Originally Posted by Animorph
Yeah, but the others have performed better over the last 10+ years. Was it skill or luck?
Luck. Over the last 10 years a long-term bond index fund, without any stocks at all, did better than all of them.
The bond side of the Balanced Index is mostly intermediate-term government debt. Wellington and Wellesley hold long-term corporate debt, so they benefited far more from falling interest rates. It's hard to expect the bond side of their portfolio to outperform so dramatically going forward.