By calculating the performance of U.S. stock funds on a year-by-year basis and weighting each fund's return by its mid-year assets, we get a picture of how these funds performed.
They apply differing criteria for including a hedge fund in an index: some weight funds equally, others according to size.
To date, attempts to value-weight funding thresholds or outcomes [ 19] have typically adjusted for only a narrow subset of potentially relevant non-health characteristics such as distribution [ 20], age [ 9] or severity [ 21].
The latter does not have to do anything to its portfolio as prices move; an equal-weighting fund, by contrast, has to readjust its holdings.
If the average return of such managers was calculated by weighting the amount of funds under management, a different picture would emerge.
We calculate a family's composite performance for each 12-month period over the past decade by looking at U.S. stock funds the group offered to the public in each period and weighting the performance of each fund by its assets at the beginning of the 12 months.
For example, Ms. Dolan said expense ratios would be a major element in appraising index funds, while "people" would weight heavily for a fund like the highly concentrated Fairholme Fund, whose fortunes are closely tied to the stock-picking skills of its manager, Bruce R. Berkowitz.
It said future funding guidelines "give weighting to the contribution and effectiveness of Aboriginal and Torres Strait Islander organisations to provide to their community beyond the service they are directly contracted to provide".
The more weight a fund or a stock carries in a portfolio, the more its success or failure will affect the whole portfolio's return.
This year, Mr. Kern said, the fund has slashed its heavy technology weighting by more than half.
The market neutral fund gives the longs and shorts equal weighting.
