Some of them are off by 40 percent or more, shocking investors to the core. Investors tend to think of funds as stodgy but relatively safe.
Few people bother to look at what a fund actually owns.
Oddly, funds are often treated as a special investment class. How well a fund does depends on which securities it buys. The fund may or may not be diversified. It may or may not behave in the way its name implies. Take utilities funds.