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Performance Persistence of UK Investment Trusts.

This article examines the performance persistence of 210 UK investment trusts form the period January 1990 to January 2006. We use a sample free of survivorship bias and measure performance using risk adjusted measures. High values of the Treynor, Sharpe and information ratio are an indication of a skillful manager that adds value in terms of better performance persistence of the funds under each category. In contrast, low values of the Treynor, Sharpe and information ratio are an indication of a manager that shows low performance and no value in terms of stock picking ability. Twelve out of the sixteen sectors display positive figures for the NAV average returns. Positive returns indicate that the manager is skillful in terms of share picking ability. The fact that we target sample free of survivorship bias is to be consistent with the approach of Brown, Goetzmann, Ibboston, and Ross, (1992). They have found that survivorship bias can result in performance persistence in the short-term. The average return for NAV figure for “Dead” funds in terms of delisted, unitized, ceased to operate or merged. is -4.12. Negative values represent inferior or neutral managerial performance. The numerical values of the Treynor, Sharpe and information ratio are very low, which is an indication of low managerial performance due to the status of these funds.