Ann: Funds Under Management - December 2021, page-110

I understand the point you are making about index funds compared to active. However there are disadvantages too.
To start with MFG beat the MSCI index by 3.6% for 10 year to December 2019 prior to Covid. This includes management fees charged by MFG.
The active managers by nature are much more nimble in changing the portfolio within their strategy. They can buy or sell much easier and change % of weight as they go.
In a normal market with volatility, as long as the active managers are good should be able make use of their own research to act quickly for changing circumstances.
MFG is a conservative portfolio and they don’t seem to be changing portfolio that often, but they still do it within the parameters they are operating.
Note when the comparison are done the additional management fee is accounted for and therefore managed funds need to do better to account for extra cost.