Komparativní analýza výkonnosti aktivního a pasivního investování

This master's thesis analyses the efficiency of active mutual fund management in comparison to passive benchmarks on the US and European equity markets during the 2011–2025 period. The primary objective is to statistically verify the ability of managers to generate risk-adjusted outperformance and to identify potential regional differences in success rates. Quantitative research, based on a sample of 899 funds, utilizes generally accepted performance metrics, a two-sample Welch's t-test, and linear regression models. The results demonstrate a systemic failure of active management, and statistical testing has not revealed the existence of a statistically significant difference between U.S. and European funds, indicating that inefficiency is a geographically independent phenomenon. Subsequent regression analysis confirmed that the value destroyer is the Total Expense Ratio, the level of which strongly negatively correlates with the achieved return. The thesis empirically proves that, in the long term, low-cost passive index instruments represent a statistically superior investment strategy.