One style of manager or one kind of fund will not succeed in all seasons.
You just never know where the next great performances will be, so it pays to be eclectic.
Some problems to look out for:
1. Stuck in a situation where the managers have lost their touch.
2. The stocks in the fund have gone out of favour:
- A value fund can be a wonderful performer for 3 years and awful for the next 6 years.
- Growth funds lost their advantage in certain years and then led the markets in certain years.