Considering that the most distinct trading decisions are crucial to evaluate the ability of fund managers to add value, this paper aims to examine the trading divergence level among mutual funds and to capture its determinants and its performance consequences. We propose a measure that is more informative than the traditional overlap metrics, providing evidence of a positive and significant trend of fund trading divergence over time, especially after the Global Financial Crisis (GFC) of 2008. Our results also show a negative influence of market stress on the trading divergence level. Interestingly, we find greater contribution to subsequent fund performance in the divergent portions of trading decisions.

考虑到最独特的交易决策对于评估基金经理增值能力至关重要，本文旨在研究共同基金之间的交易差异水平，并捕捉其决定因素及其绩效后果。我们提出了一种比传统的重叠指标更能提供信息的衡量标准，提供了基金交易分歧随着时间推移呈现积极和显着趋势的证据，特别是在 2008 年全球金融危机 (GFC) 之后。我们的结果还显示了市场的负面影响强调交易分歧水平。有趣的是，我们发现交易决策的不同部分对后续基金业绩的贡献更大。