While they certainly have more resources to launch new funds and effectively market to investors and intermediaries due to their colossal scale, Fidelity, Vanguard and American Funds have good reason for their continued success, according to The Evansville Courier.

The Big Three retain their market share dominance not because they're giants on a path of a self-fulfilling prophecy, according to the editorial, but because, unlike smaller shops and many specialized boutiques, they offer funds designed for the long term, a diverse array of investment choices, solid performance, low fees and quality service.

"If you are looking for the hottest fund of the month or even the hottest fund of the year, you won't necessarily find it among these funds," columnist Tom Raithel writes. "I'm not saying it's important that you invest with these big three companies. I'm sure many smaller fund companies provide these important things, too.

"But whatever size company you invest with, it makes sense to look at what successful fund companies do to make themselves successful."

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