An empirical examination of UK International unit trust performance

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We examine the performance of U.K. unit trusts with international equity objectives between January 1985 and December 2000 using four international factor models. The international version of the Carhart (1997) model performs the best in explaining the cross-section of international stock returns. There is little evidence of superior performance by international trusts relative to the global models. We also find that the choice between a local and global version of the Carhart model has a significant impact on the relation between the investment sector of the trust and performance.
Original languageEnglish
Pages (from-to)183-206
Number of pages23
JournalJournal of Financial Services Research
Issue number2
Publication statusPublished - Apr 2005


  • fund performance
  • international asset pricing


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