@article {Arnott84, author = {Robert D. Arnott and Andrew L. Berkin and Jia Ye}, title = {How Well Have Taxable Investors Been Served in the 1980s and 1990s?}, volume = {26}, number = {4}, pages = {84--93}, year = {2000}, doi = {10.3905/jpm.2000.319766}, publisher = {Institutional Investor Journals Umbrella}, abstract = {This article examines the performance of large equity mutual funds over the past ten, fifteen, and twenty years. On both a before{\textendash} and after{\textendash}tax basis, the authors find that the average mutual fund underperformed the Vanguard Index 500 fund. Although part of this under{\textendash}performance is attributed to a small{\textendash}size bias inherent in active management, an analysis of the pure tax effects also shows that funds have not been managed in a tax{\textendash}efficient manner. The authors suggest a few simple ways to improve after{\textendash}tax performance.}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/26/4/84}, eprint = {https://jpm.pm-research.com/content/26/4/84.full.pdf}, journal = {The Journal of Portfolio Management} }