Fund performance analysis without performance persistency investigation is of limited use. Persistence in fund performance refers to the ability of a fund to continue to maintain its relative performance (ranking) against a benchmark, over time. Such information adds value to the fund performance results with an improved prediction ability of future performance and ability to find the optimal past performance for a given set of funds. In making investments decisions or giving investment advice, investors and fund managers often use knowledge of past performance status and the nature or performance persistency.