It is true that the best things in life are not free, but a study shows that when it comes to investing in mutual funds, buying funds with higher expenses is disadvantageous, the Associated Press reports.

The Standard & Poor’s study evaluated nine investment styles, and in eight of them, funds with higher expenses performed worse than those with lower expenses. Funds with higher fees were victorious only in mid-cap blend funds. In a similar study last year, the results were the same. The researchers at S&P said the reason for mid-cap blend success was the success of small-cap stocks, which dominate portfolios investing in the mid-cap blend style.

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