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Ranking Mutual Fund Families: Minimum Expenses and Maximum Loads as Markers for Moral Turpitude

Author

Listed:
  • Edward Tower
  • Wei Zheng

Abstract

We evaluate the performance of 51 mutual fund families based on a study of their diversified US managed mutual funds over an 11 year period and explore the determinants of performance gross of published expenses. We find that mutual fund families which charge loads, high expenses to their most favored investors and have high turnover tend to perform badly, even gross of these fees. However, gross of published expenses, managed mutual fund portfolios of those families without loads, with low expenses in their least expensive class, and with low average turnover beat the corresponding indexes.

Suggested Citation

  • Edward Tower & Wei Zheng, 2010. "Ranking Mutual Fund Families: Minimum Expenses and Maximum Loads as Markers for Moral Turpitude," Working Papers 10-12, Duke University, Department of Economics.
    • Handle: RePEc:duk:dukeec:10-12
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    Cited by:

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    2. Premachandra, I.M. & Zhu, Joe & Watson, John & Galagedera, Don U.A., 2012. "Best-performing US mutual fund families from 1993 to 2008: Evidence from a novel two-stage DEA model for efficiency decomposition," Journal of Banking & Finance, Elsevier, vol. 36(12), pages 3302-3317.
    3. Yann Duval & Mia Mikic, 2009. "Challenges and Opportunities for Trade and Financial Integration in Asia And the Pacific," Studies in Trade and Investment 67, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    4. Edward Tower, 2025. "Vanguard and Fidelity active stock funds: both generally beat their same-style Vanguard index funds," Annals of Operations Research, Springer, vol. 346(1), pages 645-656, March.
    5. Pornanong Budsaratragoon & Boonlert Jitmaneeroj, 2021. "Fund Ratings of Socially Responsible Investing (SRI) Funds: A Precautionary Note," Sustainability, MDPI, vol. 13(14), pages 1-25, July.

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    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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