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Fonde

Færre omkostninger øger odds for aktive fonde

En akilleshæl for aktivt forvaltede fonde er deres egne fondsomkostninger. Lavere omkostninger øger alt andet lige sandsynligheden for succes.

Nikolaj Holdt Mikkelsen, CFA 27/11/2017

For mange helt almindelige danskere er investeringsfonde hverdagskost. Faktisk gør mere end 800.000 danskere brug af investeringsfonde i opsparingsøjemed, når pengene investeres i jagten på et godt afkast.

Størstedelen af opsparingen placeres i såkaldte aktivt forvaltede fonde. Deres målsætning er afkast på niveau med og helst bedre end markedsafkastet. Er globale aktier fx steget 6 pct. om året over en årrække vil succeskriteriet for globale aktiefonde være mindst 6 pct. over samme periode uden at gå på kompromis med risiko eller andre forhold.

Erfaringen viser det ikke er helt så nemt endda at indfri målsætningen. Adskillige analyser viser nemlig at mange aktive fonde underpræsterer og investorer ender med afkast, som ikke er højere, men lavere end markedsafkastet. Og kun de færreste fonde klarer sig konsistent bedre end markedet over en længere årrække.

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Nikolaj Holdt Mikkelsen, CFA

Nikolaj Holdt Mikkelsen, CFA  

Chefanalytiker i Morningstar Danmark

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