Some investors would surely be startled by the bite taxes take from their fund returns.

Because mutual fund returns are calculated by starting with the total gain, then subtracting costs, lower expenses help lift a fund's overall return.

He contends that this would not be the case if market timers were causing a significant diminution in fund returns.

Hedge fund returns are reduced considerably by the high fee structures that are typically charged.

In case of leaving Israel and going back abroad, a full fund return will be required.

About 72 percent of respondents said that hedge fund returns came within 1 percentage point of their target.

The study also helps to explain the conflicting conclusions of previous research into the effect of performance-based fees on fund returns.

Start with brokerage firm commissions, which have long been known to damage fund returns and are included in the fund's expense ratio.

And foreign holdings were more likely to depress fund returns than to bolster them in recent months.

While the zones will reduce turnover, their impact on fund returns is likely to be small.