FYI: Few star fund managers have shone brighter than Steven S. Wymer, who runs a portfolio of stocks at Fidelity Investments, the mutual-fund giant.
His $42 billion fund, Fidelity Growth Company, has outpaced 97 percent of its rivals since 2008, making it one of the best performers in what is arguably the most competitive category for mutual funds.
But here is the curious thing: Over that same period, investors have pulled $17 billion from the fund, taking out more money every year than they put in.
In each of the last 10 years, Fidelity’s fabled mutual funds have leaked money, no matter how well they have performed. It is one of the longest stretches of outflows in the company’s 72-year history, the result of investors moving more heavily into cheaper index-tracking funds.
Regards,
Ted
https://www.nytimes.com/2018/05/27/business/fidelity-mutual-funds.html?rref=collection/sectioncollection/your-money&action=click&contentCollection=your-money&region=stream&module=stream_unit&version=latest&contentPlacement=1&pgtype=sectionfront
