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Based on a custom-built conditional multi-factor model, which includes several bond and equity-related factors, along with time-varying betas and alphas, we show that funds in our dataset significantly underperform from 2004 to 2021. This evidence holds even on a before-fee basis, with funds investing predominantly in bonds exhibiting significantly higher alphas than funds investing predominantly in equities. Since multi-asset funds may better hedge against market downturns than equity or bond funds, given their higher asset class diversification, we also evaluate performance for crisis and non-crisis phases separately. The results show that, during market crises, international multi-asset funds perform significantly better than in non-crisis times, achieving neutral performance. However, while funds that favour bond investments perform similarly across different market phases, funds that prioritize equity investments perform significantly better during crises. Consequently, multi-asset funds with higher bond holdings can be a better option during non-crisis periods, while funds with higher equity holdings should be preferred during market downturns. This somewhat puzzling finding seems to be related to funds\u2019 cash holdings. By providing a better understanding of the asset allocation decisions of international mutual fund managers, as well as of their impact on fund performance, this work has meaningful implications for investors.<\/jats:p>","DOI":"10.1007\/s10663-024-09614-2","type":"journal-article","created":{"date-parts":[[2024,6,3]],"date-time":"2024-06-03T05:01:53Z","timestamp":1717390913000},"page":"783-805","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Performance and investment styles of international multi-asset funds during market crises"],"prefix":"10.1007","volume":"51","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-2010-8890","authenticated-orcid":false,"given":"Paulo","family":"Leite","sequence":"first","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2024,6,3]]},"reference":[{"issue":"6","key":"9614_CR1","doi-asserted-by":"publisher","first-page":"951","DOI":"10.1080\/14697688.2010.544667","volume":"12","author":"CJ Adcock","year":"2012","unstructured":"Adcock CJ, Cortez MC, Armada MR, Silva F (2012) Time-varying betas and the unconditional distribution of asset returns. 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