Beat, net of fees. The goal of almost any managed fund is to extract the maximum amount of depositor money via fees. If you beat the market, raise your fees. If

Beat, net of fees. The goal of almost any managed fund is to extract the maximum amount of depositor money via fees. If you beat the market, raise your fees. If you don't, say it's because your investments are counter cyclical and lower risk, and keep charging your fees.