Systematic Review and Meta-Analysis of Mutual Fund Performance Evaluation Studies: A Bibliometric Analysis and Clustering

Abstract

Objective: The objective of this study is to conduct a systematic review and meta-analysis of mutual fund performance evaluation studies, focusing on the historical evolution of performance assessment methods based on fund style. Methodology: This research is divided into two main sections. The first section involves a quantitative analysis of prominent ISI-listed studies on mutual fund performance from 1900 to 2023, using bibliometric software such as HistCite™ and VOSviewer. This bibliometric analysis identifies and categorizes key studies based on citation counts. The second section reviews the evolution of mutual fund performance measurement criteria and various approaches used in the literature, critically analyzing the strengths and limitations of these methods. Findings: The bibliometric analysis revealed significant trends in mutual fund performance evaluation, with a clear evolution in methodologies over time. The study identified two primary approaches: asset-based analysis and return-based analysis. Key findings indicate that while both approaches have their merits, asset-based analysis offers a more accurate assessment of managerial skill by considering the composition of the fund’s holdings. Additionally, the analysis highlighted the most cited studies and influential journals in the field, providing a comprehensive overview of the research landscape. Conclusion: The study concludes that mutual fund performance evaluation has significantly evolved, with increasing complexity and sophistication in methodologies. The findings underscore the importance of selecting appropriate performance measurement criteria based on the specific characteristics of the mutual fund.