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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
22/12/2015 2015/WP/2015/2 Working Paper No.2, 2015 “Monitoring systemic risk in the hedge fund sector” Final Report PDF
872.37 KB

The working paper proposes new measures for systemic risk in the hedge fund sector. These measures are based on the ability of hedge funds to influence (be influenced by) the performance trend of the entire hedge fund sector. The proposed measures display a high ability to identify periods of financial distress, are robust to modifications in the underlying econometric model and deliver an innovation in the monitoring of systemic risks in the fund industry.

20/09/2013 2013/1138 Trends, Risks, Vulnerabilities No. 2, 2013 Final Report PDF
2.92 MB
12/03/2014 2014/188 Trends, Risks, Vulnerabilities No. 1, 2014 Final Report PDF
2.33 MB
14/02/2013 2013/212 Trends, Risks and Vulnerabilities report Final Report PDF
2.03 MB
11/02/2016 2016/209 ToR CEMA Reference PDF
128.84 KB
06/11/2017 ESMA50-165-422 The impact of charges on mutual fund returns- correction , , Reference PDF
590.09 KB

ERRATUM - In the original version of this document published on 19 October 2017 in table V.3 on page 4, the values in the last four rows of column five were accidentally misreported. For this reason, ESMA now provides a corrected version, including the corrected values and a footnote pointing to the initial mistake.

ESMA carried out a first analysis on fund performance measures, developing initial metrics to analyse the impact of ongoing fees, one-off charges and inflation on the returns of mutual funds. Key preliminary results for the EU fund industry show: Substantial reduction in net returns available to investors, especially in the retail sector and weakly cost- or price-sensitive investment decisions by retail investors

On average ongoing fees and one-off charges and inflation-reduced returns available to investors by 29% of gross returns between 2013 and 2015. These reductions apply to all market segments, while varying across jurisdictions, asset classes and client types. Relative return reductions range from 11% for passive equity fund shares to 44% for retail fund shares in bond mutual funds. Relative and absolute return reductions for actively managed and retail fund shares tend to exceed those of passively managed and institutional fund shares. Despite the impact of fees and charges on the net outcome to investors, these do not seem to be reflected in investor choices.

14/06/2021 ESMA30-379-602 Terms of Reference CNS Reference PDF
129.91 KB
01/12/2011 2011/SMSG/15 Summary of conclusions- SMSG meeting on 11 October 2011 Reference PDF
80.45 KB
17/03/2017 ESMA 22-106-143 Summary of conclusions- SMSG meeting 9 February 2017 Summary of Conclusions PDF
203.3 KB
27/08/2018 ESMA22-106-1137 Summary of conclusions- SMSG meeting 25 May 2018 Summary of Conclusions PDF
205.06 KB
19/10/2011 2011/SMSG/3 Summary of conclusions- meeting of the SMSG on 21 July 2011 Reference PDF
59.38 KB
27/08/2018 ESMA22-106-1098 Summary of conclusions- BoS and SMSG meeting 24 May 2018 Summary of Conclusions PDF
212.42 KB
24/02/2015 2014/SMSG/53 Summary of conclusions SMSG/BoS meeting 5 November 2014 Reference PDF
154.07 KB
25/03/2021 ESMA22-106-3216 Summary of conclusions SMSG- 9 February 2021 Summary of Conclusions PDF
108.05 KB
22/06/2021 ESMA22-106-3342 Summary of conclusions SMSG- 24 March 2021 Summary of Conclusions PDF
97.07 KB
03/01/2019 ESMA22-106-1606 Summary of Conclusions SMSG meeting 8-9 November 2018 Summary of Conclusions PDF
186.81 KB
16/01/2018 ESMA22-106-787 Summary of Conclusions SMSG meeting 8 November 2017 Summary of Conclusions PDF
197.72 KB
19/03/2018 ESMA22-106-916 Summary of Conclusions SMSG meeting 8 February 2018 Summary of Conclusions PDF
360.17 KB
24/02/2015 2014/SMSG/52 Summary of conclusions SMSG meeting 5-6 November 2014 Reference PDF
158.23 KB
05/03/2019 ESMA22-106-1654 Summary of Conclusions SMSG meeting 5 February 2019 Summary of Conclusions PDF
315.79 KB

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