Investors pulled a record $450bn out of actively managed stock funds this year, as a shift into cheaper index-tracking investments reshapes the asset management industry.
The outflows from stockpicking mutual funds eclipse last year’s previous high of $413bn, according to data from EPFR, and underline how passive investing and exchange traded funds are hollowing out the once-dominant market for active mutual funds.
Traditional stockpicking funds have struggled to justify their relatively high fees in recent years, with their performance lagging behind the gains for Wall Street indices powered by big technology stocks.
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