While waiting for my arrival the paper copy of a survey conducted by the Centro Studi of Mediobanca, I downloaded the materials, in draft, from site http://www.mbres.it/
The survey results, which covered 956 Italian funds, edited by Mediobanca already eleven years, are based on the collection and processing of annual returns of funds, in order to derive aggregate statistics.
From a first reading is also confirmed for the 2011 the increase in redemptions of shares, whose number is greater than new subscriptions.
Loss in yields, than buying annual BOT 12 months, onset of investment funds (1984): in other words if an investor had used the same money, subscribing and renewing year to year Treasury bills, instead of using them in all the funds would earn more.
In the first six months of 2012 is continuing the trend of output (repurchase shares).
The outflow from mutual funds in my view has three main reasons:
1. the negative returns (The above example is typical).
2. the high cost and psychological information (every day is published in the newspapers than the share, for example, to your home where no one goes home and sits in the doorway quote of the present value of the properties in the neighborhood where you live).
3. collecting money from banks to other instruments (Bank Bonds, Deposit accounts, etc.) the urgent need for liquidity.
Can you elaborate on the data and to book your free copy of the Survey on the site http://www.mbres.it/
Alex Gaetani
Read more, instead on mutual funds, I point out the following ebook Kindle: