1.   Independent funds tend to be closed ended, and have a pre-set strategy and investment size and duration.

2.   Also, index funds tend to hold stocks for longer periods than other funds, leading to fewer realized capital gains and therefore smaller tax bills for long-term investors.

3.   Also, index funds tend to trade less often than actively managed ones, so the impact of such costs is reduced.

4.   As long-term value investors, the fund tends to have low turnover of shares, with some holdings in the portfolio for many years.

5.   At the same time, socially responsible funds have tended to bulk up on younger technology stocks, which roared through the last five years.

6.   Because weak funds tend to go out of business or merge, the surviving funds tend to be the strongest performers, which leads to a tough comparison.

7.   Because these funds tend to fall as interest rates rise, they present significant rate risk, too.

8.   Bond funds tend to distribute their dividends monthly or quarterly.

9.   Bond funds tend to have lower management fees than equity funds.

10.   Across the spectrum of investment risk and reward, Colonial funds tend to be too bunched in fairly conservative areas, according to Gibson.