We examine the implications of active mutual fund management across manager skill levels. We find that funds in the highest active share quintile outperform funds in the lowest active share quintile on a risk-adjusted basis. When sorted on both active share and capture ratio, only managers with high skill and high active share experience positive future performance. Funds with high active share and low skill experience negative future risk-adjusted returns, and these funds underperform all funds with low active share. We conclude that only funds with both high active management and high manager skill are preferable to index funds.

中文翻译：

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主动分享：福与祸

我们研究了跨经理技能水平的积极共同基金管理的影响。我们发现，在风险调整的基础上，最高活跃份额五分之一的基金表现优于最低活跃份额五分之一的基金。当按活跃份额和捕获率进行排序时，只有技能高、活跃份额高的经理才能体验到积极的未来业绩。高活跃份额和低技能的基金未来风险调整后收益为负，这些基金的表现低于所有低活跃份额的基金。我们得出的结论是，只有同时具有高主动管理和高管理技能的基金才比指数基金更可取。