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The average fund in the study had $299 million in net assets when it changed its name.
The top-performing mutual fund in the study was the FPA Capital Fund, which invests in small- and midcapitalization stocks, generally defined as companies with market capitalizations of $300 million to $10 billion.
Our analyses used data from the AOK Bavaria SHI fund, which is the market leading fund in the study region.
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For each of the nearly 1,800 funds in the study, the researchers calculated what they called a divergence index, based on the fund's concentrations in 10 broad industry groupings, relative to the overall market.
A daunting 75% of the closed funds in the study saw declines in the three years after shutting their doors.
The same Vanguard index fund used in the study had annualized returns for the period of 2.28 percent.
And while most index funds analyzed in the study were also the cheapest, they represented only a small number of the funds studied.
Study administrators assume fiduciary responsibility to ensure proper accounting for funds spent in the study.
The 63 funds used in the study, which cover private, public and joint initiatives, are selected from FAO's 2010 publication on Agricultural Investment Funds for Developing Countries.
JAH helped to conceive the study and secure funding, participated in the study design and coordination, analysed the results and co-wrote the manuscript.
The pre-publication history for this paper can be accessed here: http://www.biomedcentral.com/1471-2458/14/404/prepub We thank The Alliance for Safe Children (TASC) for funding support in the study.
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