November rout for active funds as investors go for indexes
Boston
STOCK and bond pickers took another hit last month from investors. They pulled US$67 billion from active mutual funds while adding US$70.6 billion to passive funds in November, the most for each category this year, according to data compiled by Morningstar Inc.
The shift, which has been underway since the financial crisis of 2008, is being driven by investors who are unhappy with the cost and performance of active funds. In the five years ended June 30, only 8 per cent of large-cap stock managers beat their benchmarks, ac…
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