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- Title
Performance and characteristics of actively managed retail equity mutual funds with diverse expense ratios.
- Authors
Haslem, John A.; Baker, H. Kent; Smith, David M.
- Abstract
We investigate the relation between the performance and characteristics of 1,779 domestic, actively managed retail equity mutual funds with diverse expense ratios. We show that using expense ratio standard deviation classes is an effective method for characterizing fund expenses for investors. Using various performance measures including Russell-index-adjusted returns, the results indicate that superior performance, on average, occurs among large funds with low expense ratios, low trading activity, and no or low front-end loads. Performance is invariant with respect to whether funds have 12b-1 fees.
- Subjects
MUTUAL funds; COST; PERSONAL finance; FINANCIAL services industry; INVESTMENT products; INVESTORS
- Publication
Financial Services Review, 2008, Vol 17, Issue 1, p49
- ISSN
1057-0810
- Publication type
Article