A few, but most will not...It all about the mode...

HOW has the stock market returned 8-10% per year? — is a whole another question.
And the mode (i.e. the most common data point), rather than the average, tells that story. And answering HOW means looking at characteristics of individual stock performance through time.
Hendrik Bessembinder did that research. He has looked at the history of about 29,000 stocks in the United States, over the 90 years worth of good data we have for empirical stock analytics. He's also looked, on a slightly shorter time horizon because of available data, at about 64,000 stocks outside the U.S.
The mode is -100%.
The most common outcome from buying a stock is that you lose all your money.
Mind blown? Great. But read on, because it has implications for portfolio design, especially if you're a long-term investor.

just 86 stocks have accounted for $16 trillion in wealth creation, half of the stock market total, over the past 90 years.

do-stocks-outperform-treasury-bills
research paper
Study

For the past two months, I have been following two "Market Neutral" funds, QQMNX and VMNFX, which held up very well and provided some protection during recent market downturns. New managers have been at the helm of both funds since 2021.
As MikeM said: "I have to admit, QQMNX is a tempting alternative in this alternative field for a less bumpy ride and, so far, excellent returns."
..............QQMNX....VMNFX
YTD.........15.6%.......8.9%
3 YRS.......14.4........14.8
5 YRS.......10.3..........8.2
2022..........9.5.........13.5
Std. Dev....8.6%.......7.3%
As a retired investor who doesn't need a lot more money, preserving capital is more important to me than seeking sizeable returns on capital. While both funds have excellent risk/reward profiles, I have decided to add QQMNX to my portfolio at this time of fairly high equity valuations.

I got very lucky...just a little water in my basement and a few trees down on my winding driveway. Mine and a few others only one without a tree crashed thru or on the roof. Just south of downtown Asheville. Biltmore village maybe 15 min from house. I got a great neighbor who looks after my property. Folks couldn't get off the mountain. Roads to washed out or impassable . No water, no electric. No food. Walked down the mountain and called me when he briefly got cell reception. I don't spend a lot of time there but planned to go for leaf season in a few weeks.
Mountain folks are tough as nails and will pull thru this... everyone looking after families with kids and the elders. Told my neighbor to raid my pantry and extra water stash to distribute to the neighbors if need be as well as where my cash stash is and combo to my gun locker.

The last filing occurred on 9/24:
https://www.sec.gov/Archives/edgar/data/1771146/000199937124012333/brookmont-485bxt_092424.htm
ETF still has no symbol yet.

@hank, I have watched and analyzed ALT funds, especially AQR funds, for about 15 years. I'm not impressed, and I explained why.
The only way to avoid big losses is to do timing using special bond funds (PIMIX, IOFIX in the past and others in the last several years), and why it took me many years to master it. I also never play short because markets usually go up.
I know, you already heard it many times; sorry for that.

Thanks @alban. I don't think the picture would fundamentally change in that situation, as the new share class's 5-year return (pro forma) should approximate the 5-year return of the other share classes, any difference explained by fee differences. So the 1-year returns of all share classes would look good and the 5-year returns of all share classes (including the new one which inherits four of those five years from the older share class returns) would look bad. Apologies if I'm misunderstanding.
Kind regards,
Jeff Ptak
Morningstar Research Services

My wife and I were vacationing in Asheville during the storm. Our hotel was on Tunnel Road. On Saturday morning we decided to at least attempt to leave the area and head for home even though we were literally in the dark with no TV news and no working cell phones. We did have a near full tank of gas, otherwise, I'm not sure we could have risked leaving not knowing when or where we would be able to get gas again. Our initial route was blocked by a flooded road. We ended up heading south towards South Carolina on RT 26 and just north of Spartanburg, SC we took RT 85 east towards Charlotte. Long lines at gas stations that were open along Rt 85. We didn't stop for gas until just west of Charlotte in Belmont and drove right up to a pump. We still had a half a tank at that point, way to go Honda Accord! Our cell phones started working again in that area as well and boy was that a nice feeling. We spent the night in Wytheville, VA on Saturday before making it home to Ohio by Sunday afternoon.

@Ptak I think I was not clear. Suppose a new share class was introduced 1 year ago. Its one year performance is its own, but its 5 year performance (extended performance) is computed based on the other, older share classes. So the 1 year performance of this share class was good (perhaps because of the timing of its introduction) but its 5 year performance (extended) is bad. This could perhaps be useful to investors.

Thanks folks! Could it be possible that funds time the introduction of new share classes when the markets are doing well. So then extended performance could help avoid buying a share class, which might look good based on its record, but is part of a fund that has had terrible performance, say over the last 5 years or so.

