Because of the high fees they charge, hedge funds need to make big gross returns to deliver decent net returns to their clients.

由于对冲基金收取很高的管理费，它们必须获得非常高的毛回报才能带给客户令人满意的净回报。

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“Reducing total expense ratios by 30 to 50 basis points can have a major impact on net customer returns over 20 years,” says Mr Tosato of Schroders.

施罗德的Tosato先生说“将总成本降低30到50个基点可以对20多年的顾客净回报率有着重大影响”。

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Doing so is their path to higher returns on net assets.

这样的做法是提高他们净资产回报率的途径。

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Three layers of fees virtually guarantee that the net returns will be uncompetitive to the pensions.

FORBES: Pensions Perilously Binging Upon Hedge Funds, Funds of Funds and Funds of Funds of Funds (March 20, 2007)

Or is it enough for sponsors to provide broad expense figures and net returns?

FORBES: Challenges to 401ks Continue: A Conversation with Fred Barstein, CEO of 401kExchange (February 15, 2008 )

Funds that trade less should have lower brokerage costs, lower tax bills and higher net returns.

WSJ: The Intelligent Investor: The New Supercharged Index Funds