# kaal:claim:2816408-026

**Claim.** Smaller funds outperform larger funds in eight of twelve months in 2012, but performance varies strongly across the subsamples with no clearly dominant group on average.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- 2012 monthly mean returns
- subsamples split at $150 million AUM

**Source quote.**

> Figure 1 shows that smaller funds outperform larger funds in the sample in eight of twelve months in 2012. There is a strong variability in the performance of the subsamples, with on average no clear dominant group.

**From.** Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, *Did the Dodd-Frank Act Impact Private Fund Performance  – Evidence from 2010 – 2015* (2016), 5. DATA AND DESCRIPTIVE STATISTICS, page 8

**Cite as.** Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Private Fund Performance  – Evidence from 2010 – 2015 (2016). SSRN: https://ssrn.com/abstract=2816408

**Verify.** sha256 of source PDF `dc3b2f9e60e42ea1b42c2e0062d65569675b014c05fcd30b15ad44d2410b2ce7` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20et%20al.%20-%202016%20-%20Did%20the%20Dodd-Frank%20Act%20Impact%20Private%20Fund%20Performance%20%20%E2%80%93%20Evidence%20from%202010%20%E2%80%93%202015.pdf

**Topics.** empirical-evidence

**Keywords.** descriptive-statistics, fund-size, monthly-returns, subsamples

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