“Only 47.7% of stocks generated a life-time return that match one-month treasury bills.
The reason why so many mutual funds fail to beat the market is because so many stocks fail to beat the market.”
— The Irrelevant Investor
Many mutual funds fail to beat the market because so many stocks fail to beat the market. Boutique asset managers have the advantage to ignore benchmarks and manage very concentrated equity portfolios. Those strategies have generated tremendous alpha.