To buy an actively managed equity fund (and even some indexed funds) usually costs an investor 5% in front-end fees, of which three-fifths or more goes to the person who sold the fund: almost 80% of retail investors buy their funds through intermediaries, says the Investment Management Association, a trade group.

ECONOMIST: Fund management

Do funds in your portfolio have front- or back-end loads or short-term trading fees?

FORBES: Rethinking Rebalancing

Her fund charges a 5.75% front-end load and 1.3% a year in fees.

FORBES: Money & Investing