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According to Mr. Lowenstein's analysis, the performances of most mutual funds range from dismal to terrible while the managers receive fees regardless of whether the prices of the stocks they select rise or fall.
Morningstar category rankings for Vanguard's six multimanager funds range from the 18th percentile, on average, over the last three years to the 37th percentile over the 12 months ended Feb. 28.
These and other new publications, written and edited by graduate and undergraduate students and financed in part by foundation funds, range from old-line conservative to neo-conservative in outlook and from sniping to scholarly in tone.
Funds range from a few hundred pounds up to £30,000.
Annual expense ratios for individual investor class shares of S&P 500 funds range from 0.18% to 2%, according to Lipper.
The year-to-date returns of these nine funds range from slightly below 5% to as high as 20%, but they all have one very important thing in common: proven market-beating performance.
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There are nine kinds of funds, ranging from a risk-free money market fund to three high-risk funds.
It serves both large and small pension funds, ranging from the Jacksonville City Retirement System, a $1.9 billion plan, to the $41 million Riviera Beach Police Pension Fund.
A 2003 study by the Center for International Securities and Derivatives Markets found balance-sheet leverage at hedge funds ranging from less than one times capital to 25 times capital.
A government panel in 2009 found illicit Indian funds ranged from $500 billion to $1.4 trillion, which is now nearly the size of the Indian economy.
But alas, the performance of the vast majority of mutual funds ranges from dismal to atrocious, especially in comparison to the highly profitable performance of the management companies that own them.
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