The studies all support what I wrote. I guess you have to read them in full or find their abstract and read that.<p>Regarding the pension funds, yes AP7 is one example. It is the fund with the lowest management fee (incidentally has also been one of the highest yielding pension funds). The usual excuse given is that it is a &quot;lazy fund&quot; and &quot;just following the index&quot;. But no private actor has been able to offer a similar &quot;lazy fund&quot; with lower fees.