We find persistence in mutual fund performance both over consecutive time periods and in a multi-period setting. There is significant spread, persisting for at least two or three years, between the portfolio with funds from the top past return quintile and those from the bottom past return...

We find persistence in mutual fund performance both over consecutive time periods and in the multi-period setting. There is significant spread, persisting for at least 2 or 3 years, between the portfolio with funds from the top past return quintile and those from the bottom past return quintile...