Waiting for me arrivals, the paper copy of the survey carried out by Mediobanca's Research Center, I downloaded the materials, in draft, from site Ufficio Studi Mediobanca
The survey results (stavolta pubblicata a fine anno, rispetto alle precedenti edizioni estive) edited by Mediobanca, which covered 1003 Italian funds, are based on the collection and processing of annual returns of funds, in order to derive aggregate statistics.
At the end of 2015 there was an aggregate equity of 292 billion €.
In fact, from a first reading, si conferma anche nel 2015 una raccolta netta positiva pari a circa 25 billion €.
So for the third consecutive year subscriptions exceeded redemptions.
Vediamo qualche dato saliente:
returns
Once again, the survey provides a negative assessment, in terms of fund performance, in the long term. In fact, these are still at a loss compared to the annual purchase of 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.
Management costs
The volume of the fees charged to investors in 2015 increased compared to 2014 (3,5 billion €). The comparison with the US financial industry confirms that Italian funds are more expensive.
Rotation
As is known excessive portfolio turnover means higher trading costs faced by investors through yield reductions. The high turnover in management in the Italian-based funds is abnormal in the international context (continues to take place in a very short period of visions).
Di seguito la mia lezione sui Mutual Funds
Alex Gaetani