Ivy League colleges have produced a large share of the best and brightest:

U.S. Presidents, Supreme Court justices, CEOs--and fund managers. What's more, Morningstar, which collects reams of data on mutual funds, says funds managed by Ivy League alumni post better returns than the rest.

For the five-year period ended May 31, diversified U.S. equity funds run by Ivy alums beat the non-Ivy, with an average annual total return of 11.2% to 10.8% (appreciation plus reinvestment of dividends and capital gains). Ivy managers of taxable bond funds trounced non-Ivies 8.8% to 8.1% for the same period. Ivies tied non-Ivies in muni bond funds, but lost on international equity funds.

Morningstar says how a fund matches your goals and risk tolerance is more important than a manager's sheepskin. But hey, when you're choosing among similar mutual funds, the manager's academic pedigree could be the tie-breaker.

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