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Passive management (also called passive investing) is an investing strategy that tracks a market-weighted index or portfolio. The idea is to minimize investing fees and to avoid the adverse consequences of failing to correctly anticipate the future. The most popular method is to mimic the performance of an externally specified index. investors typically do this by buying one or more index funds. By tracking an index, an investment portfolio typically gets good diversification, low turnover (good for keeping down internal transaction costs), and low management fees. With low fees, an investor in such a fund would have higher returns than a similar fund with similar investments but higher management fees and/or turnover/transaction costs.〔William F. Sharpe, (Indexed Investing: A Prosaic Way to Beat the Average Investor ). May 1, 2002. Retrieved May 20, 2010.〕 Passive management is most common on the equity market, where index funds track a stock market index, but it is becoming more common in other investment types, including bonds, commodities and hedge funds.〔Burton G. Malkiel, A Random Walk Down Wall Street, W. W. Norton, 1996, ISBN 0-393-03888-2〕 Today, there is a plethora of market indices in the world, and thousands of different index funds tracking many of them.〔 One of the largest equity mutual funds, the Vanguard 500, is a passively managed fund.〔 The two firms with the largest amounts of money under management, Barclays Global Investors and State Street Corp., primarily engage in passive management strategies.〔 == Rationale == The concept of passive management is counterintuitive to many investors.〔〔(Passive investing is now the mainstream method, says Morningstar researcher ) MarketWatch〕 The rationale behind indexing stems from five concepts of financial economics:〔 # In the long term, the average investor will have an average before-costs performance equal to the market average. Therefore the average investor will benefit more from reducing investment costs than from trying to beat the average.〔〔John Y. Campbell, Strategic Asset Allocation: Portfolio Choice for Long-Term Investors. (Invited address to the American Economic Association and American Finance Association ). Atlanta, Georgia, January 4, 2002. Retrieved May 20, 2010〕 # The efficient-market hypothesis postulates that equilibrium market prices fully reflect all available information, or to the extent there is some information not reflected, there is nothing that can be done to exploit that fact. It is widely interpreted as suggesting that it is impossible to systematically "beat the market" through active management,〔(【引用サイトリンク】publisher=Investopedia )〕 although this is not a correct interpretation of the hypothesis in its weak form. Stronger forms of the hypothesis are controversial, and there is some debatable evidence against it in its weak form too. For further information see behavioural finance. # The principal–agent problem: an investor (the principal) who allocates money to a portfolio manager (the agent) must properly give incentives to the manager to run the portfolio in accordance with the investor's risk/return appetite, and must monitor the manager's performance.〔(【引用サイトリンク】title=Mutual Fund Managers' 2014 Is Another Flop )〕〔(Agency Theory, Agency Theory Forum ). Retrieved May 20, 2010.〕 # The capital asset pricing model (CAPM) and related portfolio separation theorems, which imply that, in equilibrium, all investors will hold a mixture of the market portfolio and a riskless asset. That is, under suitable conditions, a fund indexed to "the market" is the only fund investors need.〔 The bull market of the 1990s helped spur the phenomenal growth in indexing observed over that decade. Investors were able to achieve desired absolute returns simply by investing in portfolios benchmarked to broad-based market indices such as the S&P 500, Russell 3000, and Wilshire 5000.〔〔Mark T. Hebner, IFA Publishing. Index Funds: The 12-Step Program for Active Investors, 2007, ISBN 0-9768023-0-9.〕 In the United States, indexed funds have outperformed the majority of active managers, especially as the fees they charge are very much lower than active managers. They are also able to have significantly greater after-tax returns.〔 Some active managers may beat the index in particular years, or even consistently over a series of years.〔(Passive money management strategy actively crushing stock pickers | Breakout - Yahoo Finance ) Yahoo Finance〕 Nevertheless the retail investor still has the problem of discerning how much of the outperformance was due to skill rather than luck, and which managers will do well in the future.〔John Bogle, Bogle on Mutual Funds: New Perspectives for the Intelligent Investor, Dell, 1994, ISBN 0-440-50682-4〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「passive management」の詳細全文を読む スポンサード リンク
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