They've done well timing the market by starting up the fund in a bear market period.
Big tech done well last year, you would have gotten similar results buying the S&P 500 index, or even better results buying the NASDAQ100, but these guys benchmark against the MSCI World Index ;-)
Now time for them to brag about their performance and distribute to the masses. The stupid money will start rolling in and it will be harder for them to allocate capital without damaging performance.
And hence over the long term they will not beat the market. It's funny how all the fund manager commentary is about "long term" investing and yet they are some of the worst performing long term investors out there in terms of growth. Even if you want income there are better ways to play it than via a fund manager.
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