Mind the Gap 2023: A Report on Investor Returns Around the World

The persistent gap between the returns investors actually experience and reported total returns makes cash flow timing one of the most significant factors—along with investment costs and tax efficiency—that can influence an investor's end results.

In this global report, we dig into investor outcomes in six domiciles around the world: Australia, Hong Kong, Ireland, Luxembourg, Singapore and the United Kingdom. We analyze how the timing of cash flows has differed across regions and asset classes. In addition, our research imparts a few lessons on how investors can avoid these gaps and capture more of their fund holdings’ total returns.