Staying power usually means a lot on Wall Street. But apparently when it comes to mutual funds, hardly any portfolio managers have such mojo.
Mutual funds with managers who pick securities rather than follow an index – so-called actively managed funds – seem to have little or no ability to stay ahead of the competition, even for periods as short as five years.
"Over a longer-term investment horizon, it is very, very hard for a manager to maintain a top quartile performance," says Aye Soe, senior director of global research and design at S&P Dow Jones Indices.
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