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This quotation is supported by an array of academic studies providing empirical evidence that active mutual funds underperform the market on average, that the majority of individual funds underperform the market and that those few funds outperforming, if at all, are not identifable ex ante. Still, the dominant share of professionally managed assets follow an active investment strategy, despite the strong growth of passive products in recent years. This apparent contradiction makes active mutual funds an interesting field of academic research on the behavior of market participants and its implications for the value of active management.
KeywordsMutual Fund Hedge Fund Fund Manager Past Performance Mutual Fund Manager
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