(Reuters) – Unpleasant it may be, but investors do better if the mutual funds they hold are managed by companies with an ethos more like that of a viper pit than a kindergarten.

Cooperation is essential for wellbeing and economic growth, surely, but a new study shows that fund families with more internal competition for rewards among managers produce better results.

The study, covering a range of mutual fund equity sectors between 1992 and 2015, looked at underlying compensation mechanisms as well as other indicators to gain insight into which fund families had relatively more cooperative or competitive environments.

Reuters: Money