A new study by is looking to answer the age-old question: Do active investment managers (e.g., mutual funds and hedge funds) add value above and beyond simply investing in an index?

Sharath Sury, executive director of the Institute for Financial Innovation & Risk Management research think-tank and an adjunct Professor of Economics at the University of California, Santa Cruz, last week presented new data at the Investment Education Symposium in New Orleans indicating that a majority of long-only equity managers and fixed income managers, as well as hedge funds and hedge fund of funds. have significant broad market exposure that are already available in much more cost and tax efficient index funds.

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