From Ms Camelia M. Kuhnen.

Sir, Philip Coggan ("Where Darwinian laws evaporate", FT fm, September 5) makes several good points about mutual fund investing: first, the majority of actively managed mutual funds underperform their benchmarks; second, fund management fees have not decreased in spite of low performance; third, retail investors hang on to loser funds, perhaps due to irrational inertia. What Mr Coggan does not mention, however, is that the interests of fund shareholders should be protected by the boards of directors of the funds.