They stuck to their discipline during the study period, but it didn't pay off. Both managers underperformed about 90 percent of their peers. What's more, finding out about your manager's background isn't always as easy as it seems. A prospectus usually contains a few words, but for a detailed description of the manager's background, you need to look at a fund's Statement of Additional Information, otherwise known as Part II of the prospectus. Funds don't send that document out unless asked.
Most investors never look there.
Charles A. Jaffe's column on mutual funds runs Sundays in The Courier-Journal. Send questions and comments to The Webmaster .