The average fund minus fees does not beat the market. This does not mean "no funds have consistently beat the market" However one of two things happens to fund

The average fund minus fees does not beat the market. This does not mean "no funds have consistently beat the market" However one of two things happens to funds that consistently beat the market. They either grow to the point where they stop beating the market, or they stop accepting new money. This means that any investor looking to put their money in one a super fund won't be able to, because it's too big, or won't take your money. However this second restriction does not apply if you are working there. Some of these funds give access to their employees. The other option is that some funds give fee discounts to their own employees. So even if the fund doesn't beat the market minus fees, they beat the market sans fees.