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Abstract
This article examines the performance of large equity mutual funds over the past ten, fifteen, and twenty years. On both a before– and after–tax basis, the authors find that the average mutual fund underperformed the Vanguard Index 500 fund. Although part of this under–performance is attributed to a small–size bias inherent in active management, an analysis of the pure tax effects also shows that funds have not been managed in a tax–efficient manner. The authors suggest a few simple ways to improve after–tax performance.
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