Only a small number of funds adjust management fees based on performance, but the trend is growing, Dow Jones reported, citing a study by Lipper. Currently, three percent of all funds representing six percent of all assets are incentive-fee funds, but fund boards are becoming more open to the idea.

Among its peers, Fidelity earned the most in performance fees, the study showed. However, there is a big difference in fees among the Boston Behemoth's largest funds. The study showed that Fidelity's $78-billion Contrafund paid an all-time incentive fee of $460 million. On the other hand, the $41.2 billion Magellan witnessed an all-time negative adjustment of $347 million.  

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