Mutual funds with sub-advisors may not be the best bet for investors, according to The Wall Street Journal.  About 13% of funds hire outside stock-pickers, according to Financial Research Corp.   

The Boston-based research company found that although the funds may perform better than their peers in certain categories, other sub-advised categories, specifically the international sector, do not.  For example, funds invested in the Pacific-Asia region, excluding Japan, that were externally managed, returned, on average, 9.73% less than those in the same sector that had internal mangers for the year ending May 31.

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