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

其目的是通过对他们的交易进行统计和数学建模来评估活跃的机构澳大利亚股票基金经理的业绩。使用每日投资组合持有和交易的独特数据集，我们比较了那些持续跑赢市场的交易风格，以揭示上级表现的驱动因素。由于不披露交易，这样的研究直到现在都是不可能的。了解基金业绩的基本来源可以提高投资者的总体回报，提供一个新的评级体系，产生上级信息，并将“妈妈和爸爸”的巢蛋重新导向业绩更好的经理。

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.