Herding behavior in mutual fund managers is linked to lower performance, showing that following the crowd doesn't pay off. Funds that go against the herd outperform those that follow it by more than 2% annually. This difference is due to the skill of the managers: antiherding funds make better investment choices, even on less popular stocks, and can predict the crowd's moves. The performance gap between herding and antiherding funds persists over time, widens when skill is more valuable, and is more pronounced in managers with strong career concerns.