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This paper studies the predictability of European equity mutual fund performance during a period when European stock markets were partially segmented. Specifically, we use macroeconomic variables to predict the performance of European equity funds, including Pan-European, country, and sector funds. We find that macro-variables are useful in locating funds with future outperformance, and that country-specific mutual funds provide the best opportunities for fund rotation strategies usingdoi:10.2139/ssrn.1787794 fatcat:lfkd2tf5znb6tdrv5kqxnbbge4