Age appears to play a greater factor in relative performance than size. Young funds posted the highest cumulative returns since 2003 and during the past five years have also outperformed middle-aged and tenured funds.
Young funds may outperform for specific reasons, a key one among them being the concentration of funds launching to take advantage of a particular market environment. Evidence of this is apparent in the number of securitised credit funds launched in 2007-09, coinciding with the youn
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