While it is a mutual fund cliché that future results cannot be predicted by past performances, a new Morningstar study pounds the point home with a large wooden stick, according to Reuters.

By looking at fund performance from 1992 to 2001, the Chicago research firm found that only nine of 23 large-growth funds that ranked in the top quartile over the first five years stayed in that group in the second five years. In fact, one- and three-year returns showed even less of a correlation between the past and future returns.

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