Data showing strong performance of actively managed mutual funds, compared to indexes, may need another look, according to a study released Thursday by Savant Capital Management  and the Zero Alpha Group.

"The mutual fund industry systematically and significantly overstates fund performance in a way that falsely makes actively managed mutual funds occasionally look competitive with indexes," according to the report, prepared by Savant staff and co-sponsored by the Zero Alpha Group, a collation of nine independent advisory firms that share a commitment to a passive, tax-managed approach to investment.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.