Vanguard, the third-largest U.S. issuer, is looking to bring its low-cost approach to the U.K.

The Vanguard Group has found that the cheapest quartile of U.K.-based funds outperformed the most expensive quartile in nine of 11 significant categories over the past 10 years, reports Chris Flood for Financial Times.

Vanguard found that returns have been the most pronounced when comparing emerging market funds – the average cheap fund returned 12% per year after fees, or 3.1 percentage points more than the average high-fee fund.

“Investors cannot control the markets but they can control what they pay,” Peter Westaway, Vanguard’s head of the investment strategy group in Europe, said in the article. “Low-cost funds have a greater chance of delivering investment success.”

The high fees associated with active management can eat away at overall investment returns.

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