Are funds true to label? A note on matching qualitative and quantitative information

Zhe Chen*, David R. Gallagher, Camille H. Schmidt

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


Our contribution to funds management research is in matching qualitative information sourced from the fund manager with their own quantitative data concerning what assets they own, how they trade and how their portfolios are managed. We find that survey responses are informative of characteristic values relative to other funds, for example funds that declare higher maximum tracking errors tend to have higher tracking errors. Furthermore, self-declared number of stocks held and turnover are less indicative of future fund characteristics than actual past measures. Overall, our study suggests that the questionnaire responses do contain some information value when used by asset consultants to compare funds.

Original languageEnglish
Pages (from-to)296-307
Number of pages12
JournalAustralian Journal of Management
Issue number2
Publication statusPublished - 1 May 2017


  • Asset consultants
  • concentration
  • fund managers
  • tracking error
  • turnover


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