Fund of Funds - do they work?

This is not surprising since the sum of active and passive managers’ returns is in fact the market return, and once you include management fees and other costs, these funds, on average, inevitably underperform passive investments (benchmarks). A study of IMA averages over the past one and three years bears this out, with the percentage of funds outperforming their benchmark varying between 10-39%. IMA Benchmark Outperformers %       UK All Companies Europe Excluding UK North America   FTSE All-Share FTSE...