Szukana fraza: [Abstrakt = "Common phenomenon is the positive relation between risk level and return. Investor would also expect that the higher the mutual fund fee, the more active is the management, so risk is increased. Then, as a payoff for higher charges and risk, he or she anticipates higher returns. It turns out that at least in Poland in 2015 rates of return did not go up as risk increased, and most risky funds lagged by 5 pp. in rates of return. Most expensive funds in Poland lost 8 pp. versus the cheapest, whereas in UK top\-fees funds’ returns were 2 pp. lower"]

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