Which of the following is not correct?

A managed fund will outperform an index fund only 60% of the time.

Managed funds may be open-end funds or closed-end funds.

A benchmark of a good fund manager is the ability to increase share value when the economy is good and retain that value when the economy is bad.

Over many years, the majority of managed mutual funds have failed to outperform the Standard & Poor's 500 stock index.

When evaluating a mutual fund, an important consideration is how long the present fund manager been managing the fund.