RT Journal Article
T1 Active management, value investing and pension fund performance
A1 Otero González, Luis
A1 Durán Santomil, Pablo
A1 Lado Sestayo, Rubén
A1 Vivel Búa, Milagros
K1 Individual pension funds
K1 Active management
K1 Value investing
K1 Performance
AB PurposeThis paper analyses whether the active management and the fundamentals of the pension fund allow products that beat their peers to be identified in terms of risk-adjusted performance.Design/methodology/approachThe sample is composed of all the pension funds active in the period 2000 to 2017 investing in the Eurozone. What this means is that a greater similarity is guaranteed in terms of benchmark, assets available for investment and currency. All the data have been retrieved from the Morningstar Direct database.FindingsThe paper reveals that the degree of concentration and value for money are important determinants of performance. In this sense, the strategies of investing in concentrated portfolios that differ from the benchmark and with undervalued assets in terms of price earnings ratio (PER)-return on assets (ROA) achieve better results.Originality/valueThis is one of the few papers that shows the effect of active management and value investing strategies’ on the performance of pension funds.
PB Emerald
SN 2444-8451
YR 2021
FD 2021
LK https://hdl.handle.net/10347/40376
UL https://hdl.handle.net/10347/40376
LA eng
NO Otero-González, L., Durán-Santomil, P., Lado-Sestayo, R. and Vivel-Búa, M. (2021), "Active management, value investing and pension fund performance", European Journal of Management and Business Economics, Vol. 30 No. 3, pp. 299-317. https://doi.org/10.1108/EJMBE-08-2020-0237
DS Minerva
RD 24 abr 2026