Is Portfolio Performance Related to Whether a Manager Has an Ivy League Education?

Jonathan Janos, University at Albany, State University of New York


In the past, a broad range of studies have been conducted that examine portfolio performance relative to manager characteristics. The examined characteristics have included the possession of an MBA, CFA, SAT score, GMAT score, tenure, and several other variables. However, none have explicitly investigated whether a manager’s specific place of study leads to superior performance. This study examines 2,213 funds from 1979-2009 to find portfolio managers who attended Ivy League institutions as undergraduates had superior benchmark-adjusted returns and information ratios. Their results are not different from non-Ivy graduates.