The performance of equity funds in Taiwan is better than the market portfolio, but not all of them can survive long enough. The size of most funds becomes smaller and smaller as time passes by. Bootstrap simulations suggest that most funds produce benchmark-adjusted expected returns sufficient to not only cover their cost but also outperform the market. Although adding back expense ratio does improve fund performance, the expense ratio data are questionable. Also, superior and inferior fund managers do exist in the real-world mutual fund.

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