THE PERFORMANCE OF UK CLOSED‐END FUNDS: A COMPARISON OF THE VARIOUS RANKING CRITERIA
研究了1968至1977年间英国投资信托的表现，发现其历史业绩普遍低于市场指数，且不同评价方法结果一致，但分时段看表现不稳定，对依赖历史数据预测未来收益的投资者有警示作用。
This study considers the performance of UK Investment Trusts over the ten‐year period 1968 to 1977, using the major criteria suggested in the literature. The results indicate that UK closedend funds were generally inferior (ex post) to the market portfolio (FT Actuaries All‐Share Index). These findings were invariant to the particular peiformance methodology selected. When the overall test period was broken up into sub‐periods it was also found that the ex post performance findings were not particularly stable or consistent over time. These results highlight the problems a fund investor would face in attempting to predict future fund performance on the basis of historical results.