/ Research Paper 02: Are FMs Poor Sellers?

Contrary to conventional wisdom, Fund Managers don’t run their winners and cut their losers. They do the opposite and it hurts performance.

Our research demonstrates that poor selling negatively impacts returns, on average, by 94 basis points p.a. This is evidence of the Disposition Effect which behavioural finance describes as the outcome where investors tend to lose more money by selling than by chance alone.


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