One of my favorite mutual funds used to be an offering from a big Boston investment house that took the favorite picks of a large number of the company’s stock and bond fund managers and put them all into one fund. Think of it! A large-cap managers’ favorite large-cap, a tech fund manager’s top technology pick, and so on. It seemed ideal. The trouble was, the fund consistently underperformed both the broad market and the funds run by the various managers. It seemed that the manager’s success with their funds was more due to their portfolio construction and risk...