Persistence isn't key for many active fund managers, as a new report finds their ability to consistently beat benchmarks and stay in the top quartile is fleeting.

The S&P Dow Jones Indices' biannual report found only a small number of outperforming or high-performing Australian fund managers were able to keep the momentum going.

The report, Persistence Scorecard, found very few outperformed their respective benchmarks or consistently stayed in the top quartiles over three and five consecutive years.

In June 2017, 203 actively managed funds were in the top quartile. Three years later, only 41 funds stayed at the top. Of the 78 top-performing Aussie equity funds, just 11 consistently stayed in this bracket.

REITs (18.8%) were the least persistent in staying above the fray, while bond funds (75%) tended to maintain top-quartile rankings.

Over a five-year period to June 2020, only a third (31.3%) of the 166 funds analysed remained in the top quartile; about 11.4% were liquidated or merged.

Aussie equity mid- and small-cap, and REITs failed to stay in the top quartile for five consecutive years. Bond funds, again, were persistent performers.

The report found similar themes in terms of fund managers' ability to outperform benchmarks consistently.

"Out of the top-performing funds in the 12-month period ending June 2016, only 1% persistently maintained a top-quartile rank, and 2% consistently beat the benchmarks in the following four consecutive years," the report read.