Low fees and solid performance are not guarantors of future results, according to a newly published
The Lipper study, which compared thousands of funds grouped into categories based on fees and overall performance, found that investments with lofty annual expenses often outperformed cheaper alternatives. The study reached its conclusions by comparing three-year category average track records dating back to 1989.
In addition, total returns in top-performing fund categories fell between one three-year period and the next. Fewer than one-quarter of the top funds in each category held the same top ranking during the previous three-year period. John Bogle, founder of