> But the fund manager may disagree with your investment thesis. I'm referring to funds managed for me with the proposition that they will beat the market, i.e

> But the fund manager may disagree with your investment thesis. I'm referring to funds managed for me with the proposition that they will beat the market, i.e. the fund manager has a thesis which they agree with (because it is theirs.) So while what you're referring to of course exists, it's not what I was talking about. Apologies for being too vague in my post, however I thought the underlying assumption of this discussion of actively managed funds being chipped away by passive ones was that we were talking about the types of investment vehicles used by a "normal" person that wants to put their money in something that will grow over time, without having to pick stocks on their own.