%0 Journal Article %A Greg Filbeck %A Daniel L. Tompkins %T Management Tenure and Risk-Adjusted Performance of Mutual Funds %D 2004 %R 10.3905/joi.2004.412310 %J The Journal of Investing %P 72-80 %V 13 %N 2 %X Longer-tenure fund managers are often thought to provide better returns than shorter-tenure fund managers. An examination using a risk-adjusted performance measure indicates that the longest-tenured managers do show better risk-adjusted performance than shorter-tenured fund managers. These longer-tenured managers also charge lower fees than the others. Lower expense ratios and more time at the helm result in higher mutual fund returns on both a total return and a risk-adjusted return basis. This research extends our knowledge of mutual fund performance covering the entire bull market of the 1990s. %U https://joi.pm-research.com/content/iijinvest/13/2/72.full.pdf