If anyone finds this surprising I'd highly recommend reading 'Smarter Investing' by Tim Hale, which does a great job of advocating for index-based positions. Wi

If anyone finds this surprising I'd highly recommend reading 'Smarter Investing' by Tim Hale, which does a great job of advocating for index-based positions. With the exception of C, those fund-of-funds have done incredibly badly. One of the interesting things Tim discusses is that this poor performance compared to market tends to make investors second-guess their investments (often for good reason looking at those returns), and buy into the fund that did well last year instead. So you're also getting into a sell-low-buy-high routine.