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Advisers could have some explaining to do if they choose investments that underperform their benchmarks, meaning clients have paid a management fee for the privilege of not keeping pace with an index.

Scroll through to see the 20 mutual funds that underperformed their benchmarks the most for the past three years, on an annualized basis. All data from Morningstar as of June 28.
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20. Ivy Core Equity (WCEAX)
3-Yr. Return: 5.01%
Return Below Benchmark (% points): -6.92
Expense Ratio: 1.15%
Total Assets (millions): $1,029
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19. Putnam Equity Spectrum (PYSAX)
3-Yr. Return: 1.51%
Return Below Benchmark (% points): -6.993
Expense Ratio: 1.04%
Fund Assets (millions): $1,274
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18. Janus Henderson Contrarian (JCNAX)
3-Yr. Return: 1.51%
Return Below Benchmark (% points): -6.994
Expense Ratio: 0.90%
Fund Assets (millions): $2,813
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17. ClearBridge Aggressive Growth (SHRAX)
3-Yr. Return: 4.92%
Return Below Benchmark (% points): -7.01
Expense Ratio: 1.14%
Fund Assets (millions): $11,812
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16. Janus Henderson Overseas (JDIAX)
3-Yr. Return: -5.83%
Return Below Benchmark (% points): -7.09
Expense Ratio: 0.87%
Fund Assets (millions): $1,657
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15. JHancock Technical Opportunities (JTCAX)
3-Yr. Return: 4.76%
Return Below Benchmark (% points): -7.16
Expense Ratio: 1.65%
Fund Assets (millions): $626
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14. Pimco EqS Long/Short (PMHAX)
3-Yr. Return: 2.68%
Return Below Benchmark (% points): -7.46
Expense Ratio: 1.85%
Fund Assets (millions): $548
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13. Ivy Asset Strategy (WASAX)
3-Yr. Return: -3.53%
Return Below Benchmark (% points): -7.65
Expense Ratio: 1.12%
Fund Assets (millions): $3,943
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12. ClearBridge Tactical Dividend Income (CFLGX)
3-Yr. Return: 0.41%
Return Below Benchmark (% points): -7.74
Expense Ratio: 1.17%
Fund Assets (millions): $592
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11. Goldman Sachs Rising Dividend Gr (GSRAX)
3-Yr. Return: 4.11%
Return Below Benchmark (% points): -7.82
Expense Ratio: 1.14%
Fund Assets (millions): $2,100
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10. Neuberger Berman Long Short (NLSAX)
3-Yr. Return: 2.27%
Return Below Benchmark (% points): -7.86
Expense Ratio: 1.69%
Fund Assets (millions): $2,791
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9. Invesco Energy (IENAX)
3-Yr. Return: -18.54%
Return Below Benchmark (% points): -8.39
Expense Ratio: 1.26%
Fund Assets (millions): $650
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8. Catalyst Hedged Futures Strategy (HFXAX)
3-Yr. Return: -2.57%
Return Below Benchmark (% points): -9.02
Expense Ratio: 2.17%
Fund Assets (millions): $2,436
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7. MFS Utilities (MMUFX)
3-Yr. Return: 1.86%
Return Below Benchmark (% points): -10.35
Expense Ratio: 0.99%
Fund Assets (millions): $4,033
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6. Ivy Science And Technology (WSTAX)
3-Yr. Return: 6.12%
Return Below Benchmark (% points): -10.78
Expense Ratio: 1.30%
Fund Assets (millions): $4,059
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5. Virtus Equity Trend (VAPAX)
3-Yr. Return: -1.48%
Return Below Benchmark (% points): -11.31
Expense Ratio: 1.50%
Fund Assets (millions): $592
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4. Waddell & Reed Science & Tech (UNSCX)
3-Yr. Return: 5.53%
Return Below Benchmark (% points): -11.37
Expense Ratio: 1.27%
Fund Assets (millions): $3,531
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3. AB All Market Real Return (AMTAX)
3-Yr. Return: -8.34%
Return Below Benchmark (% points): -12.91
Expense Ratio: 1.30%
Fund Assets (millions): $1,423
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2. Marketfield (MFADX)
3-Yr. Return: -4.70%
Return Below Benchmark (% points): -14.83
Expense Ratio: 1.83%
Fund Assets (millions): $509
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1. Pimco StocksPlus Short (PSSAX)
3-Yr. Return: -9.25%
Return Below Benchmark (% points): -19.38
Expense Ratio: 1.04%
Fund Assets (millions): $2,284