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Mutual Fund Performance When Learning the Distribution of Stock-Picking Skill

We contribute to the mutual fund performance literature by allowing the understanding of investors for the cross-sectional distribution of mutual fund skill to be flexibly uncertain. Instead of assuming the universe of mutual fund skill is normally distributed with unknown mean and variance, investors in this paper are completely agnostic about the entire distribution of skill, not just the population mean and variance. Mutual fund returns are then observed and the investors update their posterior understanding of the unknown population distribution of mutual fund skill and the distribution of specific fund performance.