TY - JOUR T1 - Do Absolute-Return Mutual Funds Have Absolute Returns? JF - The Journal of Investing SP - 23 LP - 40 DO - 10.3905/joi.2013.22.4.023 VL - 22 IS - 4 AU - Christopher Clifford AU - Bradford Jordan AU - Timothy Brandon Riley Y1 - 2013/11/30 UR - https://pm-research.com/content/22/4/23.abstract N2 - The authors study the universe of absolute-return mutual funds and find no evidence that they deliver positive alpha. Additionally, these funds can have significant factor exposures. Compared with ordinary equity funds, absolute-return funds have much higher fees and turnover. They perform worse than their hedge fund counterparts. Overall, the results indicate that investors seeking absolute returns using mutual funds are likely to be disappointed.TOPICS: Mutual fund performance, analysis of individual factors/risk premia, performance measurement ER -