PT  - JOURNAL ARTICLE
AU  - T. Daniel Coggin
AU  - Charles A. Trzcinka
TI  - A Panel Study of U.S. Equity Pension Fund Manager Style Performance
AID  - 10.3905/joi.2000.319413
DP  - 2000 May 31
TA  - The Journal of Investing
PG  - 6--12
VI  - 9
IP  - 2
4099  - https://pm-research.com/content/9/2/6.short
4100  - https://pm-research.com/content/9/2/6.full
AB  - The authors examine the investment performance of 292 U.S. equity pension funds in three major style categories for two consecutive twelve-quarter time periods, including survivors and non-survivors. They offer three major conclusions. First, the choice of an equity benchmark affects the magnitude of alpha. Second, it is difficult to find investment managers within equity styles who consistently add value relative to the S&P 500 and the appropriate style benchmark. Finally, there is no evidence that the number of funds outperforming that appropriate style benchmark index (after fees) exceeds random chance. Including non-survivors and applying selected control variables does not affect the basic results.