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Mutual Funds Managers’ Investment Allocation Decision: The Case of Egypt

The target of this research is to reach an explanatory model for the behavior of mutual funds’ managers when taking the investment decision among various economic sectors. It tests the hypothesis that a significant relationship exists between the manager’s sector allocation decision and the return, risk and previous allocation to that sector using panel data analysis for a sample of 14 equity funds through the period from January 2007 till December 2011. Results suggest that fund managers tend to increase allocation to sectors with higher returns and decrease them to sectors with higher risks, but disproportionately. The sensitivity to risk is much higher than it is to return, showing that the prospect theory’s premises were true.