From the Fund Spy desk at M*
"What you're seeing is the return of the average large-growth fund since Dec. 1, 2009 (expressed as the growth of $10,000). That's the orange line, jutting ever higher. The average large-growth fund--not the best, mind you, the average fund, after fees--gained a cumulative 239% through Nov. 30, 2019, more than tripling. That showing bests all but three of the 95 Morningstar Categories we tracked over that span.
You'd think that would be catnip for investors, who'd pile into large-growth funds in droves. But that's not at all what's happened. In fact, investors have been repelled. They've sold and sold and sold some more. That's that sad blue line arcing downward. It might not look like much, but investors have pulled around 30% of the category's assets over the past decade, during which large-growth funds have beaten nearly all comers."
The Rest of the Story
