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Open AccessArticle

Diversification and Fund Performance—An Analysis of Buyout Funds

by Matthias Huss 1,2,3 and Daniel Steger 4,*
1
Faculty of Business and Economics, University of Basel, Peter-Merian-Weg 6, 4002 Basel, Switzerland
2
Informatics and Sustainability Research Group, University of Zurich, 8050 Zurich, Switzerland
3
Center for Comparative and International Studies, ETH Zurich, 8006 Zurich, Switzerland
4
de Pury Pictet Turrettini & Cie SA, Niederdorfstrasse 88, 8001 Zurich, Switzerland
*
Author to whom correspondence should be addressed.
J. Risk Financial Manag. 2020, 13(6), 136; https://doi.org/10.3390/jrfm13060136
Received: 29 April 2020 / Revised: 17 June 2020 / Accepted: 19 June 2020 / Published: 23 June 2020
(This article belongs to the Special Issue Venture Capital and Private Equity)
This paper studies the relationship between portfolio diversification and fund performance, based on an unexplored, hand-collected dataset of buyout funds. The dataset comprises detailed information at the level of portfolio companies, which allows measuring the concentration of the fund portfolios towards individual companies, industrial, and geographical focus. Our results suggest that diversification within, but not across industries, associates with higher buyout fund performance. We do not find a significant relationship between geographical diversification and performance. These results partly contradict results documented in prior literature. View Full-Text
Keywords: performance; buyout funds; diversification; systematic risk performance; buyout funds; diversification; systematic risk
MDPI and ACS Style

Huss, M.; Steger, D. Diversification and Fund Performance—An Analysis of Buyout Funds. J. Risk Financial Manag. 2020, 13, 136.

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