The yearly returns quoted by Morningstar are snapshots at the end of each year and don't change even as some laggards disappear.

WSJ: Survivorship Bias: Effect on Fund Performance Data

If no investor had any clear advantage over another, would there be a range of yearly returns in the mutual fund industry from significant losses to 50% profits, or more?

FORBES: by Jason Van Bergen

As Peter recently explained, this deduction of 15% of gross income from oil, gas, silver and gold extraction, can be applied creatively and cumulatively on the yearly gross returns from a mine or well.

FORBES: Connect

So Ramezani ran the numbers to determine raw returns for four portfolios with holdings adjusted yearly according to growth rates, bypassing the alpha calculation.

FORBES: Money & Investing