1) Guessing and gambling. Investing involves risks such as fluctuating value and potential loss of principal value. There is no guarantee strategies will be successful.

2) The odds are against them. Past performance is no guarantee of future results. Survivors are funds that were still in existence as of December 31, 2014. Outperformers are survivors that beat their respective benchmarks over the period. See “Data Appendix” page on the Disclaimer page for additional information.

Source: Mutual Fund Landscape, Dimensional Fund Advisors 2015. US-domiciled mutual fund data is from the CRSP Survivor-Bias-Free US Mutual Fund Database, provided by the Center for Research in Security Prices, University of Chicago.