Note(s): Table 4 presents the results of the winner fund portfolio based on the CAPM, Fama and French (1993), and Carhart (1997) models. The winner fund portfolio includes all funds with positive alphas, which are statistically significant at a 5% level. ***, **, and * indicate statistical significance at a 0.1%, 1% and 5% level, respectively. The sample period ranges from January 2010 through December 2019 (monthly data)

Source(s): Authors’ own work