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It is said that the past does not predict the future; however, a good track record is often one of the criteria for fund manager selection. So does past performance provide information about future returns?
What is being described here is the phenomenon of persistent performance, where a fund may sustain out/underperformance for a period of time. If persistent performance does indeed exist then this implies that recent track record could be a good predictor for future short- and mediumterm movements in performance.
Source : INREV