Once again, the performance of the stocks of publicly traded asset management firms is besting the average equity mutual fund, Bloomberg reports.

Through Oct. 13, the average equity mutual fund is up 10.2%, compared to a 20.8% gain by an index of 20 publicly traded mutual fund companies. Over the past five years, the Russell 3000 Investment Management Company Index has average 15.6% a year, compared to stock funds’ average 10.4% gain.

But Vanguard founder John Bogle sees something wrong with this picture, noting that the profit margins of asset management firms are too high—at investors’ expense. “Hired managers have arrogated to themselves an excessive share of the rewards of investing,” partially a result of becoming publicly traded firms, Bogle recently said.

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