Evaluating the Performance of Active Australian Equity Managers Utilising their Daily Portfolio Holdings and Trades

其目的是通过对主动型机构澳大利亚股票基金经理的交易进行统计和数学建模，来评估其业绩。使用一个独特的每日投资组合持有量和交易量的数据集，我们比较了那些持续表现优于市场的人的交易风格，以揭示优异表现的驱动因素。由于交易未披露，到目前为止，这样的研究是不可能的。了解基金业绩的根本来源，提高了投资者的整体回报，提供了一个产生优越信息的新评级系统，并将“父母”的储备金重新定向到表现更好的基金经理手中。

The aim is to evaluate the performance of active institutional Australian equity fund managers by statistical and mathematical modelling of their trades. Using a unique dataset of daily portfolio holdings and trades, we compare the trading styles of those who have persistently outperformed the market with those that have not so as to reveal drivers of superior performance. Such a study has been impossible until now due to non-disclosure of trades. Understanding the fundamental origins of fund performance enhances the overall returns to investors, provides a new ratings system yielding superior information, and redirects the nest-eggs of "mums and dads" towards better-performing managers.