Is faith in past winners justified?

Article in "Investment & Pensions Europe", February 2017

Oliver Kunkel, Dr. Hansruedi Scherer

Rankings of top performers are publicly available for retail funds. However, databases for institutional mandates (segregated accounts and institutional funds) are still incomplete and rare. For our historical simulation of picking past winners we use a set of track records that were submitted by asset managers as part of public and non-public mandate tenders for institutional clients in Europe.