Retail investors are missing out on active funds’ outperformance of passives because they pay higher fees than institutional investors, new research shows.
Different fee levels mean fund share classes that are accessible to institutional investors have outperformed passives, but retail investors’ share classes have underperformed, a group of four Dutch researchers has found.
The research paper, Fund Selection: Sense and Sensibility, is the result of analysis of the performance of Luxembourg and Ireland-based Ucits equity and fixed-income funds between 2008 and 2020.
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