New research from NerdWallet, a personal finance site, is making a tough case for active managers to justify their fees.

That’s because the study, which looked at more than 24,000 mutual funds and exchange-traded funds available to U.S. investors for the ten-year period ending on December 31, 2012, found that the asset-weighted average return of the actively managed mutual funds over this period was 6.50% while the passively managed index products averaged 7.30%.

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