My co-worker shared with me a 2023 Morningstar Investor Returns Around the World report. This report should rename how investors often invest exactly at the wrong time. The Mind the Gap report measures the investors’ returns against the performance of the fund or ETF. This is the more international edition. If you are interested, you can fill in your details and get the report here. Here is some information about the methodology used by the Morningstar team:

1. Morningstar (MS) measures based on total returns (capital gains + dividends) published by funds on their factsheets and website.
2. They measure investors returns which are money-weighted returns against fund returns which are time-weighted returns. Money-weighted returns is your IRR returns which means that if there is large fund inflows into the fund or large outflows into the funds, the impact of those flows impacts the investors return.
3. What #2 means is that this is not measured based on each individual investors of the fund’s returns

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