I've written here several times about the possibility that there is more luck than skill involved in fund management. Further evidence comes from a piece in the FTrunning through a bit of research from Fitch on the performance of emerging market debt funds.
It turns out that they are on the whole "spectacularly unsuccessful" at outperforming any given index. Or even at matching that index. Fitch looked at the 25% of funds which had the best performance record in the period from 2006-8 (ie, that were in the top quartile) and looked to see what happened next.
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