Question: 1/ Which was the disruptive decision in the asset management world made by Aperture? Why they are different? Please, make reference to performance-linked fee

1/ Which was the disruptive decision in the asset management world made

1/ Which was the disruptive decision in the asset management world made by Aperture? Why they "are different"? Please, make reference to performance-linked fee structure. 2/ During 2016, 2017 and the first half of 2018, the average hedge fund worldwide returned less than half of the S&P500 Index. How to explain this long underperformance? Make reference to the impact of commissions and the need for daily liquidity, in the final performance; how these factors can affect to the final return of a portfolio? 3/ Which are the reasons behind the important inflows in passively-managed US mutual funds and ETFs during 1995 and 2017?

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