https://marginalrevolution.com/marginalrevolution/2021/12/do-ai-powered-mutual-funds-outperform-the-market.html
We evaluate the performance of artificial intelligence (AI)-powered mutual funds. We find that these funds do not outperform the market per se. However, a comparison shows that AI-powered funds significantly outperform their human-managed peer funds. We further show that the outperformance of AI funds is attributable to their lower transaction cost, superior stock-picking capability, and reduced behavioral biases.
I am not sure “AI-powered” is entirely well-defined here, but the result is of interest nonetheless. Here is the paper by Rui Chen and Jinjuan Ren, via the excellent Kevin Lewis.