We provide new evidence on the economic benefits to mutual fund families from having a portfolio of funds with diversified investor fund flows. We show that diversified fund families enjoy greater stability of assets under management, and experience significantly lower net cash outflows during an economic downturn. Given concave advisory fee schedules, the dominant industry fee structure, a reduction in asset volatility is potentially advantageous for family-level fee revenues. Consistent with this notion, we show that fund families with more diversified fund flows are able to strategically charge more competitive advisory fees across their funds. Our findings suggest that the diversification of fund families' asset flows is an important source of net performance gains for fund shareholders. These gains arise mostly in the more competitive industry segments.

中文翻译：

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资金流多元化：对资产稳定性、费用设定和绩效的影响


我们提供了新的证据，证明共同基金家族通过拥有多元化投资者资金流的基金投资组合可以获得经济利益。我们的研究表明，多元化基金家族的管理资产更加稳定，并且在经济低迷时期净现金流出显着降低。鉴于凹形咨询费用表、占主导地位的行业费用结构、资产波动性的减少可能有利于家庭层面的费用收入。与这一概念一致，我们表明，资金流向更加多元化的基金家族能够战略性地在其基金中收取更具竞争力的咨询费。我们的研究结果表明，基金家族资产流动的多元化是基金股东净业绩收益的重要来源。这些收益主要出现在竞争更激烈的行业领域。