And, just as important, he had played with skill and dedication in every one of those games. It is not uncommon for mutual fund investors to find themselves in the distressing scenario of discovering that a fund originally purchased because it follows one investment style begins pursuing another. Why Management Quality Matters Consider this scenario. A mutual fund achieves top performance in its category for a year. Its manager appears nightly on business talk shows, discussing his stock and market sector positions.
Money pours into the fund.
Yet despite this, most mutual fund evaluation and ranking services focus only on historic performance when they rate mutual funds.