FYI: For active managers who spent the year’s first two months rediscovering their super powers, March was kryptonite.
Stock-picking mutual funds have watched it all turn tragic over the last four weeks, with two-thirds trailing benchmarks, upending the strongest start to a year since the bull market began. Blame it on a loss of nerve. In a market that kept trudging upward, they bailed on the winners.
Now, only 36 percent of large-cap portfolios are ahead of indexes like the Russell 1000, when more than 50 percent were in February, data compiled by Jefferies Group LLC show. And the industry, which after February was poised for its best result in a decade, is hobbling toward another humiliating year.
Regards,
Ted
https://www.bloomberg.com/news/articles/2019-04-03/active-fund-managers-get-blown-up-again-after-hot-start-to-2019
