Across the four investment categories, the F DR among the worst funds is always inferior to 50 percent and increases slowly as the significant level rises. It means that the majority of worst funds truly yield negative alphas and that the latter are largely spread in the left tail of the alpha distribution. The F DR among the best funds is generally much higher than the F DR among the worst funds. For All and G funds, the F DR is always higher than 50 percent, while it amounts to 100 percent for the GI funds. The only exception comes from the AG funds. Its low F.
