True Cost of Active Management by Mutual Funds

Already highlighted by Finance Professor, but important anyway so I repeat.

SSRN-Measuring the True Cost of Active Management by Mutual Funds by Ross Miller: "In particular, funds engaging in closet or shadow indexing charge their investors for active management while providing them with little more than an indexed investment. Even the average mutual fund, which ostensibly provides only active management, will have over 90% of the variance in its returns explained by its benchmark index."