Active fund managers are skilled and, on average, have used their skill to generate about $3.2 million per year. Large … investing more capital in funds managed by better managers. These funds earn higher aggregate fees, and a strong positive …

-skill managers outperform their low-skill peers in the following month in terms of raw returns and alphas. This outperformance is …

.Although hedge fund managers have earned some great fortunes, investors as a group have done quite poorly, particularly in recent … Why new and emerging hedge fund managers are where generally better returns are to be found, because most capital invested … is steered towards apparently safer but less profitable large, established funds rather than smaller managers that evoke …