The problem with managed funds is that the whole fund market is completely skewed by survivorship bias. Despite all the warnings not to do it, people do value funds based on past performance, and because they do that, fund managers eliminate funds with bad past performance, so the only funds you'll ever see in the market are ones with good past performance, but there's still absolutely zero evidence that any of those funds will perform well in the future, because the actual performance is indistinguishable from random chance.