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Y TREE's analysis of 550 portfolios found that 84 per cent of wealth managers underperformed in 2025. Wealth management underperformance cost investors up to a third of their expected returns — and most don't even know it's happening.

Every year, some active fund families respond to the SPIVA scorecard with their own numbers — and those numbers always look better. They choose the start dates, benchmarks, and fee treatments that flatter them most. Here's how to see through it, and the one test that exposes what fund family marketing routinely hides.

Scott Adams damaged his own reputation in his later years. But long before that, the creator of Dilbert was using satire to make a serious, evidence-aligned case against active fund management — reaching tens of millions of readers along the way.

A major Morningstar study of more than 5,800 funds has delivered a clear verdict on concentrated funds: they charge higher fees, deliver lower returns, and suffer deeper losses than their more diversified peers. The evidence suggests most investors would be better off on the main road.

The fund industry warns that S&P 500 concentration makes your index fund dangerous. A major new study covering nearly a century of data tells a very different story — and suggests the real risk is listening to people who profit from your fear.

Active fund managers keep warning about passive investing's dangerous rise. But new research covering $784 billion in institutional assets reveals active management still dominates — capturing 97% of all fees paid.

Terry Smith blames index funds for Fundsmith's five-year slump — but international market data, factor analysis, and 2024's high-dispersion conditions tell a different story. Here's what the evidence actually shows.

Why do mutual funds underperform? New research from the University of Sydney reveals that at least 55% of fund performance is attributable to luck, not skill. Worse, luck actively predicts future underperformance: lucky funds attract inflows, grow too large, and lose their capacity to generate returns. Morningstar's five-star funds significantly underperform one-star funds in subsequent periods. Stop chasing yesterday's winners and own the market at low cost.

Active fund managers claim they earn their fees when markets fall. New Morningstar research spanning 26 years tests this claim. The findings: active funds in downturns do outperform more often, but markets rise 80% of the time, swamping any advantage. When COVID and 2022 stress-tested the theory, most active managers failed to protect investors. The promised shelter turns out to be little more than a coin flip.

Terry Smith's Fundsmith beat the market for a decade, then trailed four straight years. £3.31bn fled in 2024. Most investors lost money vs a tracker. Why? Timing. They bought high after stellar returns, sold low during underperformance. Jack Bogle's iron law: money arrives after gains, leaves during losses. Even star managers can't beat that.

You check your energy bill religiously. When your provider raised charges by £12, you noticed within days. You've compared broadband three times this year, saving £8 monthly. But when did you last calculate your all-in investment fees? That £3 broadband overcharge equals £36 yearly. A 1% overcharge on a £500,000 portfolio equals £5,000 annually—139 times more. Yet the smaller cost receives obsessive attention whilst the larger goes unexamined for decades. This article reveals

Fidelity's active funds built their reputation on Peter Lynch's legendary returns. But 30 years of data reveals zero funds with statistically significant outperformance. Most telling? Fidelity's own $723 billion bet on zero-fee index funds—bigger than its flagship active fund. When Peter Lynch's company stops backing Peter Lynch's strategy, the evidence speaks louder than marketing.

The so-called stock-picker’s market is a myth that fund managers use to justify their fees, whatever the market does. Decades of data show that even when conditions should favour active managers, most still underperform. The evidence is clear: simplicity, not stock-picking, wins in the long run.

Stephen Yiu's fund returned 101% in three years. His advice to investors? Buy an index tracker instead—your odds of picking a winning active fund are "worse than a casino." Academic research reveals why even successful managers keep their own money in index funds. Here's how to escape the active management trap.

A new study shows alpha’s value is tiny. Even rare “winning” active funds add just basis points, often less than fees. Here’s why indexing wins.

New research reveals buffer fund marketing promises don't match reality. AQR Capital Management's comprehensive study of 401 buffer funds shows these complex products consistently underperform simple stock-cash combinations whilst failing to deliver reliable downside protection. The median buffer fund charges 0.79% annually but trails reference assets by 0.07 in risk-adjusted returns, with performance worsening over time.

The relationship between active funds and volatility has long been debated, with fund managers claiming turbulent markets play to their strengths. 2025's Trump-driven chaos provided the perfect test case – yet 71% of active equity managers still underperformed passive benchmarks. Despite currency swings, sectoral rotations, and policy uncertainty, the 29% success rate barely budged from 2024's 28.8%. Academic evidence spanning 25 years confirms: volatility doesn't save active

After six years, Neil Woodford faces a £5.9m fine - barely 4% of the £160m+ in fees he extracted from investors. With thousands losing their life savings in the fund collapse, this penalty is truly a drop in the ocean compared to the wealth destruction caused and personal enrichment gained.

Fund managers consistently fail at market timing despite claiming expertise, reveals the largest global study of mutual fund performance. While stock picking skills vary by country, timing abilities are universally poor across 21,000 funds in 35 nations. New research challenges industry claims about professional investment skills and fee justification.

New research reveals active fund fees are far too high for the value they add. So how much is active management actually worth? Investors...