Svenska aktivt förvaltade aktiefonder - Aktivitetsgradens påverkan på förvaltningsavgiften

Abstract

Background: Great attention was paid to the level of activity of Swedish actively managed equity funds in December 2014. The National Association of Share Investors reported Swedbank Robur to the Board for Consumer Complaints (ARN). It was the management of their funds Allemansfond Komplett and Kapitalinvest which was criticized. It showed that the funds were not managed in such an active manner specified by Swedbank, thus they charged high fees to be actively managed. It was demonstrated that they were in positions close to index. Purpose: The purpose of this study is to examine if the management fees are properly reflected given its level of activity. Furthermore, to also study if actively managed equity funds can be motivated by its risk-adjusted return. Method: This papers sample consists 43 active managed funds in the Swedish market. The data from these funds are cardinal retrieved from Bloomberg Terminal, if not through contact with the fund company. The research period is between 2011-2015. Results: The study shows significant impact between Active Share and the management fee. Furthermore, the tracking error and the turnover ratio have not shown statistical significance on the fee. Actively managed funds have no superiority as an investment option among our sample, though we can see a higher average riskadjusted return seen over the sample period compared to index.