Bill Gross’s Pimco Total Return Fund, which lost its title as the world’s largest mutual fund in October, had its seventh straight month of withdrawals in November as investors continued to flee bonds.
Because it seems to be mostly finding legal ways to deceive people into paying too much for stuff they don't need, or failing that finding illegal ways to do that, or failing that just firing everyone and giving up.
Actively managed mutual funds have been so maligned for so long that I guess they were due for a good year, and so Reuters reports that "Some 57 percent of U.S. funds run by active managers are beating their benchmark indexes this year."
Capital Group Cos., the investment firm that created the forerunner to MSCI indexes used as a benchmark for $7.5 trillion in assets, said the regional indexes should be revised to reflect the growing globalization of companies.
The work that earned Eugene Fama the Nobel Prize in economics provided the intellectual foundation for index-tracking funds, which have upended stock picking as investors abandon active money managers.
Sugar fell to a two-week low in New York as investors sold futures and traders judged a fire at the port of Santos in Brazil, the world’s top producer, will have limited impact on supplies. Coffee retreated.
When Abigail Johnson began her apprenticeship at Fidelity Investments 25 years ago, the Boston- based firm founded by her grandfather was the nation’s biggest mutual-fund company and star manager Peter Lynch was enjoying a performance streak at the Magellan Fund -- a 29 percent average return over 13 years -- that ranks among the best in the industry’s history.