A number of papers have demonstrated that over historical periods, a specified set of factors have outperformed actively managed funds. However, in almost all cases, the factors employed or the procedures followed are not replicable by tradable passive investments. In addition, tradable passive...

This is a survey article. In it we review the modern literature on the characteristics and performance of mutual funds. Key articles on open end stock and bond funds, closed end funds and exchange traded funds are reviewed. Topics range from measuring and predicting performance to explaining...

Over 26% of investment company assets are held in passive managed vehicles. Thus, it is important to understand what affects the performance of passive vehicles and how to choose among the multiple passive options following any index. This paper examines the factors that are important in...