CONSISTENCY IN INVESTMENT STYLE AND PERFORMANCE OF INDIAN GROWTH MUTUAL FUNDS

Abstract

In this study, we examine investment style, style consistency and its relationship with risk-adjusted performance of open-ended, growth-oriented mutual funds (MFs) using a sample of 228 funds across 12 categories over a period from January 2016 to December 2023. Daily closing NAV of different schemes have been used to calculate the returns from the fund schemes. Our findings indicate that higher style consistency leads to better risk-adjusted performance and investment style and style consistency leads to better risk-adjusted performance.