When do you sell a mutual fund?
I never recommend managed funds for a variety of reasons, including high cost and their too-often inability to emulate indexes. Moreover, managements change and you never know who really is operating your assets.
What if the fund is not doing well? That does not mean an automatic sale. Market conditions may be the cause and not management inability.
The major consideration should be fund cost because that is the only factor you can truly control. All other factors are well beyond your possible knowledge. Cost is a huge factor in fund success. ( See the Earl J Weinreb NewsHole® comments.)
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