Computer programs keep buying in a quant's stock market

New York

THAT money you see sloshing around in the US stock market, it belongs to the robots.

At least, that's the picture emerging from a growing divergence between quantitative funds and discretionary managers. Systematic strategies have barely budged from near-record participation in US stocks. Meanwhile, fundamental equity long-short managers can't afford to be anything but picky, considering the market's narrow leadership.