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If you were to rank the funds by these rolling return figures, you'd find much greater consistency in relative fund performance.
Editor's note: At this point, the interview with Reynolds had been conducted and he was unable to provide the three-year rolling return figures Gates had requested, for reasons explained above.
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One study that looked at investor returns between 1991 and 2004 found that trading in and out of funds cost investors in actively managed mutual funds 1.7 per cent annually, and a Phoenix Investment Partners study that looked at rolling returns between 1990 and 2000 found that buying high and selling low cost investors twenty per cent of their returns over the decade.
However, as you'll note, I've also included the average three-year and five-year rolling returns for each of the funds in the list based on monthly performance going back a decade.
The rolling returns measure more than 80 three-year and more than 50 five-year periods.
The table below is a summary of the rolling returns for each scenario, showing average returns as well as best and worst returns for one-month, one-year, three-year and five-year periods.
Roll with light pressure, from center out; if dough becomes soft or sticky while you're rolling it, return it to refrigerator for 10 minutes or so.
Russell has been rolling since returning to the starting lineup 10 games ago, routinely scoring in the 20s and bursting out for 39 points against Brooklyn.
The camera keeps rolling, awaiting his return.
If the Saints were rolling, would his return shake up their flow and chemistry?
Lipman's heroine, 31-year-old Sunny Batten, sets the plot rolling when she returns to her hometown after her mother, Margaret, dies unexpectedly.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com