Burton Greenwald, a mutual fund consultant in Philadelphia, is dubious about the staying power of individuals' interest in managing dozens of stocks.

(Data from a fourth company, the Hennessee Group, a hedge fund consultant, shows that four short funds have declined, while six have risen.)

The doubters include Burton J. Greenwald, a fund consultant in Philadelphia.

"In an era of explosive equity growth, expense ratios became irrelevant," said Burton Greenwald, a fund consultant in Philadelphia.

"Institutional customers pay less because they understand the business," said Mr. Rottersman, the independent fund consultant.

Burton J. Greenwald, a mutual fund consultant in Philadelphia, has another theory.

Sixteen asset-allocation funds are tracked by Morningstar Inc., mutual fund consultants based in Chicago, two of them set up before 1987.

"I don't know how you legislate integrity," said Geoffrey Bobroff, an independent mutual fund consultant in Rhode Island.

"There's a paucity of strong managers," said Burton Greenwald, a mutual fund consultant and independent fund director in Philadelphia.

Running costs together also creates a potential conflict, said Geoff Bobroff, a fund consultant in Rhode Island.