Ranking mutual fund families: minimum expenses and maximum loads as markers for moral turpitude |
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Authors: | Edward Tower Wei Zheng |
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Institution: | (1) Department of Economics, Duke University, Durham, NC 27708-0097, USA |
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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.
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Keywords: | Mutual fund families Performance Turnover Expense ratio Loads |
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