"The relative performance of no-load, growth-oriented mutual funds persists in the near term, with the strongest evidence for a one-year evaluation horizon."
Hendricks, Patel and Zeckhauser (1993)

"Our sample, largely free of survivorship bias, indicates that relative risk-adjusted performance of mutual funds persist; however, persistence is mostly due to funds that lag the S&P 500."
Brown and Goetzmann (1995)

"The results do not support the existence of skilled or informed mutual fund portfolio managers."
Carhart (1997)

"We find evidence that differences in performance between funds persist over time and that this persistence is consistent with the ability of fund managers to earn returns."
Grinblatt and Titman (1992)

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