It doesn't mean that the annualized returns of funds in Morningstar are all positive. In 29, the stock market doubled. Although the performance last year was not good, it didn't mean that all the funds in the previous year lost. I believe that all funds can achieve at least positive returns, thanks to experts' financial management. On the other hand, it fully shows that the long-term investment income of the fund can be guaranteed. I also looked at the long-term K-line of closed-end funds. The basic general trend is upward. You can also look at the accumulated net value of funds. Very few of them are below 1, and most of them hit a big drop just after their establishment, which is generally short-term.

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