We study the out-of-sample predictability of the returns of pan-European harmonized mutual funds that apply hedge fund-like investment strategies (“Alternative UCITS”). Given these funds' higher liquidity, investors could exploit relevant information much easier than for hedge funds, and use...

UCITS funds are mutual funds that are regulated by pan-European guidelines and can easily be distributed throughout Europe. We study the empirical performance of a survivorship bias-free sample of alternative UCITS funds. Most importantly, as alternative UCITS funds are often marketed as...

We study the performance persistence of a large sample of alternative UCITS funds that is largely free of survivorship bias. Using contingency tables, we find that performance persists for up to two years following ranking. However, persistence is much stronger in the short run, and ranked...