Ms. Mossburg asserts that the state's performance is significantly lower than large mutual funds, and she provides examples of two mutual funds that outperformed the state pension system over the most recent decade. What she fails to do is conduct a performance attribution to determine why. The two mutual funds included in the article are predominantly invested in bonds. The last decade saw two periods of significant decline in the stock market, and a steady rise in bonds as yields fell to near historic lows. So naturally, a concentrated bond portfolio would outperform a more diversified portfolio. How easy it is to identify outperforming assets after the fact with the benefit of hindsight. In fact, Morningstar, a leading provider of independent investment research, comments that one of the funds included in the article "could struggle in relative terms when rates rise from their recent, near-historical lows."