actively managed funds has attracted a great deal of attention in the past, the performance of managers with long track records … has attracted relatively little. In this paper we focus on managers with track records of at least ten years, that is …, managers that have been the sole manager of a fund for at least a decade. We find that the average, net of fee, risk …

Active fund managers are skilled and, on average, have used their skill to generate about $3.2 million per year. Large … investing more capital in funds managed by better managers. These funds earn higher aggregate fees, and a strong positive …