Investors get what they ask for

As mutual fund sales are a well-known reverse indicator in the industry, it would be useful to see if it would be possible to calculate performance for the average fund holder, as distinct from the unit price of their fund. This is possible because the Office of National Statistics (ONS) provides both a balance sheet and a cashflow statement for the unit trust sector. Capital gains and losses can be calculated for consecutive years by comparing the closing balance at market values with the opening balance plus net purchases. That makes it possible to calculate total returns and express...