Large funds no longer deliver best performance. To get a good return investors need to put money into small funds.
This aphorism has become the standard mantra for many, particularly those who are trying to get institutional investors to put more money into funds that have $500 million or less in assets under management (AUM).
In The Effect of Investment Constraints on Hedge Fund Investor Returns, Robert Kosowski examines the effects of investor restrictions – what academics call ‘frictions’–
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