Hybrid funds: the right mix of active and passive investment strategies?

Santos, José Elísio da Silva

http://hdl.handle.net/10362/35457

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Autores

Santos, José Elísio da Silva

Orientador(es)

Zambrana, Rafael

Resumo(s)

Hybrid funds have almost quadrupled since 2003. This is puzzling given that prior research has found no evidence of hybrid funds outperforming passive products. Using data on the American market there is evidence of positive alphas and hybrid funds outperforming active funds after fees, mainly given to market timing ability. Hybrid funds trade more when they find short-term opportunities of profit but those that have higher turnover are not the best performing. Finally, there is no conclusive evidence that investors invest more on hybrid funds just because of their classification, without taking other characteristics into account.