Aktiv verwaltete fonds

What Is Aktiv verwaltete fonds?

Aktiv verwaltete fonds, or actively managed funds, are investment vehicles where a dedicated Fondsmanager or team makes specific investment decisions with the goal of outperforming a designated market Benchmark. Unlike passive funds that aim to track an index, actively managed funds engage in continuous Portfoliomanagement, including selecting individual Wertpapiere, timing market entries and exits, and adjusting the portfolio based on market outlook. This approach falls under the broader category of Investmentfonds, which pool capital from multiple investors to invest in a diversified range of assets. The core objective of an aktiv verwaltete fonds is to generate an "alpha"—an excess Rendite beyond what the market or benchmark provides.

History and Origin

The concept of actively managed funds predates the rise of modern index funds and exchange-traded funds (ETFs). Early forms of investment pooling existed in Europe as far back as the 18th century, but the mutual fund as we know it today began to take shape in the United States in the early 20th century. The first modern mutual fund, the Massachusetts Investors Trust, was launched in 1924, embodying the principle of professional management to achieve investment objectives. This marked a significant shift, allowing individual investors to access diversified portfolios managed by experts. The growth of these funds was facilitated by regulatory frameworks, such as the Investment Company Act of 1940 in the U.S., which established guidelines for their operation and disclosure. The Federal Reserve Bank of San Francisco notes that by 1950, mutual funds had become a recognized investment vehicle. F⁵or decades, active management was the dominant and almost exclusive form of collective investment, driven by the belief that skilled managers could consistently identify undervalued assets or anticipate market movements to generate superior returns.

Key Takeaways

Objective: Aktiv verwaltete fonds aim to outperform a specific market benchmark through active stock picking, market timing, or other strategic decisions.
Management: A professional Fondsmanager or team is responsible for the ongoing selection and management of the fund's holdings.
Costs: These funds typically involve higher Gebühren due to the costs associated with research, trading, and manager expertise.
Potential for Alpha: The primary appeal is the potential to generate returns exceeding those of a passive market index.
Risk: While seeking higher returns, actively managed funds also carry the risk of underperforming their benchmark or even generating negative returns, especially after accounting for fees.

Formula and Calculation

The performance of an aktiv verwaltete fonds is typically measured by its "excess return" or "alpha" relative to its benchmark. While there isn't a single universal "formula" for active management itself, the calculation of its success often involves comparing the fund's return to that of its benchmark and accounting for expenses.

The excess return ((ER)) of an aktiv verwaltete fonds can be calculated as:

ER = R_{\text{Fonds}} - R_{\text{Benchmark}}

Where:

(R_{\text{Fonds}}) = The total Rendite of the aktiv verwaltete fonds over a specific period.
(R_{\text{Benchmark}}) = The total return of the designated market Benchmark over the same period.

This calculation helps to quantify whether the fund manager's active decisions added value (positive ER) or detracted value (negative ER) compared to a passive investment in the benchmark. It is crucial to consider Transaktionskosten and other fees when evaluating the net performance.

Interpreting the Aktiv verwaltete fonds

Interpreting the performance of an aktiv verwaltete fonds involves more than just looking at its raw returns. A key aspect is comparing its Performance against its stated benchmark and considering the level of Risikomanagement undertaken by the Fondsmanager. If an aktiv verwaltete fonds significantly outperforms its benchmark, it suggests that the manager's Anlagestrategie has been successful. Conversely, underperformance, especially over extended periods, indicates that the active management may not be generating sufficient value to justify its fees.

Investors should examine the fund's historical performance over various market cycles, not just short-term gains. It's also important to understand the fund's investment style and how closely it adheres to its stated objectives. For instance, a fund that claims to be actively managed but largely mirrors its benchmark's holdings might be engaging in "closet indexing," which offers little benefit for its higher fees.

Hypothetical Example

Consider an investor, Frau Schmidt, who is evaluating two hypothetical funds. One is an aktiv verwaltete fonds focused on German large-cap equities, and the other tracks the DAX index. Both funds start with an initial investment of 10,000 EUR.

Aktiv verwaltete fonds "AlphaStar":
- Initial Investment: 10,000 EUR
- Annual Return: 8%
- Annual Expense Ratio: 1.5%
DAX Indexfonds (Benchmark):
- Initial Investment: 10,000 EUR
- Annual Return: 6% (representing the DAX's performance)
- Annual Expense Ratio: 0.2%

After one year:

AlphaStar's Gross Value: (10,000 \times (1 + 0.08) = 10,800) EUR
AlphaStar's Expenses: (10,000 \times 0.015 = 150) EUR
AlphaStar's Net Value: (10,800 - 150 = 10,650) EUR
DAX Indexfonds Gross Value: (10,000 \times (1 + 0.06) = 10,600) EUR
DAX Indexfonds Expenses: (10,000 \times 0.002 = 20) EUR
DAX Indexfonds Net Value: (10,600 - 20 = 10,580) EUR

In this hypothetical example, the aktiv verwaltete fonds "AlphaStar" generated a higher net value (10,650 EUR) compared to the DAX Indexfonds (10,580 EUR), successfully demonstrating its ability to outperform its benchmark after accounting for its higher Gebühren. This scenario highlights the potential of active management to deliver superior returns, but such outperformance is not guaranteed and requires careful selection of fund managers.

