Sorokina M.M., Deduyshko E.I.
THE VALUE OF ACTIVE MANAGEMENT OF MUTUAL FUNDS: FOREIGN AND RUSSIAN EXPERIENCE
Sorokina M.M.1 (Novosibirsk, Russian Federation) – E-mail: firstname.lastname@example.org, Deduyshko E.I.1 (Novosibirsk, Russian Federation) – E-mail: email@example.com
1Novosibirsk state University of Economics and Management
Abstract. The article analyzes foreign and Russian methodological approaches to assessing the effectiveness of active management of mutual funds. The paper attempts to revise traditional views on the effective management of mutual funds by analyzing the research of foreign and Russian authors. The conventional wisdom about actively managed mutual funds states that, on average, active management has little value for investors. This belief is based on three main conclusions: profitability does not significantly exceed fees, no one guarantees stable profitability of the fund and the skills of managers do not exceed the costs that an investor pays for servicing an actively managed mutual investment fund. The purpose of the article is to study the value of active management of mutual funds for the Russian market. Foreign studies of the twenty-first century show that managers of active mutual funds have significant skills that create real value for investors and persist over time. According to the methodological approaches considered in the paper, the majority of actively managed funds in Russia do not win the market. In fact, research shows that very few actively managed funds deliver higher returns than benchmarks over long periods of time, including with impressive short-term performance indicators. As a result of the analysis, the Russian market of mutual funds at the current stage of development is characterized by a low value of active fund management for an investor from the point of view of the literature reviewed.
Keywords: mutual fund, value, efficiency, active management, passive management.
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