Cost, Performance, and Benchmark Bias of Public Pension Funds in the United States: An Unflattering Portrait
研究发现美国州级养老基金年均投资费用占资产1.3%，过去十年业绩落后被动投资年均1.4%，但自定基准却显示超额收益0.3%，质疑其业绩报告和昂贵主动管理的有效性。
The author estimates that statewide pension funds in the United States incur annual investment expenses averaging 1.3% of asset value. A sample of 24 of them underperformed passive investment during the past decade by an average of 1.4% a year. And yet, those same funds report that they outperformed benchmarks of their own devising by an average of +0.3% a year for the same period. This sharp disconnect raises questions about the usefulness of the funds’ performance reporting, as well as their heavy reliance on expensive active management.