You guessed it… “The number of managers showing no faith in their process is staggering.”  Interesting study from Russel Kinnel at Morningstar Research:

http://www.morningstar.com/products/pdf/MFIMWEOC0608.pdf

 Further statistics reported by the Wall Street Journal are impressive, if not airtight:

 [Mr. Kinnel] found that, overall, fund managers with no personal wealth on the line had a 35% success rate in beating their benchmarks, compared with 47% for managers with more than $1 million invested. He says 47% is notable because over the five-year period, about one-third of the funds merged or shut down.  Balanced funds, which own both stocks and bonds, exhibited the starkest difference in performance in the Morningstar study. The success rate for balanced-fund managers with no money invested was 32%, compared with 85% for managers betting more than $1 million.  WSJ, 06/07/15

 Bottom line?  Incentives seem to matter… as they logically should.