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Diligence Institute

Highlights From New Constructs Investment Research

Less Than 1% of Managers Deliver Alpha: Here Are Details

Less Than 1% of Managers Deliver Alpha: Here Are Details

“New research on the performance of institutional portfolios shows that after risk adjustment, 24% of funds fall significantly short of their chosen market benchmark and have negative alpha, 75% of funds roughly match the market and have zero alpha, and well under 1% achieve superior results after costs—a number not statistically significantly different from zero.”

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