From a theoretical point of view, studies of mutual fund performance can be used as tests of market efficiency. From a practical point of view they can guide investors in choosing among mutual funds. We study a sample of French mutual funds (OPCVM) over the 1994 to 1999 period. Our results show that index future contracts achieve superior performance on the average . They also show that the persistence in performance is at best an intermittent phenomenon but that is not significant for all practical purposes.
AFTALION, F. (2001). Les performances des OPCVM actions françaises. Bankers, Markets and Investors, pp. 6-16.