FYI: How are active equity managers doing at a time of distorted markets? We analyzed 6,700 institutional1equity managers across 23 style categories. The performance database used for the analysis includes all managers reporting returns at any time since 1996. The chart below shows the percentage of managers that outperformed over the time frames indicated. As with our 2014 analysis, outperformance was better for non-US categories. Outperformance in 2014-2019 was also almost always weaker than in 2010-2014. Even so, a large number of equity categories still show more than 50% of managers outperforming net of fees, despite the enormous market distortions introduced by central bank quantitative easing programs
Regards,
Ted
https://am.jpmorgan.com/gi/getdoc/1383639226640
