Using text-based measures of firm-level political risk, we find a negative impact of the portfolio's weighted political risk on U.S. mutual fund performance. This relationship is robust to a wide range of topic-specific political risks at the firm level. We, however, find that national geopolitical risk, the U.S. state-level economic policy uncertainty, and Brexit-induced risk do not affect mutual fund performance. Our results suggest that even though mutual funds are immune from political risk at the macro level, they are significantly exposed to idiosyncratic political risk. We also demonstrate that partisanship matters to mutual fund performance.

中文翻译：

---

投资组合的加权政治风险和共同基金业绩：基于文本的方法


使用基于文本的公司层面政治风险衡量标准，我们发现投资组合的加权政治风险对美国共同基金业绩产生负面影响。这种关系对于公司层面的各种特定主题的政治风险都是稳健的。然而，我们发现国家地缘政治风险、美国州级经济政策的不确定性以及英国脱欧引发的风险不会影响共同基金的表现。我们的研究结果表明，尽管共同基金在宏观层面上不受政治风险的影响，但它们却明显面临特殊的政治风险。我们还证明党派之争对共同基金的业绩很重要。