Actively vs. passively managed Germany funds
When comparing assets and liabilities, active fund managers usually do not do well: The ongoing fund fees ensure that the actively managed funds have to make up for a performance disadvantage in the race for the last percentage point. Only a minority succeeds in doing this and is equally very likely. If there is a statistical average, there must be at least 49 percent that are worse, measured by invested volume. However, the number of fund managers who are more successful than the rest can exceed 50 percent. This is particularly evident in less liquid and less efficient markets, where fund managers can score with targeted stock picking.
