>Gross of fees, the annual return to investors over the period from 1995 to 2009 was 11.42 per cent. Management and performance fees reduced this figure by 3.79 percentage points.
to 7.63 combined from alpha and beta
>Over the same period, the S&P 500 generated an annual return of 8.04 per cent.
The author's point is that saying '%3 per year due to alpha after fees' is disingenuous since the returns aren't actually higher.
>Gross of fees, the annual return to investors over the period from 1995 to 2009 was 11.42 per cent. Management and performance fees reduced this figure by 3.79 percentage points.
to 7.63 combined from alpha and beta
>Over the same period, the S&P 500 generated an annual return of 8.04 per cent.
The author's point is that saying '%3 per year due to alpha after fees' is disingenuous since the returns aren't actually higher.