INSTANT HISTORY BIAS

Inaccuracy that appeared in a fund’s performance record. The bias happens when only new successful funds report their numbers but unsuccessful ones close and their returns are not factored into the fund’s (or investment manager’s) overall performance record. Especially apparent in hedge funds, is also known as "backfill bias" because hedge fund managers may opt not to post fund performance to a database from the fund’s start, but choose to "backfill" the database later once it have formed a track record of success with a fund.