Research shows that fund managers who lean one way politically are more likely to invest in companies that think the same way. And that could diminish investor returns.
, associate professor of finance at the University of Kansas School of Business, found.
The research looked at the managers of 1,298 actively managed mutual funds, as well as executives of 16,655 companies. In comparing the data, the researchers found that fund managers who leaned Republican were more highly allocated toward companies that veered the same way — about 8% higher in the average share of total net assets — compared to Democratic-leaning fund managers.
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