tailieunhanh - Ranking Mutual Fund Families: Minimum Expenses and Maximum Loads as Markers for Moral Turpitude

Investing in infrastructure and innovation will be crucial for ensuring new sources of growth that better reflect the full value to economic activity to society. OECD analysis shows that greener growth can deliver important economic gains. These can be realised through enhanced resource productivity, reduced waste and energy consumption, and from ensuring that natural resources are priced to reflect their true value. For example, a 17% increase in the type of investment needed to deliver low-carbon energy systems between now and 2050 would yield an estimated cumulative USD 112 trillion in fuel savings (IEA 2010a). It is estimated that just. | Ranking Mutual Fund Families Minimum Expenses and Maximum Loads as Markers for Moral Turpitude a revised version is to be published in the International Review of Economics Edward Tower and Wei Zheng Draft September 14 2008 Duke University Department of Economics Duke University Durham NC 27708-0097 . e-mail tower@ Thus just as gambling in the casino is a zero-sum game before the croupiers rake in their share I m told that this is called vigorish or the vig and a loser s game thereafter so beating the stock and bond markets is a zero-sum game before intermediation costs and a loser s game thereafter. John C. Bogle 2005a . money management - is provably what is generously called a zero sum game which is to say zero before management fees and transaction costs. Jeremy Grantham 2006 . Abstract We evaluate the performance of 51 mutual fund families based on a study of their diversified US managed mutual funds over an 11 year period and explore the determinants of performance gross of published expenses. We find that mutual fund families which charge loads high expenses to their most favored investors and have high turnover tend to perform badly even gross of these fees. However gross of published expenses managed mutual fund portfolios of those families without loads with low expenses in their least expensive class and with low average turnover beat the corresponding indexes. Keywords Mutual fund families Performance Turnover Expense ratio Loads JEL Classification G10 G11 G20 1 Introduction 1 In this paper we test a strong form of the hypothesis of John Bogle and Jeremy Grantham quoted above by asking whether there are many or any fund families which beat the stock indexes. We also look for a formula to describe fund family performance gross of published expenses in order to answer the question of whether in the absence of these expenses actively managed mutual funds beat stock indexes. In the process we offer techniques for the evaluation of .

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