20 Pages Posted: 14 Nov 2009 Last revised: 14 Jan 2010
Date Written: November 6, 2009
Investigating style-adjusted performance is important for an investor who has selected the desired style and wishes to know which fund or company or portfolio would have provided the best performance within that style. Looking at the entire portfolios provided to clients by different companies or suggested by different advisors enables assessment of how clients have done. This is a function of the funds provided by the companies, the advice provided by the companies and their associated advisors, as well as the behavior of the clients themselves. If we want to answer the question: “Has Vanguard or DFA or WisdomTree done better by their clients?” analyzing the returns of the entire portfolios is the correct method. This is what we do here.
Suggested Citation: Suggested Citation
Tower, Edward and Yichong, Zhang, Vanguard Versus DFA & Wisdomtree, and the Value Added by Dan Wiener’s Independent Adviser for Vanguard Investors (November 6, 2009). Available at SSRN: https://ssrn.com/abstract=1504756 or http://dx.doi.org/10.2139/ssrn.1504756