Large-cap equity mutual funds showed the lowest persistence among their domestic equity counterparts since 2013. Data from S&P Dow Jones show that of the 444 funds in the top half of the large-cap universe, fewer than 5% remained at the end of September 2017. Multicap funds held on a bit better, with 7.5% remaining from 2013's original set of 282 funds.
Fund rankings can be seen by managers as both a blessing and a curse, as higher rankings will attract more investors but at the same time set a higher bar to continue to meet.
S&P Dow Jones also provided data over the same period for the top quartile funds as of September 2013, with none of the large-, mid- or small-cap funds remaining four years later.