In other words, the vast majority of professional investors are just closet index funds charging high fees. (pragcap.com)
The banks tend to offer expensive closet index funds in their discretionary programs in many cases, where you're pretty much guaranteed to lag the indices by 2 %. (moneysense.ca)
And some mutual funds, especially those that are truly active funds instead of closet index funds, actually have a chance of beating the index and can do so over extended periods of time. (moneysense.ca)