Tag
#expense-ratio
2 articles
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Expense Ratio Impact on Returns: The Arithmetic of a Recurring Fee
The expense ratio is deducted daily from NAV, so it never appears as a bill. Over long horizons the drag compounds. Here is the arithmetic, shown neutrally, and its limits.
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Why Active Funds Underperform Their Benchmarks
Active fund underperformance is mostly structural: the arithmetic of the average investor, layered costs, total return benchmarks, capacity limits, and how the comparison itself is built.
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