In summary, there is strong evidence that investors ignore selection biases in fund performance advertisements.
FORBES: How Selective Advertising by Mutual Funds Misleads Investors
And they understand that mutual fund performance rarely beats an index they can purchase.
FORBES: Pensions Funds: Funding Unsavory Practices of Venture Capitalists (May 1, 2000)
More likely, the real motivation for holding on to shares is to boost fund performance.
The money-tracking firm found no persistent link between past equity-fund performance and future returns.
Mutual fund portfolio managers personally profiting by front-running client orders and thereby diluting fund performance.
Are 10-year fund performance numbers typically better for the low-expense funds in your 401(k)?
Nor does he analyse how hedge-fund performance compares with other asset classes, such as private equity.
Ever since we started rating mutual fund performance half a century ago, FORBES has shone a spotlight on fund costs.
Our report on 2002 mutual fund performance can help you make investment decisions.
Hedge fund performance fees can be 15 to 20 percent of profits and venture capital funds are often 30 percent.
Then again, as Rompotis notes, if their regular fund performance is any indication of active ETF performance, I doubt it.
The pension fund performance reports we reviewed all showed the same ugly results: horrendous underperformance and extensive self-dealing involving consultants.
FORBES: The Long Overdue Florida Public Pension Clean-Up (November 21, 2007 )
Since consultants recommend asset allocations and money managers (and frequently push specific managers), consultants have tremendous influence regarding overall fund performance.
FORBES: Public Pension Shortfalls and Consultant Conflicts (September 1, 2002 )
That is, if the adviser benefits when the fund goes up, so too must he suffer when the fund performance goes down.
FORBES: Pensions Funds: Funding Unsavory Practices of Venture Capitalists (May 1, 2000)
Fund holdings can affect fund performance more than fees or past performance.
All this gives fund managers neat trends to work with for the first time in months, as upbeat fund performance data show.
WSJ: Strong Start to 2013 Hints at Revival for Currency Funds
But what the data do not do is compare hedge fund performance with that of mutual funds--those comparatively boring investment pools for ordinary mortals.
Turnover rates in portfolios are high, mutual fund performance chasing is the norm, and investor sentiment shifts much more rapidly than good discipline would infer.
While many infractions are minor, some involve issues like fund insiders' failure to disclose personal trades, as required by law, which can compromise fund performance.
That has included lobbying against disclosing after-tax fund performance and the cost in dollars of owning funds, as well as how fund firms vote proxies.
While fund performance is tough to predict, fund expenses aren't.
In March Dalbar, a financial services market research firm based in Boston, released a study of equity fund performance over the 20 years through last December.
That's actually a tad below the average mutual fund performance.
The Center for Entrepreneurial Studies has excellent resources for those considering a search fund, with annual reports on search fund performance and detailed documents to help you get started.
FORBES: Search Funds: The Boys Club You've Never Even Heard Of
In other words, the index numbers overstate the strength of hedge fund performance due to stronger results in the early years when hedge funds and the industry itself were both smaller.
The Bear Stearns fund performance "reflects the unprecedented declines in the valuations of a number of highly rated (AA and AAA) securities, " Bear Stearns told investors in a letter circulated late Tuesday.
Javier Gil-Bazo and Pablo Ruiz-Verdu studied the relationship between mutual fund performance, management fees, commissions and flow of funds in The Relation between Price and Performance in the Mutual Fund Industry.
The SEC's position is somewhere in the middle, that board independence has nothing to do with improving fund performance but is useful in eliminating conflicts of interest--that is, in keeping the business honest.
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