RT Journal Article SR Electronic T1 Optimal Asset Size for U.S. Small-Cap Equity Mutual Funds JF The Journal of Investing FD Institutional Investor Journals SP 79 OP 86 DO 10.3905/joi.2006.616857 VO 15 IS 1 A1 Hany A. Shawky A1 Liuling Li YR 2006 UL https://pm-research.com/content/15/1/79.abstract AB This paper provides empirical estimates for the optimal asset size for small-cap Growth and Value mutual funds. Using Morningstar mutual fund data for the period 1997 through 2003, we obtain a sample of 1,950 fund-years for small-cap growth and 971 fund-years for small-cap value funds. We find that the optimal asset size for growth and value small-cap funds are $1,008 million and $1,245 million, respectively. Moreover, we document a significant relationship between a fund's performance in one period and its asset growth in the next period. These results have practical implications for investors and fund managers.TOPICS: Mutual funds/passive investing/indexing, mutual fund performance