How Long Can a Good Fund Underperform?
We give an in-depth look at how we determined that winning managers trail their benchmark for a decade on average.
Maciej Kowara
Maciej Kowara is an associate director of manager research - quantitative research for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He specializes in active fixed-income funds.
Kowara has 20 years of investment industry experience. In 2016, he returned to Morningstar after spending four years as an asset-allocation portfolio manager for Aegon/Transamerica. Prior to that, he was a senior research consultant and portfolio manager at Morningstar Investment Services. Earlier in his career, he was vice president of the product analysis group at Deutsche Bank’s Scudder Investments and worked as a mutual fund analyst for Morningstar.
Kowara holds a bachelor’s degree in classics and philosophy from the University of Toronto and a doctorate in classics from Harvard University. He also holds the Chartered Financial Analyst® designation.
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