fund manager duality using a broad sample of single managed US equity funds. We find that duality managers significantly … underperform non-duality managers. This underperformance results from duality funds in the bottom performance quintile. This … suggests that duality managers can avoid being laid off despite their bad performance. Consistent with this lower risk of …

actively managed funds has attracted a great deal of attention in the past, the performance of managers with long track records … has attracted relatively little. In this paper we focus on managers with track records of at least ten years, that is …, managers that have been the sole manager of a fund for at least a decade. We find that the average, net of fee, risk …