Investment manager style analysis

Document description

This paper describes investment manager "style" analysis in the UK context. It considers methods for identifying what a manager's style actually is, whether UK managers typically exhibit strong style differentiation, and whether different styles exhibit persistent under or outperformance over extended periods of time. We conclude that funds are more likely to exhibit a noticeable size style bias than a growth/value style bias and that recent persistence of style performance has led to significant underestimation of risk.