Sharpe

Coefficient

Robust Standard Error

P-Value

Fixed-Income Comp.

0.040***

0.012

0.000

Variable Income Comp.

0.004

0.058

0.940

Manager Exp.

−0.002***

0.002

0.000

Numb. Managed Funds

0.011***

0.003

0.000

Administration Fee

−1.144

0.207

0.385

Performance Fee

1.205***

0.400

0.000

Size (Net Equity)

0.001***

0.001

0.003

Constant

−2.789***

0.718

0.000