Chasing Performance With ETFs
Chasing Performance With ETFs by Chris Brightman, Feifei Li and Xi Liu, Research Affiliates
Key Points
- It is well established that many investors tend to purchase “winning” stocks—those that have recently outperformed—and to shun “losers.”
- ETF providers evidently take investors’ preference for winners into account by predominately launching funds whose underlying indices are outperforming at the time they make new product decisions.
- Strategies that produced excess returns over the prior . . .
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