I was specific yet you ignored it. I talked about bond funds yet you replied referring to equity funds. I talked also specifically about no load funds or funds in general that only assess minimum fees because that's what tracking funds should do, they should be cheap. My assertion is that over 20 years hardly any managed bond fund significantly outperformed an index tracking bond fund. Of course should management fees of the managed bond fund be incorporated into the performance result. And when you talk about a managed high yield bond fund then you should compare that with a high yield index and its tracker fund.
My whole point is that managed funds are dying and will be completely gone in less than a decade because they add no value but cost more. They have for decades fed a whole army and subsection of financial services with nice fees in exchange for little to nothing in terms of alpha. The only reason of their existence was lack of alternative choices. Now we have choices and that's reflected in the outflow from managed funds.
