Does 2021 Look Like a Good Year for Active Equity Managers?
Yes, active equity managers tend to perform better when the average stock within a market capitalization–weighted index outperforms the index itself.
Equities
Global Equity Manager Performance: 2020
In 2020, 55% of active global managers underperformed the MSCI World Index (gross of fees), with the median manager underperforming by 150 basis points. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Emerging Markets Equity Manager Performance: 2020
Slightly more than half of active emerging markets equity managers underperformed the MSCI Emerging Markets Index (gross of fees) in 2020—the fourth time the median manager has underperformed the benchmark out of the last five years. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Market Matters: March 2021
Global equity markets advanced in first quarter, as developed markets equities topped emerging markets peers.
Decades of Data: Europe ex UK 1900–2020
The 2020 Europe ex UK edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds. It also analyzes the historic economic declines and sharp asset price movements that resulted from the COVID-19 pandemic in 2020.
Global ex US Equity Manager Performance: 2020
In 2020, 62.9% of active global ex US managers outperformed the MSCI EAFE Index, gross of fees, with the median manager outperforming by 334 basis points, the highest margin in a decade. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Decades of Data: United Kingdom 1900–2020
The 2020 UK edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds. It also analyzes the historic economic declines and sharp asset price movements that resulted from the COVID-19 pandemic in 2020.
US Mid- to Large-Cap Equity Manager Performance: 2020
For the seventh straight year, the majority of active mid- to large-cap managers underperformed in 2020, with 63.9% lagging the benchmark (gross of fees). This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Decades of Data: United States 1900–2020
The 2020 US edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds. It also analyzes the historic economic declines and sharp asset price movements that resulted from the COVID-19 pandemic in 2020.
Market Matters: February 2021
Risk assets rallied in February as global vaccination efforts progressed and economic momentum strengthened. However, the rally stalled in the latter half of the month amid concerns about a resurgence in inflation. Value stocks trounced growth. Small caps outperformed large caps for the sixth consecutive month. Sovereign bond prices declined amid sharply rising yields, while high-yield bonds advanced and bested investment-grade equivalents. Real assets mostly gained; oil prices reached their highest levels in more than a year, but gold declined at its fastest monthly rate since 2016. Among major currencies, UK sterling advanced, whereas the US dollar and euro were mixed.