Iapm s6: article european mutual fund performance otten & Iapm article s6: introduction, purpose of paper: give an overview of the largely unexploited european mutual fund area. Spain, germany, netherlands) together account for almost 90% of total mutual fund markets in. Europe; greater number of funds in europe than in us: importance of equity-oriented funds: more equity-focus in us, less in europe (possibly purchase equities through other channels) + heavily invest in bond-funds, data. Fama and french 3-factor model: better explanation of fund behaviour; additional 2 factors to capm. Iapm article s6: model here: adds fourth factor, the momentum anomaly from jegadeesh and titman/carhart. 4. 2 results: significant positive smb loadings, only half of style loadings for hml factor are significant at 5, only half of pr6m significant with negative sign contrarian strategies. European mutual funds seem to prefer small value (high b/m ratio) stock.