Svenska aktivt förvaltade aktiefonder - Aktivitetsgradens påverkan på förvaltningsavgiften
Sammanfattning: Background: Great attention was paid to the level of activity of Swedish actively managed equity funds inDecember 2014. The National Association of Share Investors reported Swedbank Robur to the Board forConsumer Complaints (ARN). It was the management of their funds Allemansfond Komplett and Kapitalinvestwhich was criticized. It showed that the funds were not managed in such an active manner specified bySwedbank, thus they charged high fees to be actively managed. It was demonstrated that they were inpositions close to index.Purpose: The purpose of this study is to examine if the management fees are properly reflected given its levelof activity. Furthermore, to also study if actively managed equity funds can be motivated by its risk-adjustedreturn.Method: This papers sample consists 43 active managed funds in the Swedish market. The data from thesefunds are cardinal retrieved from Bloomberg Terminal, if not through contact with the fund company. Theresearch period is between 2011-2015.Results: The study shows significant impact between Active Share and the management fee. Furthermore, thetracking error and the turnover ratio have not shown statistical significance on the fee. Actively managedfunds have no superiority as an investment option among our sample, though we can see a higher average riskadjustedreturn seen over the sample period compared to index.
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