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Asset ManagementA Systematic Approach to Factor Investing$
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Andrew Ang

Print publication date: 2014

Print ISBN-13: 9780199959327

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199959327.001.0001

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Mutual Funds and Other 40-Act Funds

Mutual Funds and Other 40-Act Funds

Chapter:
(p.519) Chapter 16 Mutual Funds and Other 40-Act Funds
Source:
Asset Management
Author(s):

Andrew Ang

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199959327.003.0016

Mutual fund managers are talented, but, on average, none of that skill enriches asset owners. The average mutual fund underperforms the market after fees, investors chase funds with high past returns only to end up with low future returns, and larger mutual funds do worse than smaller funds. While the Investment Company Act of 1940 gives significant protection to ordinary investors, most mutual funds are run for the benefit of mutual fund firms rather than investors.

Keywords:   mutual fund performance, survivorship bias, fund flows, mutual fund fees, delegated portfolio management, closed-end funds, ETFs, Janus Capital Group

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