Talk with Prof. Russ Wermers, University of Maryland Date: 8.10.2002 Time: 04:30 pm Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien, Mezzanin Title of the talk: Can We Predict the Future Returns of Active Money Managers? Abstract: Over the past three decades, academic researchers have, in general, found that actively managed institutional security portfolios underperform their passive index-fund counterparts. However, recent research has found results much more flattering to active management. This talk will build on this research by discussing the results of two new studies. The first study addresses whether we can find consistently winning mutual funds, while the second investigates whether we can use characteristics of mutual fund managers (e.g., experience and track-record) to further predict which managers will come out on top. The talk will show that mutual fund returns are surprisingly predictable.