Fig. 3
From: ‘Smart’ copycat mutual funds: on the performance of partial imitation strategies
Imitation by copycat quantile distributions. Each quarter, all stocks from a fund’s portfolio in which the fund manager is identified as imitating another manager’s trades are classified on two dimensions: the copycat quantile of the fund which holds them, and the quantile of the fund whose trades are imitated. The average group portfolio weight is calculated as the mean of the weight of each stock in its portfolio. The figure depicts the percentage of stocks in which fund managers imitated the trades of other managers in each copycat quantile. The continuous line shows the propensity to imitate in each group by fund classified into quantile 0 (‘Zeros’), whereas the dotted and dashed lines show the same data for funds in quantiles 5 (‘Copycats’) and − 5 (‘Leaders’)