Genererar fonder med prestationsavgifter bättre avkastning? En empirisk studie på den svenska fondmarknaden.

Abstract

This paper investigates how asymmetric performance fees affect the performance and risk-taking of mutual funds in the Swedish market between 2012–2016. From our findings we cannot conclude that performance fees induce fund managers to take on more risk. We find that mutual funds on average generate positive excess risk-adjusted return. However, funds utilizing performance fees underperform those without by 0.29 % per quarter. Moreover, we find a negative relationship between funds’ expense ratio and performance. This implies that investors trying to maximize their return should avoid funds with performance fees and high expense ratios.