Well, the investing cycle for the general public is rather long. If one out of 10 PM's avoids a big correction or downturn, it will skew the 3-5-7 year performance figures. At which point, the fund company's marketing machine will go on overdrive. That's why a new Guru is christened every 5-10 years by morningstar and that Star rating will have some longevity. Similar to short term trading: "You are only as good as your last trade." Applicable to all: " A bull market produces a lot of geniuses." But we digress, the role of the PM is to give you the right exposure you are looking for. It is still up to you to choose the right exposure. ie low volatility, sector themes, Wide moat etc. I actually want dividend exposure, but it seems late to the party and I am not sure how the new interest rate environment will affect fixed income/dividend stock returns. Perhaps, follow Bill Gross into "Unconstrained" strategies for income?