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When the markets are strong, as they are now – a 6% gain in less than six months this year, and 16% over the past 12 months, as measured by the S&P 500 — it’s easy for clients to lose sight of the importance of expenses.

Conscious of the damaging effects of fees, we researched those funds that offered solid performance at a low price. We collected all the funds with more than $1 billion in assets and expense ratios of 10 basis points or less. Then we ranked them on their 10-year annualized returns.

The average fund listed here posted a 10-year annualized gain of 8.2%, modestly outpacing the 7% for the S&P. You can find higher gains, at least in hindsight, but this performance came at a fraction of pennies on the dollar. The average fund here carries an average expense ratio of just 7 basis points.

All data from Morningstar.