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That leaves me a little confused. If I look at vanguards explorer vs the overall small cap index, explorer beats the small cap index for 5 and 10 years (albeit by a small margin), even with the fund costs factored in. If I look at explorer vs the small cap growth index, which is a closer match, I dont have data further than 5 years but explorer whomps the small cap growth index during that 5 year period 10.40% vs 7.86%.
Granted I'm just looking at the small universe of vanguard funds, and for a relatively "short" 5 and 10 year periods.
So what am I missing?
Outside of the microcosm of vanguard funds, it appears (admittedly without hours of examination), that managed micro/small cap funds that arent managing a tremendous amount of money appear to handily outdo any of the vanguard small cap funds until the managers success draws more money than the manager can employ properly.
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