Portfolio managers shun investing in own funds

Do fund managers with 'skin in the game' perform better?   Although this article and accompanying reserach is a few years old, it unsurprisingly confirms that portfolio managers who are invested in their own strategies perform better.  More specifically, those managers who are heavily invested perform even better. 

This aligns with Saxe-Coburg's practice of only investing in funds where the manager has a significant portion of their liquid wealth invested in their fund.

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