The ranking of investment performance of mutual funds and pension funds is more consistent over time when evaluations are made over complete stock market cycles. The extent of relative consistency of performance over time varies based on type of investment management organization and type of portfolio style. Investment advisory firms and mutual funds are more consistent than bank pooled funds and insurance company pension accounts, which have little consistency over time. The performance characteristics of the portfolios managed by those organizations also differ from each other. Based on investment style, the ranking of performance was relatively consistent over time for the general policy portfolios and the growth style portfolios. Nevertheless, the average returns for the different portfolio style groups tended to cluster together when returns are measured over several stock market cycles.