The winner takes it all: Outperformance drives subsequent flows in South African Unit Trust Funds

Published in: Investment Analysts Journal
Volume 47, issue 1, 2018 , pages: 1–14
DOI: 10.1080/10293523.2017.1410324
Author(s): Jennifer ArendseGordon Institute of Business Science, South Africa, Chris MullerGordon Institute of Business Science, South Africa, Michael WardGordon Institute of Business Science, South Africa


The relationship between unit trust (mutual fund) performance and subsequent investment flows into and out of funds has been the focus of many international studies. Emerging markets, which are characterised by higher risk, weaker institutions, volatile economies and fewer participants, provide an attractive opportunity to examine the flow-performance problem in the context of higher arbitrage costs.

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