There is some evidence of ‘alpha’ being generated by fund managers through 'skilful transaction activity and asset management. Opportunity fund managers also appear to have generated superior returns through controlling the timing of the buying and selling of assets, although, with performance fees generally charged on IRRs rather than time-weighted returns, it is open to debate as to whom this benefits more - the investor or the fund manager. Generally, core funds were found to have much higher levels of market risk than expected as the sample was found to have a higher than expected beta of . The research found that core funds have failed.