Practical Applications

Aktiv verwaltete fonds are commonly used by investors seeking to capitalize on perceived inefficiencies in Finanzmärkte. Investors might choose aktiv verwaltete fonds for several reasons:

Specialized Expertise: For niche markets or complex asset classes where deep research and specialized knowledge can provide an edge, an aktiv verwaltete fonds with an experienced Fondsmanager might be preferred. Examples include funds investing in emerging markets, distressed assets, or specific sectors.
Risk Mitigation: Some active managers aim to reduce volatility or protect capital during market downturns by actively adjusting holdings, potentially offering a different form of Risikomanagement than passive strategies.
Income Generation: Funds focused on generating Kapitalerträge through Dividenden or other income streams may employ active strategies to identify suitable opportunities.
Market Adaptation: Active funds can respond to changing market conditions by shifting their Anlagestrategie, whereas passive funds are constrained by their index rules.

The U.S. Securities and Exchange Commission (SEC) provides guidance and regulations regarding disclosures for actively managed funds, ensuring transparency about their investment strategies, risks, and fees to help investors make informed decisions.

Li⁴mitations and Criticisms

Despite their appeal, aktiv verwaltete fonds face significant limitations and criticisms:

Underperformance: A major criticism is that the majority of actively managed funds consistently fail to outperform their benchmarks, especially over longer time horizons and after accounting for fees. Morningstar's Active/Passive Barometer, a semi-annual report, frequently finds that most active funds underperform their passive counterparts. For in³stance, the report highlighted that over the decade ending June 2025, only 21% of active funds both survived and outperformed their passive counterparts.
²Higher Fees: Aktiv verwaltete fonds generally charge higher Gebühren than passive funds. These include management fees, trading costs (Transaktionskosten), and sometimes performance fees. These higher costs create a significant hurdle that the fund must overcome before it can even match its benchmark's gross return.
Manager Risk: The performance of an aktiv verwaltete fonds is heavily reliant on the skill and decisions of the individual Fondsmanager or team. Changes in management, or a manager's incorrect market calls, can negatively impact the fund's returns.
Tax Inefficiency: Active trading within a fund can lead to more frequent realization of capital gains, which may be distributed to shareholders and create taxable events, even if the shareholder does not sell their fund shares.

Academic research, such as that discussed by Research Affiliates, often explores the efficiency of markets and the challenges active managers face in consistently generating alpha, suggesting that market prices often reflect all available information, making it difficult to find undervalued assets.

Akt¹iv verwaltete fonds vs. Passiv verwaltete fonds

The fundamental distinction between aktiv verwaltete fonds and Passiv verwaltete fonds lies in their investment approach and objectives. Aktiv verwaltete fonds employ a human Fondsmanager or team that actively makes decisions on buying, selling, and holding investments with the explicit goal of surpassing a particular market Benchmark. This involves in-depth research, market timing, and discretionary trading, which can lead to higher Gebühren and Transaktionskosten. Their success is measured by their ability to generate "alpha" or excess returns over their benchmark.

In contrast, Passiv verwaltete fonds, such as index funds or many ETFs, aim to replicate the Performance of a specific market index. They operate with minimal human intervention in security selection, simply mirroring the index's composition. This "set it and forget it" approach typically results in significantly lower operating expenses and Transaktionskosten. While passive funds do not seek to outperform the market, they aim to deliver the market's return, often outperforming the majority of active funds after accounting for fees. The choice between the two often comes down to an investor's belief in market efficiency, their tolerance for higher fees, and their investment philosophy regarding whether active management can consistently add value over time.

FAQs

What are the main advantages of an aktiv verwaltete fonds?

The primary advantage is the potential for an aktiv verwaltete fonds to outperform its market Benchmark, generating higher Rendite than a passive strategy. Professional Fondsmanager can also employ active Risikomanagement to potentially mitigate losses during market downturns.

Are aktiv verwaltete fonds suitable for all investors?

Aktiv verwaltete fonds may be suitable for investors who believe in the ability of skilled managers to identify mispriced securities and who are willing to accept potentially higher Gebühren and the risk of underperformance. Investors seeking broad market exposure with lower costs may prefer passive funds.

How do fees impact the performance of aktiv verwaltete fonds?

Fees, including management fees and Transaktionskosten, directly reduce the net Rendite of an aktiv verwaltete fonds. A fund must generate a gross return higher than its benchmark by at least the amount of its fees just to break even with the benchmark's performance.

Can aktiv verwaltete fonds lose money?

Yes, like all Investmentfonds, aktiv verwaltete fonds are subject to market fluctuations and can lose money. Their active management does not guarantee positive returns or protection from market downturns. The value of their Wertpapiere can decrease, leading to losses for investors.

How long should I hold an aktiv verwaltete fonds to assess its performance?

To properly assess the Performance of an aktiv verwaltete fonds, it is generally recommended to evaluate its returns over a longer period, typically 3, 5, or even 10 years, as short-term fluctuations can be misleading. This allows for an evaluation across different market cycles and helps determine if the manager's Anlagestrategie provides consistent value.