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Selectivity and Market Timing Performance of Fidelity Sector Mutual Funds

Author

Listed:
  • Dellva, Wilfred L
  • DeMaskey, Andrea L
  • Smith, Colleen A

Abstract

In this paper, we test the selectivity and timing performance of the Fidelity sector mutual funds during the 1989-98 time period. We use the S&P 500, the Dow Jones Industry Group Total Return Indexes, and the Dow Jones Subgroup Total Return Indexes as benchmarks. When we use the Dow Jones Industry benchmarks, our results indicate that many sector fund managers have positive selectivity but negative timing ability. We also find that the results are sensitive to our choice of benchmark and timing model. Copyright 2001 by MIT Press.

Suggested Citation

  • Dellva, Wilfred L & DeMaskey, Andrea L & Smith, Colleen A, 2001. "Selectivity and Market Timing Performance of Fidelity Sector Mutual Funds," The Financial Review, Eastern Finance Association, vol. 36(1), pages 39-54, February.
    • Handle: RePEc:bla:finrev:v:36:y:2001:i:1:p:39-54
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    Cited by:

    1. Marwa Zouaoui, 2019. "Selectivity and Market Timing Ability of Fund Managers: Comparative Analysis of Islamic and Conventional HSBC Saudi Mutual Funds," IJFS, MDPI, vol. 7(3), pages 1-19, September.
    2. Eduardo Roca & Victor Wong, 2008. "An analysis of the sensitivity of Australian superannuation funds to market movements: a Markov regime switching approach," Applied Financial Economics, Taylor & Francis Journals, vol. 18(7), pages 583-597.
    3. Rania Makni & Olfa Benouda & Ezzedine Delhoumi, 2016. "International evidence on Islamic equity fund characteristics and performance persistence," Review of Financial Economics, John Wiley & Sons, vol. 31(1), pages 75-82, November.
    4. Abhay Kaushik & Anita K. Pennathur, 2013. "Performance And New Money Cash Flows In Real Estate Mutual Funds," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 36(4), pages 453-470, December.
    5. repec:iad:wpaper:0620 is not listed on IDEAS
    6. Makni, Rania & Benouda, Olfa & Delhoumi, Ezzedine, 2016. "International evidence on Islamic equity fund characteristics and performance persistence," Review of Financial Economics, Elsevier, vol. 31(C), pages 75-82.
    7. Constantinos Alexiou & Anshul Tyagi, 2020. "Gauging the effectiveness of sector rotation strategies: evidence from the USA and Europe," Journal of Asset Management, Palgrave Macmillan, vol. 21(3), pages 239-260, May.
    8. Romacho, Joao Carlos & Cortez, Maria Ceu, 2006. "Timing and selectivity in Portuguese mutual fund performance," Research in International Business and Finance, Elsevier, vol. 20(3), pages 348-368, September.
    9. Mamatzakis, Emmanuel & Xu, Bingrun, 2016. "Managerial attributes and equity mutual fund performance: evidence from china," MPRA Paper 76139, University Library of Munich, Germany.
    10. Golam Sarwar & Cesario Mateus & Natasa Todorovic, 2018. "US sector rotation with five-factor Fama–French alphas," Journal of Asset Management, Palgrave Macmillan, vol. 19(2), pages 116-132, March.
    11. Joseph Golec, 2007. "Are the Insider Trades of a Large Institutional Investor Informed?," The Financial Review, Eastern Finance Association, vol. 42(2), pages 161-190, May.
    12. Yuan Zhao & Bryan D. Macgregor & Rainer Schulz, 2013. "Can US Real Estate Mutual Funds Beat the Market? New Evidence," ERES eres2013_335, European Real Estate Society (ERES).
    13. Friesen, Geoffrey C. & Sapp, Travis R.A., 2007. "Mutual fund flows and investor returns: An empirical examination of fund investor timing ability," Journal of Banking & Finance, Elsevier, vol. 31(9), pages 2796-2816, September.
    14. Laurie Prather & William J. Bertin & Thomas Henker, 2004. "Mutual fund characteristics, managerial attributes, and fund performance," Review of Financial Economics, John Wiley & Sons, vol. 13(4), pages 305-326.
    15. Göricke, Marc-André, 2016. "Do generalists profit from the fund families' specialists? Evidence from mutual fund families offering sector funds," CFR Working Papers 16-09, University of Cologne, Centre for Financial Research (CFR).
    16. Marcus Schulmerich & Yves-Michel Leporcher & Ching-Hwa Eu, 2015. "Stock Market Anomalies," Management for Professionals, in: Applied Asset and Risk Management, edition 127, chapter 3, pages 175-244, Springer.
    17. Prather, Laurie & Bertin, William J. & Henker, Thomas, 2004. "Mutual fund characteristics, managerial attributes, and fund performance," Review of Financial Economics, Elsevier, vol. 13(4), pages 305-326.
    18. Gregor Dorfleitner & Felix Rößle, 2018. "The financial performance of the health care industry: a global, regional and industry specific empirical investigation," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 19(4), pages 585-594, May.
    19. Carmen‐Pilar Marti‐Ballester, 2020. "Examining the behavior of renewable‐energy fund investors," Business Strategy and the Environment, Wiley Blackwell, vol. 29(6), pages 2624-2634, September.
    20. Hasan F. Baklaci & William I-Wei Cheng & Jianing Zhang, 2024. "Performance Attributes of Environmental, Social, and Governance Exchange-Traded Funds," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(2), pages 307-334, June.

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