PT  - JOURNAL ARTICLE
AU  - David T. Brown
AU  - William J. Marchshall
TI  - Assessing Fixed-Income Fund Manager Style and Performance from Historical Returns
AID  - 10.3905/jfi.2001.319280
DP  - 2001 Mar 31
TA  - The Journal of Fixed Income
PG  - 15--25
VI  - 10
IP  - 4
4099  - https://pm-research.com/content/10/4/15.short
4100  - https://pm-research.com/content/10/4/15.full
AB  - A fixed income money manager's style and the extent to which the manager's style effects the fund performance is typically determined by examining the positions taken by the manager. However, in many cases detailed data on the portfolio holdings over a long time period are not available. This article develops a methodology for estimating an active fund manager's style and the sources of over or underperformance using only historical returns.