Which institutional investor types are the most informed

@article{Chen2019WhichII,
  title={Which institutional investor types are the most informed},
  author={Z. Chen and David Forsberg and D. Gallagher},
  journal={Accounting and Finance},
  year={2019},
  volume={59},
  pages={449-480}
}
We examine the informativeness of quarterly disclosed portfolio holdings across four institutional investor types: hedge funds, mutual funds, pension funds and private banking firms. Overweight positions outperform underweight positions only for hedge funds. By decomposing holdings and stock returns, we find that hedge funds are superior to other institutional investors both at picking industries and stocks and that they are better at forecasting long‐term as well as short‐term returns… Expand
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