How much different of the performance between emerging funds and the established ones?

C There is not too much information available online, but fortunately we spot one chart that tells some story here.

The chart shows that managers of first-time funds have generally posted superior returns during their first three years of operation compared to managers that have previously launched funds. The average emerging manager long/short fund launched since 2007 delivered annualized net returns of 8.80% in its first three years of trading, compared to a yearly rate of 5.38% among newly launched funds managed by established firms. Similarly, event driven, CTA/ managed futures and macro are all strategies in which newer managers typically posted noticeably higher returns than their more mature counterparts. Emerging and established managers of multi-strategy funds on average delivered similar levels of returns (approximately 7.5%) in their first three years of trading.

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