I have been wondering what is the rationale for backtesting a portfolio before investing in it, when the Darwins in the portfolio are not yours and do not manage them and have no guarantee that their strategies will remain the same.
I would be grateful if anybody could provide an answer, or just point at an explanation somewhere else on the website. It’s probably obvious, but I cannot see the logic to it, unless the assumption is made that the strategies are going to remain the same.
The only convincing reason I found is customer relations: potential investors can have more realistic expectations if they simulate a few portfolios and backtest them. (I got this explanation from this other post.)