Excellent homework and its a shame that a group would be deliberately misleading with their performance. I believe they feel the pressure that they as active managers face - the world is seeing that index funds and low cost ETF's are the way to go. We as investment professionals can still add value with our relationship to the client, our picking of the low cost funds, our advice and direction as we help them reach their goals. But to do that with higher costing funds that consistently underperform the market is not doing our best for the client.