The bulk of empirical evidence on mutual fund returns suggests that

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The bulk of empirical evidence suggests that superior performance is due more to luck than to the superior analytical ability of a fund manager. Additionally, the past performance of a fund cannot be used to predict how it will perform in the future. Therefore, both statements B and C are true. There are some proven superior fund managers, but it is difficult to identify them in advance as luck plays a significant role in mutual fund returns. It is, however, still important to consider factors such as fees, fund size, and investment strategy when selecting a fund. The bulk of empirical evidence on mutual fund returns suggests that superior performance is due more to luck than to the superior analytical ability of a fund manager. Additionally, the past performance of a fund cannot be used to predict how it will perform in the future. Therefore, both option B and C are true statements. It is difficult to consistently identify superior fund managers, and investing in funds that have produced superior results over the last three years may not be a reliable strategy for long-term success.

The Bulk of Empirical Evidence on Mutual Fund Returns Suggests