An Apology for a Promise Delayed

In the piece on fund expenses and turnover in July's EF I noted that high fund turnover had an unexpectedly positive influence on the returns of growth funds. I promised a fuller analysis of the interplay between return, turnover, and style in this issue.

Unfortunately (or fortunately, depending on your frame of reference) the September issue is usually written on a laptop far, far from home, and I've decided that before writing the piece I'd like to confirm the results with an out-of-sample look at the 1989-93 data. (The original piece having examined the 1994-98 data.) Since the relevant database resides in EF's Computational Sciences Museum (my spouse's basement PC) this piece will have to await my return home, and will unavoidably be delayed until the January issue.

copyright (c) 1999, William J. Bernstein