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Primary Article

How Well Have Taxable Investors Been Served in the 1980s and 1990s?

Robert D. Arnott, Andrew L. Berkin and Jia Ye
The Journal of Portfolio Management Summer 2000, 26 (4) 84-93; DOI: https://doi.org/10.3905/jpm.2000.319766
Robert D. Arnott
Managing partner and CEO of First Quadrant, L.P. in Pasadena, CA.
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Andrew L. Berkin
An associate director with First Quadrant.
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Jia Ye
A director with First Quadrant.
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Abstract

This article examines the performance of large equity mutual funds over the past ten, fifteen, and twenty years. On both a before– and after–tax basis, the authors find that the average mutual fund underperformed the Vanguard Index 500 fund. Although part of this under–performance is attributed to a small–size bias inherent in active management, an analysis of the pure tax effects also shows that funds have not been managed in a tax–efficient manner. The authors suggest a few simple ways to improve after–tax performance.

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The Journal of Portfolio Management
Vol. 26, Issue 4
Summer 2000
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How Well Have Taxable Investors Been Served in the 1980s and 1990s?
Robert D. Arnott, Andrew L. Berkin, Jia Ye
The Journal of Portfolio Management Jul 2000, 26 (4) 84-93; DOI: 10.3905/jpm.2000.319766

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How Well Have Taxable Investors Been Served in the 1980s and 1990s?
Robert D. Arnott, Andrew L. Berkin, Jia Ye
The Journal of Portfolio Management Jul 2000, 26 (4) 84-93; DOI: 10.3905/jpm.2000.319766
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