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<p>The global mutual fund industry is growing and is expected to reach $100&#xa0;trillion by 2027. However, the performance of actively managed mutual funds has remained lacklustre, resulting in a flow toward passive funds over the past one-and-a-half decades. Against this backdrop, the mutual fund performance debate has taken centre stage. This study combines bibliometric and content analyses of 708 Scopus-indexed journal articles published in A or A* category journals according to the Australian Business Deans Council (ABDC) classification between 2014 and mid-2024. This study consolidates contemporary knowledge, identifies and analyses significant research clusters, elicits trends, and establishes a future agenda for research on mutual fund performance. This study identifies four research clusters: (a) Socially Responsible Investments (SRI), Environmental, Social and Governance (ESG) and contemporary studies; (b) Fund flows and institutional ownership; (c) Active vs passive and fund managers’ skills; (d) Investors’ preferences, behavioural dimensions and institutional settings. The impact of fund flows, portfolio churn, portfolio concentration, expense ratio, active share, investment style, fund managers’ skills on fund performance alongside SRI and ESG funds’ performance and active vs passive fund management remain the focus areas of research and need further examination. Asset pricing, market efficiency, human capital efficiency, social trust, performance-chasing behaviour and overconfidence are the dominant theories that explain mutual fund performance. The study benefits portfolio managers, investors, policymakers, regulators, and scholars by helping them understand mutual funds’ performance nuances.</p>

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Decoding mutual fund performance: current pathways and new avenues

  • 期刊论文

  • 发表日期：

    2025年3月14日

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  • Nehal Joshipura,
  • Mayank Joshipura,
  • Tanvi Joshi

摘要

The global mutual fund industry is growing and is expected to reach $100 trillion by 2027. However, the performance of actively managed mutual funds has remained lacklustre, resulting in a flow toward passive funds over the past one-and-a-half decades. Against this backdrop, the mutual fund performance debate has taken centre stage. This study combines bibliometric and content analyses of 708 Scopus-indexed journal articles published in A or A* category journals according to the Australian Business Deans Council (ABDC) classification between 2014 and mid-2024. This study consolidates contemporary knowledge, identifies and analyses significant research clusters, elicits trends, and establishes a future agenda for research on mutual fund performance. This study identifies four research clusters: (a) Socially Responsible Investments (SRI), Environmental, Social and Governance (ESG) and contemporary studies; (b) Fund flows and institutional ownership; (c) Active vs passive and fund managers’ skills; (d) Investors’ preferences, behavioural dimensions and institutional settings. The impact of fund flows, portfolio churn, portfolio concentration, expense ratio, active share, investment style, fund managers’ skills on fund performance alongside SRI and ESG funds’ performance and active vs passive fund management remain the focus areas of research and need further examination. Asset pricing, market efficiency, human capital efficiency, social trust, performance-chasing behaviour and overconfidence are the dominant theories that explain mutual fund performance. The study benefits portfolio managers, investors, policymakers, regulators, and scholars by helping them understand mutual funds’ performance nuances.