They could've done an analysis on the variance of returns categorized by # of investments per fund. That would illuminate if # of investments is a big correlati

They could've done an analysis on the variance of returns categorized by # of investments per fund. That would illuminate if # of investments is a big correlational/causative factor as they claim. A simulation alone isn't going to cut it as it involves too many assumptions though it can give rise to reasonable hypothesis (not conclusions).