Fund Network Centrality, Hard-to-Value Portfolio, and Investment Performance

Table 1

Descriptive statistics and correlation matrix.

	Variable	Mean	STD	Min	Max	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17
1	Performance	0.004	0.033	−0.271	0.356
2	Closeness	0.016	0.018	0.003	0.161	0.01
3	Betweenness	0.002	0.003	0	0.064	−0.02	0.54
4	Eigenvector	0.017	0.018	0	0.151	0.01	0.56	0.33
5	HTV_mrkt	1.095	0.602	0.006	3.079	−0.01	−0.10	−0.01	−0.15
6	HTV_fdmt	2.585	1.316	0.065	5.345	−0.03	−0.09	−0.04	−0.06	0.09
7	HTV_info	0.394	0.239	0.002	1.657	−0.04	−0.16	−0.01	−0.22	0.09	0.08
8	Netasset (billion)	1.732	2.721	0.009	15.423	0.00	0.34	0.11	0.28	−0.08	−0.05	−0.12
9	Familysize (billion)	44.099	42.089	0.369	191.659	0.02	−0.09	−0.10	0.01	−0.02	0.01	−0.02	0.28
10	Fundage (months)	57.306	41.092	0	216	−0.01	−0.16	−0.11	−0.07	0.01	0.00	0.01	0.16	0.09
11	Expense	0.027	0.034	0.003	0.296	−0.04	−0.08	−0.02	−0.04	0.04	0.02	0.04	−0.16	−0.10	−0.11
12	Turnover	1.957	2.918	0.043	19.985	−0.05	−0.11	−0.02	−0.10	0.04	0.00	0.05	−0.22	−0.16	−−0.09	0.08
13	Return	0.011	0.060	−0.163	0.187	0.01	0.02	−0.01	0.03	−0.11	−0.11	−0.08	0.02	0.05	0.02	−0.06	−0.03
14	Fundflow (billion)	−0.041	0.393	−1.662	1.956	0.01	−0.03	−0.02	−0.04	−0.01	−0.01	−0.01	−0.01	−0.01	−0.03	−−0.05	−0.00	0.05
15	PhD	0.159	0.366	0	1	−0.01	0.01	0.02	0.01	−0.01	−0.01	0.00	0.02	−0.02	−0.04	0.02	0.04	−0.00	−0.01
16	Gender	0.223	0.417	0	1	−0.00	−0.07	−0.05	−0.01	−0.01	0.02	−0.01	−0.09	0.02	−0.04	0.02	−0.05	−0.01	0.01	−0.03
17	Teamsize	1.387	0.617	1	6	−0.01	0.01	−0.02	0.02	−0.00	0.01	−0.00	0.07	0.06	−0.05	0.05	−0.03	−0.18	−0.03	0.14	0.28
18	Tenure (months)	26.391	19.340	0.500	169	0.00	−0.12	−0.10	−0.04	−0.01	0.02	−0.00	0.12	0.13	0.34	−0.08	−0.10	0.01	0.02	−0.06	−0.04	−0.19^s

Notes: N = 37606; .