PT  - JOURNAL ARTICLE
AU  - Philippe Masset
AU  - Jean-Philippe Weisskopf
TI  - Wine Funds: <em>An Alternative Turning Sour?</em>
AID  - 10.3905/jai.2015.17.4.006
DP  - 2015 Mar 31
TA  - The Journal of Alternative Investments
PG  - 6--20
VI  - 17
IP  - 4
4099  - https://pm-research.com/content/17/4/6.short
4100  - https://pm-research.com/content/17/4/6.full
AB  - This article examines the performance, selectivity, and market-timing abilities of wine fund managers over the 2000–2013 period. The authors hypothesize that wine fund managers should be able to profit from market inefficiencies on the wine market and generate abnormal returns for investors. Their results show that fund managers’ overall selectivity and market-timing abilities appear to be limited. Only one fund offers positive risk-adjusted returns and two funds show a tendency for market timing. Considering non-quantifiable risks, wine funds thus do not appear to be interesting investments.TOPICS: Real assets/alternative investments/private equity, performance measurement