US investors pulled huge sums from relatively expensive investment funds last year as the divide between cheap and expensive funds grew into a “chasm”, Morningstar analysis suggests.
The data is symptomatic of an increasingly laser-like focus by investors and their advisers on attempting to maximise returns by keeping costs to a minimum.
The most expensive 80 per cent of US-domiciled mutual and exchange traded funds — based on the asset-weighted average expense ratio — saw an unprecedented $734bn of collective net outflows last year, far in excess of the previous record of $431bn in 2018, according to Morningstar.
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