All can be top performers in some year, but over 5Y or 10Y horizon, there’s big difference.

• Tech tends to outperform. It is dominated by U.S. tech stocks and they outperform the U.S. market, which is the best regional market.
• Commodity stocks is unpredictable. Over a longer horizon it often under-performs the market.
• Raw commodities (like gold) have no mutual fund at all!
• EM is worst. Over any long horizon, it tends to under-perform the U.S.
  • Asia, Latam, Russia …
  • China is a different animal