Rates of Return of Broker-Sold and Direct-Sold Mutual Funds

This document is about an analysis conducted by the Advanced Analytical Consulting Group to independently replicate the results obtained by the U.S. Department of Labor in measuring the yearly performance from 1980 to 2015 of mutual funds sold by broker-dealers relative to mutual funds that are directly sold, for two asset types�domestic equities and international equities. The report discusses the data acquisition, analysis, results, and potential data issues that may affect the findings.