The Myth of Consistency

Virtus Investment Partners

Research

3 Pages

Virtus Investment Partners argues that long term fund winners rarely look like winners in every short window. Among 419 funds with decade long records, top quartile 10 year performers ranked in the top quartile only 31% of rolling 3 month periods and 44% of rolling 3 year periods.

Key Takeaways

Winners Still Lag: Top quartile 10 year funds landed in the bottom half 40% of rolling 3 month periods and 33% of rolling 1 year periods.
Consistency Is Rare: Even over rolling 3 year periods, decade long winners were top quartile only 44% of the time and bottom quartile 10%.
Style Drives Swings: Across 13 equity categories, rolling 3 month top quartile rates ranged from 23% in Large Blend to 37% in Mid Cap Blend.
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