We recently came across a very poor piece of research from a large active fund manager that exhibited some of the common flaws in methodology that poorly constructed research sometimes contains. In short, it identifies the best performing active funds with 20/20 hindsight and suggests that investors would have done better by owning these funds than passive funds! It also fails to take into account survivorship bias and its at odds in its findings from more reputable pieces of research such as the SPIVA reports. We refute its claims.
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