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The Journal of Portfolio Management

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Primary Article

The Perils of Success

Jon A Christopherson, Zhuanxin Ding and Paul Greenwood
The Journal of Portfolio Management Winter 2002, 28 (2) 41-53; DOI: https://doi.org/10.3905/jpm.2002.319831
Jon A Christopherson
A research fellow in the Investment Policy and Research group at the Russell Investment Group in Tacoma (WA 98402).
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Zhuanxin Ding
A senior research analyst in the Investment Policy and Research group at the Russell Investment Group in Tacoma (WA 98402).
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Paul Greenwood
Head of US growth and small-cap research in the Investment Policy and Research group at the Russell Investment Group in Tacoma (WA 98402).
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Abstract

The authors explore the impact of growth in assets under management on the performance of small–cap investment managers. They find that small–cap manager excess returns have a statistically significant inverse relationship to both the level of assets under management and the annual growth in the amount. The relationship between assets and performance appears to be very consistent and to transcend different substyles within the universe of small–cap managers. The authors discuss the challenges these findings pose for current and prospective clients of small–cap managers.

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The Journal of Portfolio Management
Vol. 28, Issue 2
Winter 2002
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The Perils of Success
Jon A Christopherson, Zhuanxin Ding, Paul Greenwood
The Journal of Portfolio Management Jan 2002, 28 (2) 41-53; DOI: 10.3905/jpm.2002.319831

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The Perils of Success
Jon A Christopherson, Zhuanxin Ding, Paul Greenwood
The Journal of Portfolio Management Jan 2002, 28 (2) 41-53; DOI: 10.3905/jpm.2002.319831
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