TY - JOUR T1 - Exposing Management Characteristics in Mutual Fund Performance JF - The Journal of Index Investing SP - 60 LP - 66 DO - 10.3905/jii.2012.2.4.060 VL - 2 IS - 4 AU - Qiang Bu Y1 - 2012/02/29 UR - https://pm-research.com/content/2/4/60.abstract N2 - This article examines the relation between manager tenure, team management, and fund performance. Findings demon - strate that longer manager tenure improves fund performance and that the relationship is dependent on market states. In a down market of low market return and high volatility, manager tenure has a statistically significant positive impact on fund performance. This effect becomes less important, or even negative, in a boom. The times series properties of fund returns show that experienced fund managers, on average, earn higher returns and take on lower risk. In conclusion, manager exp - erience matters, especially in a volatile market. No difference was found in return or risk-taking behavior between teammanaged funds and individually managed funds.TOPICS: Manager selection, performance measurement, mutual fund performance ER -