Part of the “Great Debate” series.
- Jim Grant Vs John Bogle: The Great Indexing Debate
- John Bogle Vs Jim Grant: The Great Indexing Debate
- The Sequoia Fund On The “Great Debate.”
- The “Great Debate” Part Four: Should You Pay More For An Active Fund Manager?
Excluding fees, active managers do outperform
As the active vs. passive debate continues to rage, Japanese bank Nomura has come out in support of active managers.
In a study conducted from 2004 to 2014, Nomura found that on average, active managers outperformed excluding the impact of fees on performance. However, after adjusting for fees passive funds showed a better return.
Nomura’s analysts looked at the holdings of US large-cap funds from 2004. They separated the market into ten deciles, determining...
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