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Question
According to DALBAR research, why do equity fund investors typically earn less than the equity funds they hold?
1
Because equity funds charge hidden fees that reduce investor returns below the headline figure
2
Because investors consistently buy after strong performance and sell after poor performance, earning less than a buy-and-hold investor
3
Because inflation erodes the nominal returns that equity funds report
4
Because equity fund managers take performance fees that divert returns from investors
Press 1–4 to pick an answer
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