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Do mutual fund companies deliberately “censor” their portfolios/funds?
Do mutual funds edit/censor underperforming investments to make their   returns look better, and if so, is there any way one can figure out if   they are doing it? No, that's not what the quote says. What the quote says is that the funds routinely drop investments that do not bring the expected return, which is true. That's their job, that is what is called "active management". Obviously, if you're measuring the fund by their success/failure to beat the market, to beat the market the funds must consistently select over-performers. No-one claims that they only select over-performers, but they select enough of them (or not...) for the average returns to be appealing (or not...) for the investors.