The managers running the biggest active funds picked stocks that beat the market in 2025 — and most still lagged their benchmark. A Morningstar do-nothing experiment and a body of academic research explain why active funds underperform even when the picking is good: skilled buying undone by poor selling, the hidden cost of trading, and the incentives that keep managers churning. The UK evidence points the same way.
UK councils are under severe financial strain, with services like libraries and social care facing cutbacks. At the same time, hidden costs such as council pension fund fees are draining millions from local budgets. This article explores how austerity, rising demand, and opaque investment charges are combining to push local authorities to the brink, leaving residents to bear the impact of shrinking public services.
Robin Powell
Sep 2, 20259 min read
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