The (Mutual Fund) Imitation Game : On the Performance of 'Smart' Copycat Funds

We introduce a novel methodology to identify copycat behavior in mutual funds. We find that imitation is pervasive in the mutual fund industry. While most copycats underperform, a small number are 'smart imitators'. We find that funds at the high and low ends of the Copycat Score range outperform other funds in the sample by 1.92% and 3.24% per year, respectively. We show that the Copycat Score is persistent in time, related to other measures of skill, and is a good predictor of fund performance. We conclude that smart copycatting is another skill in the toolkit of successful fund managers

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Year of publication:	2020
Authors:	Lesmond, David A.
Other Persons:	Stein, Roberto (contributor)
Publisher:	[2020]: [S.l.] : SSRN
Subject:	Investmentfonds \| Investment Fund \| Spieltheorie \| Game theory \| Kapitaleinkommen \| Capital income \| Imitationsstrategie \| Imitation strategy

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