Are Views of Mutual Fund Disclosures Informative to the Stock Market?

We study how mutual fund disclosure views influence stock market informational efficiency. Using EDGAR log data, we document substantial investor engagement with fund disclosures and investors' ability to identify informed holdings. We construct a novel measure of information flow from fund disclosure views to the stock market. This information flow improves market efficiency, measured by price and trading reactions to earnings news. The effect is driven by sophisticated investors engaging in multi-source viewing and informed trading. While the average mutual fund underperforms, their selective deviations from benchmarks reflect valuable private information, and investors' aggregate viewings enhance stock market efficiency.