Wellington Fund, the ‘blue blazer’ of Vanguard funds, returned an average of over 8 percent a year since 1930

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“Wellington is a bit more expensive than an index, but not so much. If you can tolerate an active manager risk, the potential for outperformance has been material over time,” Newhall said. Wellington’s fee is 0.25 percent annually.

Wellington is considered a steady-eddy mutual fund that has survived massive drawdowns. The fund had big losses in 1974 and in 2009. During that latter crisis, investors found themselves 32.5 percent below prior highs, but the fund recovered within two years.

“Wellington’s history demonstrates that drawdowns are a natural part of investing, but time in the markets wins out, and active management can work. The fund has put Balanced Index, with its comparable asset weighting, to shame in the performance derby,” noted Dan Wiener, editor of the Adviser Investments newsletter for Vanguard customers.

Since Balanced Index’s inception more than 26 years ago, "Wellington has outpaced the index fund by 1.4 percent a year, which translates into a cumulative return of 874.3 percent vs. 600 percent — small differences can really add up over time,” Wiener said.