Active and Passive Investing
Have Active Managers Outperformed in the Long Run? (cont.)
Apparent positive empirical performance of active managers as a group
However, evidence is less compelling during the past decade than during the preceding one
Cumulative Excess Return Over Benchmark, 1997 - 2017
Mutual Fund Equities and Inst. Equities
$135
$130
$125
$120
$115
$110
$105
$100
$95
(AOR
1997
1999
2001
2003
2005
-MF-Eq
2007
2009
2011
-Inst-Eq
2013
2015
2017
Source: AQR, Morningstar, eVestment. Details of all the series are shown on provinsi Mutual Fund-Equity data ends Dec 2016. MF-Eq and Inst-Eq are defined by general
categories from Morningstar and eVestment. Past performance is not a guarantee of future performance. Please read important disclosures in the Appendix.
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