In the ten years from 1997 to 2006, the fund beat the S&P 500 by an average of nine percent per year.

That's the amount by which the fund beat its peer group in the 12 months through March.

Nevertheless, it is interesting to note that some mutual funds have beaten the market consistently.

While some funds beat the indexes now and then, hardly any do so consistently over the long run.

It was becoming well known in the lay financial press that most mutual funds were not beating the market indices.

The fund has beaten the S.& P. index in three of the last five years.

These funds consistently meet or beat the performance of private pension funds.

The tables were turned last year, when the fund beat the S.& P. by 7.5 percentage points.

Still, several managed funds are beating the market right now.

Despite high fees, the fund has soundly beaten its peer group.