le spese di gestione sono maggiori nell'investimento attivo (nella gestione attiva dei fondi di investimento

Active management = active investing

Active vs. Passive Management in Bond Funds


Active vs. Passive Management in Bond Funds
Fees: Since actively managed funds incur more trading costs and need to devote greater ... Over time, the higher fees of active managers tend to eat into returns ...
http://bonds.about.com/od/bondfunds/a/Active-Vs-Passive-Mana...

Active management
***Active management (also called active investing)*** refers to a portfolio management ... correlations) but call themselves active to justify higher management fees. ... find an actively managed fund more in line with their particular investment goals.
http://www.en.wikipedia.org/wiki/Active_management

Approximately 20% of all mutual funds are pure index funds. The balance are actively managed in some respect. In reality, a large percentage of actively managed mutual funds rarely outperform their index counterparts over an extended period of time because 45% of all mutual funds are "closet indexers" funds whose portfolios look like indexes and whose performance is very closely correlated to an index (See the term R2 or R-squared to determine correlations) but ***call themselves *active* to justify *higher* *management* *fees***.
philipconnorstead.com.au/?p=141

The case for # active management: Solving the low-cost/top ...
https://personal.vanguard.com/pdf/s356.pdf
Because of fees, most index funds also underperform their benchmarks. 3 of active management—management fees and transaction costs—typically exceed ...

The Arithmetic of Active Management
www.stanford.edu/~wfsharpe/art/active/active.htm
Active managers must pay for more research and must pay more for trading. ... enough fees to bring their total costs to equal or exceed those of active managers .