Research Interests

My research interests lie primarily in the area of Mutual Funds, Asset Pricing, Portfolios Management and LLMs.

Education

• 2020 - present: PhD in Finance and Econometrics, Warwick Business School, University of Warwick
• 2018 - 2019: MSc Risk Management and Financial Engineering (Distinction), Imperial College Business School, Imperial College London
• 2016 - 2018: BSc Mathematics with Business Management (First Class Honours), School of Mathematics, University of Birmingham
• 2014 - 2016: BSc Economics, School of Economics, Huazhong University of Science and Technology

Current Research

• “Mutual Fund Strategy Changes and Performance”  2023 SSRNLink opens in a new window

  I introduce a new active portfolio management measure, Strategy Shifting, which represents the divergence of the actual weights from the expected weights that the fund should assign to stocks if the fund follows previous stock characteristics based trading strategies. The measure assesses the changes in trading strategies in response to shifts in fundamental information and is free from the benchmark mismatch problem. I show that mutual funds actively altering strategies contribute to improved fund performance. The finding remains robust after controlling for other active management measures and fund characteristics.

  Keywords: Mutual Fund Performance, Active Management, Portfolio Management

• “Readability and Sentiment in Mutual fund Shareholder Reports and Performance” 2024 SSRN

  I leverage large language models (LLMs), fine-tuned on financial text, to analyse the readability and neutralness of mutual fund shareholder reports. A neutral tone in shareholder reports positively predicts fund inflows. However, this effect diminishes when the reports are highly readable. Conditioned on high readability, neutralness results in outflows for outperforming funds but does not attract additional inflows for underperforming funds. Retail investors have a limited response to neutralness, except when presented with highly readable reports. Nevertheless, their reaction is not as pronounced as that of institutional investors. Limited access to fund shareholder reports hinders retail investors from extracting valuable information. The findings in this paper support the objective and adoption of the Tailored Shareholder Report Rule.

  Keywords: Mutual Fund Performance, Shareholder Letters, Textual Analysis, Large Language Models

Supervisors

Constantinos AntoniouLink opens in a new window and Roman KozhanLink opens in a new window

Professional Experience

• 2022 - present: Teaching Fellow, Queen Mary University of London
• 2021 - present: Senior Graduate Teaching Assistant, University of Warwick

I have been proudly volunteering as a Registered Marshal with Motorsport UK since 2022.