while fund’s standard deviation, Sharpe ratio and Treynor ratio are all significantly negative related to the fund performance. And the relation between fund alpha and performance is statistically insignificant.
Key words: Fund size; Performance; UK domiciled fund; Regression


Fund size; Performance; UK domiciled fund; Regression

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