Smart beta versus structured products: the investor’s conundrum

Many investors favour one approach over the other, belying their similar aims

Tim Mortimer, Future Value Consultants

If the promises of the mutual funds industry are to be believed, good portfolio managers can outperform their relevant benchmarks in the long term thanks to their peerless skill and superior research. Many investors enjoy the feeling of comfort engendered by trusting their manager to deliver results, yet academic studies have repeatedly shown that, as an industry, their collective returns do not exceed the benchmarks that mutual fund managers track.

In fact, almost by definition it would be

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