We study whether subadvising abroad provides an information advantage that improves the performance of international equity mutual funds. We find that it does not. In fact, internationally outsourced funds underperform on a risk-adjusted basis by up to 162 bps annually. The underperformance is concentrated in funds managed by single subadvisors, who are less likely to be terminated after poor performance compared to funds with multiple subadvisors. We dissect fund performance by the location of its subadvisors and find that international subadvisors underperform primarily in their local holdings. Finally, we show that the industry is nonetheless on a path toward equilibrium.

中文翻译：

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子顾问的地理分布、管理结构和国际股票共同基金的表现

我们研究了在国外提供次级建议是否提供了提高国际股票共同基金业绩的信息优势。我们发现它没有。事实上，国际外包基金在风险调整后的表现每年最多落后 162 个基点。业绩不佳集中在由单个子顾问管理的基金中，与拥有多个子顾问的基金相比，这些基金在业绩不佳后被终止的可能性较小。我们按子顾问的所在地剖析基金业绩，发现国际子顾问主要在其本地持股方面表现不佳。最后，我们表明该行业仍处于平衡的道路上。