Morningstar maintains one of the most comprehensive databases on mutual fund performance. However, despite the overwhelming evidence that active management adds no value, they continue to hope that it does. Yet, to their credit they are intellectually honest enough to report on the contrary position. For that, you simply must admire them. Here is a review which contains a link to the original study that once again finds no “alpha” in the mutual fund universe. The conclusion of the study is that any over-performance in funds is purely random, and not a reflection of skill. To view the study, click here.