FT.com | US - Funds opt for the quick sale strategy

"A recent study by fund tracker Morningstar showed that six of the 10 biggest actively managed stock funds would have showed higher returns if they had not bought or sold anything at all in the past four years.

Fidelity's Magellan fund lost an average of 5.4 per cent a year from mid-1999 to mid-2004. Over that time, the fund charged investors more than $2bn in fees. However, if it had left its portfolio untouched it would have lost only 2 per cent a year, according to Morningstar."

Is this the end of mutual funds?