Fund managers often specialize in a few investment strategies, giving them the chance to shine when conditions are favorable (think US equities last year) or underperform relative to other funds when the market turns against them (many bond funds over the same period). To even things out and get a better long-term perspective, they insist that investors should judge the performance of a fund over a full market cycle instead of just looking at recent events.
Putting full-cycle performance to the test
The argument is reasonable, but it could also be an easy way for underperforming funds to wave away criticism, so Charles Boccadoro, associate editor at the Mutual Fund Observer, decided to put
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