Dimples diffuse annularly on the surface of water. The shadows of leaves and flowers with the lipper undulate, ring upon ring.

涟漪在平静的水面上一圈圈扩散开去，投在水面上荷花和荷叶的影子这时此起彼伏，层层叠叠。

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Lipper, an information group, reckons that the median European fund has euro25m of assets, barely enough to be economic to run.

信息机构Lipper估计，中等规模的欧洲基金拥有2500万欧元的资产，很难实现规模经营。

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The average annual return for three years running in indexed emerging market funds is 1.87 percent, says Jeff Tjornehoj, head of Lipper Americas Research.

指数型新兴市场基金三年平均年收益率为1.87%，Lipper美国研究所所长Jeff Tjornehoj说。

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Lipper gets its numbers from the "Statement of Additional Information" that funds file with the SEC.

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In 1954, long before there was a Lipper or a Morningstar, the magazine published its first performance ranking.

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"On average quant funds seem to perform about average, " says Jeffrey Tjornehoj, research manager at Lipper.

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