Original Research

The persistence of unit trust performance for the period July 1985-June 1995

Margaret C. Meyer
South African Journal of Business Management | Vol 29, No 3 | a775 | DOI: https://doi.org/10.4102/sajbm.v29i3.775 | © 2018 Copyright Status: Not provided. Contact Holding Institution to verify copyright status. Rights Holder: University of Stellenbosch
Submitted: 12 October 2018 | Published: 30 September 1998

About the author(s)

Margaret C. Meyer, Graduate School of Business, University of Pretoria, South Africa

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Abstract

The purpose of this study was to determine whether any persistence of performance existed in the unit trust industry in South Africa over the ten-year period from July 1985 to June 1995. Calculations were done over different time periods (one-, two- and four-year periods) and using different definitions of superior performance (positive Jensen alphas or winner/loser phenomena). Results of nominal returns and risk-adjusted returns were also compared. Results obtained show that persistence in performance does exist, but that it is more of a 'loser' phenomenon than a 'winner' phenomenon.

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