Despite repeated reminders that past performance is not indicative of future results, investors have long flocked to the best-performing funds, and why not? Barring any other reliable metric, a fund’s track record is as good as any selling point. But chasing the winners is getting more complicated. A decade ago most inflows went to funds that carried Morningstar’s top ratings of four and five stars—which comprise about 32.5% of funds in the Morningstar database. Lately ...

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