基金業

Democratising finance: How passive funds changed investing

The process of bringing diversified, affordable investment products to the masses started with investment trusts, which first appeared in the UK in the 1860s and afforded “the investor of moderate means the same advantages as large capitalists”.

Open-ended mutual funds followed in the 1920s, and were boosted in the 1990s byfund supermarkets which made them more popular by removing the initial charges for investing.

By contrast, passive investing is a fairly recent arrival. It did not start until the 1970s, when academic research started to highlight the fact that most active fund managers do not achieve better returns after costs than the broader market.

您已閱讀5%(660字),剩餘95%(12007字)包含更多重要資訊,訂閱以繼續探索完整內容,並享受更多專屬服務。
版權聲明:本文版權歸FT中文網所有,未經允許任何單位或個人不得轉載,複製或以任何其他方式使用本文全部或部分,侵權必究。
設置字型大小×
最小
較小
默認
較大
最大
分享×