Longtime fund managers are improving their skills but are still not performing as well as newer members of the asset management industry.

This conclusion was drawn from a new study conducted by three public finance professors for the National Bureau of Economic Research. The authors of the report, Lubos Pastor from the University of Chicago along with Robert Stambaugh and Lucian Taylor from the University of Pennsylvania, examined more than 3,000 actively managed stock funds between 1979 and 2011. They found in their research, which factored out asset size, that actively managed stock funds less than three years old beat their benchmark by roughly 0.9% more than funds at least 10 years old.

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