Bought 1000s APA for an anticipated long-term position based on developments in their 50-50 partnership with TTL in Suriname that is getting FID tomorrow, plus they have some interesting smaller activities around the world. They're also small enough that someone may take them out, which would be fine by me .... and it has a 4% dividend with a low payout. (I own TTL in my other account)
Still hoping utes pull back, but I may start nibbling on them to DCA into positions so I hopefully don't pay up too much at once.

The 3 years for QLEIX looks good because of 2022. This is where ALT funds excel.
Then, you have years when they trail and way in the back.
BY the time most investors realize markets are going down and load on these funds, they miss most of the meltdown, then, they miss the beginning of the uptrend of the regular funds, which is the strongest period.
It takes discipline to hold funds like that.

@FD - Have you looked at M* performance numbers? QLEIX +20.71%YTD / +23.75 1 YR. Albeit, it may not have moved much the past 6 months. Since when has 6 months become an appropriate time horizon to measure anything’s performance - except perhaps cash?
L/S funds come with varying risk profiles. Tough to analyze. But scanning past performance over a number of years may give an indication how much market risk the managers are willing to take.
QLEIX presently is essentially neutral domestic equities (per *M) showing only 0.69% net invested. It is just slightly positive non-U.S. equities with a net 7% invested. Suggests to me they have gone very defensive nearer term.
They have a significant net short cash position (about 25%) indicating substantial borrowing to fund the short equity positions. So, interest on loans is eating up some potential gain while they remain essentially neutral on equities.
I’m here to learn. Have never owned QLEIX. Held two L/S funds going back to ‘21 / ‘22. Sold one off recently in an effort to reduce risk & volatility in an overheated market. Personal factors also played a part in the decision.

Here is the summary prospectus:
https://www.sec.gov/Archives/edgar/data/1141819/000089418924005966/crossingbridgenordic497k.htm

M* extended methodology is used for many reasons. The second on the list is changing its legal structure.
Last year, QRSIX was moved from one trust run by FPA to another trust run by FPA. Certainly you would not want M* to drop all performance info prior to mid-2023 simply because of a change in legal structure.
https://www.sec.gov/Archives/edgar/data/1170611/000110465923062212/a23-16089_1497.htm
Consider the CREF funds. They launched their cheapest share class, R4, on April 29, 2022. Should M* should ignore all performance prior to two years ago? Certainly people who own the shares could look at the R3 shares and mentally calculate the difference in performance due to costs. But why? M* can do the same thing with virtually no effort.
https://www.morningstar.com/funds/xnas/qcstfx/performance
If we can learn nothing from past performance, then why expect M* to report it at all, for new or old share classes?

I'm in a North suburb of ATL. The weather guys were warning us for days, but luckily we just had heavy rain for 3 days and it passed. ATL and the GA coast hardly ever get hit.
In 2 days we are vacationing about 1.5 hours north of Ashville. I'm not going to drive thru Ashville and will take I-81.

SGENX has 57 billion AUM, turnover is only 6%. Despite small turnover it is not very tax efficient. Maybe ETF in the beginning will be more flexible and tax efficient.

We moved to DODIX (core plus bond), BND (total bond index), and PYLD (multi-sector bond ETF) over 6 months. All of them are intermediate-term investment grade bond funds. Short term T bills have been falling below 5% yield since July this year and it is likely to reach 4% by year end. That is the reinvestment risk we face when FED cut rates. I think intermediate term is the sweet spot now for bonds as more rate cuts are coming through next year.

Terrible hurricane, more than 90 confirmed dead... I love my CATs, but I sold 80% of them on Friday. Strangely, they jumped up happily when Helene passed through: on Friday, EMPIX was up 0.19%, CBYYX was up 0.35%, and SHRIX was up 0.44%. Maybe they did not have time to respond, or people became optimistic that Helene hit the less populated area and was no longer a threat. But today, some sources estimated a total loss of about $20 billion, whereas others estimated total damage ~ $100 billion, though only a small part of it may hit CATs. Hopefully tomorrow will bring some clarity.

Schwab has it, but with a $49.95 Transaction Fee (of course).

Lastly, this is all for now. Our COVID funk is still hanging around with fatigue; and for me, I've lost my sense of taste...........bummer, for sure.

Among the older demographics, we have to be careful and there are anti-viral medications that your primary care physician can prescribe. Don’t know if this may be a bit late now. COVID booster shot can prevent serious hospitalization but the symptoms will linger depending on the individual health.
We are glad to see you are back posting on bonds. Yields on money market funds are falling as you stated FZDXX to below 5% now. By year end it will fall another 50 or 75 bps to match the FED’s rate cut.

People know that rates are falling, but a picture is worth 1,000 words. So, in the chart linked,
The main chart is 3m T-Bill and m-mkt track those with small lag.
The bottom frame shows 10y T-Note that SVs (TIAA Traditional, etc) tracks, also with some lag.
Scale is 10x the rate.
https://stockcharts.com/h-sc/ui?s=$IRX&p=D&b=5&g=0&id=p71662440404