It's a fair question. But here's another question: why would anyone pay an above ETF-index fee, for a fund that simply acquired the most in-vogue assets of the moment (like GQG does)?
People say "look, GQG charges half what PTM charges and is beating the index". Sure. If you herd around what is huge & currently has momentum, you will beat the index, given that these giants are currently having the biggest influence on the market.
That works while that influence is in an upward direction. But how much investment skill does it require & are they earning their fees (genuine question)?
And most of all, how long do we expect it to last?
Ann: 2023.07.11 Funds Under Management - June 2023 PTM, page-93
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