New York
ONCE-RELIABLE tools for active managers are being sapped of their potency by an ageing bull market, sending mutual funds to some of their worst relative returns in history.
So say Bank of America Corp strategists, who found that stock selection based on normally bullish harbingers such as buybacks, takeovers and activist interest didn't work in the first half of 2016.
Too much dependence on such signals worsened an already brutal year for large-cap managers, with only 18 per cent beating the Russell 1000 Index through June 30, the research found. That's the worst win rate than any year since at least 2003, according to the study.
Call it a hazard of investing amid the second longest bull...
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