Fair point Fw, but my reference wasn't about fund managers, more admin / advice (if used).
I agree that a fundie in the top 20 isn't going to give a great performance, as they aren't really trying to add much value, just provide an alternative to the index. Buying and holding the top 25 is easy, knowing when and having the interest to sell out / increase at times as the fortune of these companies rise and fall, is where you can start getting a different result to the market (better or worse).
If you want to mirror the index, I reckon there can be easier ways than that
if you want expertise, value-add or to invest in more specialised areas, that's where the right fund might be able provide an efficient option.
