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13 Fund Managers Who Lost Among the Most Money

13 Fund Managers Who Lost Among the Most Money
Frank Byrt
12/15/11 – 08:44 AM EST

BOSTON (TheStreet) — Bill Miller, Bruce Berkowitz and Kenneth Heebner are among legendary mutual fund managers who have trailed their benchmarks by wide margins this year, hurt by a no-show economic recovery, a financial-industry rout and record volatility.

A total of 72% out of 261 large-cap core funds are underperforming their indices, according to Goldman Sachs(GS). For the 110 large-cap value funds, it’s 62%; and among 216 large-cap growth funds, it’s a stunning 84%. This at a time when the benchmark for most of them, the S&P500 Index, is little changed in 2011.

There are so many mutual funds that have performed horribly that many investors have to be asking, “Why pay a fee for this?” Especially when an index fund or an exchange traded fund does much better for less

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