Good things come in small packages?

The main objective of this thesis is to research the performance of boutique funds compared to average mutual funds. We did this based on numerous methods of performance using multiple models and methods to show proof of the outperformance of boutique funds. We can clearly state that in performance measurements and models we used, even after compensating for a high survivorship bias and costs we find better performance from boutiques then from average mutual funds. The outperformance is also persistent in the short and long run making these results interesting for future investors. The outperformance of boutiques according to us due to the fact that managers of boutiques have a relatively high focus and due to the fact that boutique fund managers are so highly dedicated to the performance of their funds since they are so heavily invested into it themselves.