文章基本信息

标题：Financial Performance of SDG Mutual Funds Focused on Biotechnology and Healthcare Sectors
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作者：Carmen-Pilar Martí-Ballester
期刊名称：Sustainability
印刷版ISSN：2071-1050
出版年度：2020
卷号：12
期号：5
页码：2032
DOI：10.3390/su12052032
语种：English
出版社：MDPI, Open Access Journal
摘要：Measures favoring healthy lives among populations around the world are essential to reduce social inequalities. Mutual funds could play an important role funding these measures if they are able to attract socially concerned investors by improving their wealth. This study analyzes the financial performance of mutual funds focused on the biotechnology and healthcare sectors related to UN sustainable development goal 3 (SDG 3), comparing their risk-adjusted return with that achieved by conventional mutual funds. This study implements Carhart#8217;s multifactor model and Bollen and Busse#8217;s timing multifactor model on a sample of 34 biotechnology and 178 healthcare mutual funds and 4352 conventional mutual funds. The results show that biotechnology and healthcare mutual funds perform similarly, while both of them outperform conventional mutual funds. This outperformance of biotechnology and healthcare funds is driven by the superior stock-picking skills of their managers with regards to those of conventional fund managers, while managers of biotechnology, healthcare, and conventional mutual funds present similar poor market timing ability. Mutual funds specialized in biotechnology and healthcare sectors related to sustainable development goal 3 (SDG 3) outperform conventional mutual funds.