Resumen de The career paths of mutual fund managers: : the role of merit

Gary E. Porter, Jack W. Trifts

• This study provides evidence that merit�specifically, performance relative to peers measured on a style-adjusted basis�plays a significant role in the length of a mutual fund manager�s career. Managers who underperform their peers are more likely to lose their jobs. However, surviving managers of any tenure�even those who manage their funds for 10 or more years�generally do not outperform the market or their style benchmarks and do not display consistently superior performance.