Mutual funds that invest in private equity? An analysis of labour-sponsored investment funds
研究了一类特殊的共同基金：加拿大劳工支持投资基金，发现其贝塔值被人为压低，回报显著低于行业基准，管理费率超过4%，并分析了其法定治理结构导致这些异常数据的原因。
This paper considers the structure, governance and performance of a unique class of mutual funds that receives capital only from individuals, and reinvests this contributed capital in private companies, as opposed to traditional mutual funds that invest in publicly traded companies. It considers the particular class of mutual funds known as Canadian Labour-Sponsored Investment Funds (LSIFs). In contrast to expectations, it is shown that LSIFs have artificially low betas, returns that have significantly underperformed industry benchmarks, average management expense ratios greater than 4%, and have collectively accumulated $Can10 billion (£4.3 billion) as at 2005 since their statutory inception in various Canadian jurisdictions in the 1980s and 1990s. It is shown that these incongruous data are directly attributable to the LSIF statutory governance structure.