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Poor Returns….Again

There appears to be a growing realisation that fund managers of all ilk are simply not delivering the returns they are being paid for. In fact the evidence seems to indicate that the majority of managers (>95%) are actually a drag on the performance of any given fund.

Whilst, we tend to look as this situation in a vacuum this piece in the New York Times looks at the impact of manager fees upon the very real needs of pension funds. A similar situation exists domestically with fund managers simply failing to deliver any value at all in the massively important area of superannuation. I have written before about APRA’s survey of superfunds and their finding that the largest 200 have only delivered 3.9%pa.

The intriguing thing about the failure of fund managers is that their poor performance can be traced back to a few key issues. Yet, despite this the industry is so insulated from the real world and from any meaningful self analysis that this is lost upon them.

 

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