Impact of COVID-19 on mutual fund performance in Saudi Arabia

This study aims to measure the performance of actively-managed Saudi Arabia mutual funds during COVID-19 outbreak and examines potential impact growth on measured performance. The authors apply Fama French five-factor model risk-adjusted a selected sample 79 funds. Mutual in outperformed market with significant positive alpha 0.15%. panel data regression technique identified new confirmed cases fatalities fund-specific variables fund findings suggest that had negative unadjusted returns returns. may have been interpreted as news by participants actual mortality rate was lower than previous forecast. Moreover, found even individually, most managers were not able minimise compared portfolio. factor affecting which helps investors understand behaviour crisis. It also provides evidence how reacted when overall reaction. this is first applied estimate funds’