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.
The wealth management industry thinks it has a marketing problem with women. The evidence points to something costlier: women are charged more for the same products, are more exposed to the underperformance that erodes a portfolio over time, and live longer for that drag to compound. A look at what the research says about the financial advice women receive, and what advice built around the life it has to fund would do differently.
Robin Powell
Jun 166 min read
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