Englisch > Deutsch Wirtschaft/Finanzwesen Investment/Wertpapiere Performanceanalyse

However, there were some potential biases inherent in the study that we needed to address. While we have provided broad‑based averages, the diverse range of investment objectives represented in the study provided an opportunity for us to dig deeper than just calculating simple performance averages across all 18 composites. The universe of smaller stocks is typically less deeply researched than the large‑cap market, potentially making it easier for small‑cap managers to generate excess returns by exploiting informational inefficiencies. Thus, the excess returns for the small‑cap managers in the study ***could have biased a simple average higher***, concealing relatively weak results for large‑cap managers. To correct for these potential biases, we divided the 18 composites in the study into three capitalization categories—large‑, mid‑, and small‑cap—based on the designated benchmarks for the composites.

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