Why do so few mutual fund families launch so many funds and styles around the world? We argue that launching numerous funds on an increasingly granular style grid allows incumbent families to congest the product space and deter market entry. Key to this argument is the persistently low dimensionality of the mutual fund product space, a fact we establish by analyzing the names of over 40,000 equity funds sold in 91 countries between 1931 and 2015. Over time, the strategy of filling up the style grid has led to the dominance of few families offering large, granular, and similar fund menus.

中文翻译：

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共同基金扩散和进入威慑

为什么很少有共同基金家族在全球推出如此多的基金和风格？我们认为，在越来越细化的风格网格上推出大量基金会使现任家族拥挤产品空间并阻止市场进入。这一论点的关键是共同基金产品空间的持续低维度，我们通过分析 1931 年至 2015 年间在 91 个国家/地区销售的 40,000 多只股票基金的名称确定了这一事实。随着时间的推移，填充样式网格的策略已经导致少数家族占据主导地位，提供大型、细化和类似的基金菜单。