Funds Aren't Cutting Fees. Investors Are

There’s a fascinating trend happening within the asset management industry where the public is using data and the information available online to make better investing decisions, slowly but surely. There is absolutely zero data that links high fund costs with outperformance over any relevant period of time and the “persistence” data from SPIVA has done a number on the idea that investors who overpay for active management get what they pay for.