Less than 1 percent of institutional portfolios—both pension and endowments—achieve superior results after costs, according to a report by State Street Center for Applied Research and The Fletcher School at Tufts University.

Looking at global pension funds from 2002 to 2011, the study found that both U.S. and U.K. pension funds reported negative real annual mean performance during this period and pension funds did not earn returns above the rate of inflation in either country during this time period.

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