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Large and small funds : institutional versus boutique fund effects on unit trust investment performance
Dissertation (MBA)--University of Pretoria, 2012.
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| Format: | Thesis |
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University of Pretoria
2013
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| _version_ | 1867613660649619456 |
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| access_status_str | Open Access |
| author2 | Muller, Chris |
| author_browse | Muller, Chris |
| author_facet | Muller, Chris |
| collection | Thesis |
| dc_rights_str_mv | © 2012 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. |
| description | Dissertation (MBA)--University of Pretoria, 2012. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/22776 |
| institution | University of Pretoria (South Africa) |
| last_indexed | 2026-06-10T12:39:41.079Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2013 |
| publishDateRange | 2013 |
| publishDateSort | 2013 |
| publisher | University of Pretoria |
| publisherStr | University of Pretoria |
| record_format | dspace |
| source_str | UPSpace — University of Pretoria Institutional Repository |
| spelling | oai:repository.up.ac.za:2263/22776 Large and small funds : institutional versus boutique fund effects on unit trust investment performance Muller, Chris ichelp@gibs.co.za Molelekoa, Sekgabo Reatile UCTD Fund size Unit trusts Investment performance Institutional funds Boutique funds Dissertation (MBA)--University of Pretoria, 2012. Individuals who rely on mutual funds to accumulate wealth need advice on how best to select them (Ciccotello&Grant, 1996). The purpose of the study is to gain insight whether fund size and boutique or institutional fund structure of unit trusts affects returns. It expands the body of knowledge on investment performance factors and equips investors with a tool to make informed decisions when contemplating various fund manager offerings.Data was collected from the database of the Association for Savings and Investment (ASISA) for South African general equity unit trust returns and fund size information covering a period of 44 quarters from March 2001 to December 2011. Domestic general equity unit trusts were analysed during the period under review. A regression analysis was run to test for fund size as an indicator of investment performance. A parallel study was conducted to test whether boutique funds outperform institutional funds.The results indicate that fund size has no influence on fund performance. The findings also show that there is no significant difference between the performance of boutique style unit trust funds and institutional unit trust funds. These findings contradict the findings of previous research by (Fama, 1972); (Chen, Hong, Huang, &Kubik, 2004; Ciccotello&Grant, 1996; Droms&Walker, 1996) who found fund size, either positively or negatively have an influence on mutual fund returns while (Gallagher&Martin, 2005) and Schönfeld (2009) concluded that boutique funds offer better returns compared to institutional funds. Investors would be advised to carry out a fund by fund analysis to identify the optimal domestic unit trust investment fund when investing as opposed to an aggregated study. Gordon Institute of Business Science (GIBS) unrestricted 2013-09-06T13:44:36Z 2013-04-29 2013-09-06T13:44:36Z 2013-04-25 2012 2013-02-23 Dissertation Molelekoa, SR 2012, Large and small funds : institutional versus boutique fund effects on unit trust investment performance, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://hdl.handle.net/2263/22776 > F13/4/228/zw http://hdl.handle.net/2263/22776 http://upetd.up.ac.za/thesis/available/etd-02232013-164144/ © 2012 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. application/pdf University of Pretoria |
| spellingShingle | UCTD Fund size Unit trusts Investment performance Institutional funds Boutique funds Large and small funds : institutional versus boutique fund effects on unit trust investment performance |
| title | Large and small funds : institutional versus boutique fund effects on unit trust investment performance |
| title_full | Large and small funds : institutional versus boutique fund effects on unit trust investment performance |
| title_fullStr | Large and small funds : institutional versus boutique fund effects on unit trust investment performance |
| title_full_unstemmed | Large and small funds : institutional versus boutique fund effects on unit trust investment performance |
| title_short | Large and small funds : institutional versus boutique fund effects on unit trust investment performance |
| title_sort | large and small funds institutional versus boutique fund effects on unit trust investment performance |
| topic | UCTD Fund size Unit trusts Investment performance Institutional funds Boutique funds |
| url | http://hdl.handle.net/2263/22776 http://upetd.up.ac.za/thesis/available/etd-02232013-164144/ |