This study investigates the risk-adjusted performance of energy equity mutual funds across a 23-year period, employing the Cumulative Wealth Index (CWI) to gauge their long-term performance relative to benchmark indices. Despite inherent volatility due to the energy sector's cyclical nature, these funds consistently outperformed benchmarks based on monthly returns, showcasing resilience amid market fluctuations. However, challenges emerged during the COVID-19 pandemic, with notable improvements post-vaccination. Utilizing a multi-factor model, the research highlights the interconnectivity of energy equity mutual funds with broader market movements and systemic factors. Despite their primary focus on the energy sector, these funds exhibit sensitivity to larger market trends, rendering them susceptible to market dynamics. Additionally, an assessment of portfolio manager expertise reveals some proficiency in security selection post-vaccinations against COVID-19.
机构:
Stanford Univ, Finance, Stanford, CA 94305 USA
Natl Bur Econ Res, Cambridge, MA 02138 USAStanford Univ, Finance, Stanford, CA 94305 USA
Berk, Jonathan B.
van Binsbergen, Jules H.
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机构:
Natl Bur Econ Res, Cambridge, MA 02138 USA
Univ Penn, Wharton Sch, Finance, Philadelphia, PA 19104 USAStanford Univ, Finance, Stanford, CA 94305 USA
机构:
Stanford Univ, Grad Sch Business, Knight Management Ctr, Stanford, CA 94305 USA
Natl Bur Econ Res, Cambridge, MA 02138 USAStanford Univ, Grad Sch Business, Knight Management Ctr, Stanford, CA 94305 USA
Berk, Jonathan B.
van Binsbergen, Jules H.
论文数: 0引用数: 0
h-index: 0
机构:
Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA
Tilburg Univ, NL-5000 LE Tilburg, Netherlands
Natl Bur Econ Res, Cambridge, MA 02138 USAStanford Univ, Grad Sch Business, Knight Management Ctr, Stanford, CA 94305 USA
机构:
Temple Univ, Fox Sch Business, 1801 Liacouras Walk, Philadelphia, PA 19122 USATemple Univ, Fox Sch Business, 1801 Liacouras Walk, Philadelphia, PA 19122 USA
Rytchkov, Oleg
Stetsyuk, Ivan
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h-index: 0
机构:
Univ Quebec Montreal, Ecole Sci Gest, 315 Rue St Catherine Est, Montreal, PQ H2X 3X2, CanadaTemple Univ, Fox Sch Business, 1801 Liacouras Walk, Philadelphia, PA 19122 USA
机构:
Stanford Univ, Finance, Stanford, CA 94305 USA
Natl Bur Econ Res, Cambridge, MA 02138 USAStanford Univ, Finance, Stanford, CA 94305 USA
Berk, Jonathan B.
van Binsbergen, Jules H.
论文数: 0引用数: 0
h-index: 0
机构:
Natl Bur Econ Res, Cambridge, MA 02138 USA
Univ Penn, Wharton Sch, Finance, Philadelphia, PA 19104 USAStanford Univ, Finance, Stanford, CA 94305 USA
机构:
Stanford Univ, Grad Sch Business, Knight Management Ctr, Stanford, CA 94305 USA
Natl Bur Econ Res, Cambridge, MA 02138 USAStanford Univ, Grad Sch Business, Knight Management Ctr, Stanford, CA 94305 USA
Berk, Jonathan B.
van Binsbergen, Jules H.
论文数: 0引用数: 0
h-index: 0
机构:
Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA
Tilburg Univ, NL-5000 LE Tilburg, Netherlands
Natl Bur Econ Res, Cambridge, MA 02138 USAStanford Univ, Grad Sch Business, Knight Management Ctr, Stanford, CA 94305 USA
机构:
Temple Univ, Fox Sch Business, 1801 Liacouras Walk, Philadelphia, PA 19122 USATemple Univ, Fox Sch Business, 1801 Liacouras Walk, Philadelphia, PA 19122 USA
Rytchkov, Oleg
Stetsyuk, Ivan
论文数: 0引用数: 0
h-index: 0
机构:
Univ Quebec Montreal, Ecole Sci Gest, 315 Rue St Catherine Est, Montreal, PQ H2X 3X2, CanadaTemple Univ, Fox Sch Business, 1801 Liacouras Walk, Philadelphia, PA 19122 USA