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Fonde

Vanskeligheder for aktive fonde siden finanskrisen

Morningstar tager temperaturen på aktive fondes præstationer relativt til passive alternativer. Aktive fondes succesrate i dominerende aktivklasser har været lav efter finanskrisen.

Thomas Furuseth 05/03/2018

Succesrate måler aktive forvalteres succes på pragmatisk vis, idet præstationerne måles op mod relevante passive fonde. Det er investorers reelle alternativer til aktiv forvaltning frem for aktive fondes egne sammenligningsindeks. Mange indeks er i praksis ikke investerbare for de fleste investorer, og dermed ikke tilgængelige alternativer.

Nøgletallet tager også højde for aktive fonde, som er tilgængelige på starttidspunktet for beregningen, og dermed de faktiske valgbare muligheder som investorer havde på det givne tidspunkt.

Succesrate udtrykker procentandelen af fonde, som var med fra analyseperiodens start og i live ved udgangen af perioden og klarede sig bedre end passive fonde (opgjort som median-afkastet) i samme Morningstar kategori. Fonde med dårligere afkast end passive fonde over perioden, som er blevet lukket ned eller fusioneret tæller således med som en fond der mislykkedes.

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Om forfatteren

Thomas Furuseth

Thomas Furuseth  var analytiker og redaktør på Morningstar.no i perioden 2006 til og med mai 2020. Han jobber nå i DNB.

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