AKTIV ELLER PASSIV FONDFÖRVALTNING? - En kvantitativ studie om fondavkastning och fondavgift

Abstract

Mutual funds have risen in popularity across Sweden and over the last 20 years the amount invested have risen from 1000 billion Swedish Crowns to over 4000 billion Swedish Crowns. The majority of the increase has been in the funds investing in equity. The purpose of this study is to examine the difference in performance of both active and passive Swedish mutual equity funds over a time period from 1998-2017. The study will also investigate how the expense ratio impacts the fund’s return. The study uses a quantitative research method. Data of all Swedish funds from 1998-2017 were gathered and analyzed. Both existing and non-existing were included. The funds were divided into two categories, active and passive. The active funds have slightly higher average yearly return than the passive. The difference is not statistically significant and therefore no conclusion about which management style to prefer regarding return can be made. However, the passive funds are less volatile and the Sharpe ratio is nearly the same as the active. Implicating that active fund managers take on more risks without gaining any excessive return. The correlation between expense ratio and return is greater for the passive funds.