Hello, everything I read says that Active managers rarely beat the market and virtually never over a long term. I understand this and am happy to invest in passive funds for this reason.
However, many NZ Active funds seem to defy this. For example - if I look at Fisher Fund's flagship NZ Growth fund chart of performance for the last 20 years, they are consistently beating the market by a good margin (after fees).
Can someone please explain what I am missing i.e. am I misinterpreting the graph?