This paper is the first systematic analysis of the impact of diversification on the performance of private equity funds …. A unique data set allows the exact evaluation of diversification across the dimensions financing stages, industries, and … countries. Very different levels of diversification can be observed across sample funds. While some funds are highly specialized …

This paper studies the relationship between portfolio diversification and fund performance, based on an unexplored … focus. Our results suggest that diversification within, but not across industries, associates with higher buyout fund … performance. We do not find a significant relationship between geographical diversification and performance. These results partly …

We study the relative diversification potential of American Depository Receipts (ADRs) as compared to the underlying … shares as well as the relative diversification potential of closed-end country funds as compared to the foreign market … underlying shares are more useful for diversification purposes than ADRs and country funds when the U.S. stock market returns are …

diversification. A portfolio of available ADRs from a specific country (i.e. an ADR index) should provide similar returns to an …