Pensions Institute: 'Almost all' active managers fail to beat the market

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Almost all active fund managers fail to outperform the market once fees are extracted from returns, according to research from the Pensions Institute (PI).

The Cass Business School department studied monthly returns of 516 UK domestic equity (open-ended) mutual funds between 1998 and 2008. It found an annual post-fee alpha return of -1.44%, meaning...

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