Some bad news for all the mutual fund managers out there: A new study from researchers at Harvard Business School seems to support the fear that artificial intelligence and machine learning could do their jobs. But here’s the catch—with only about 71% accuracy, depending on how predictable their trades are.

The working paper “Mimicking Finance” from Lauren Cohen, Yiwen Lu, and Quoc H. Nguyen, published this month by the National Bureau of Economic Research, finds “that 71% of mutual fund managers’ trade directions can be predicted in the absence of the agent making a single trade.”

The paper goes on to say, “For some managers, this increases to nearly all........

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