Via Goldman Sachs chief U.S. equity strategist David Kostin: “Large-cap core mutual funds have slightly outperformed the S&P 500 year-to-date, returning 20.4% vs. the market at 19.8%. Hedge funds have continued to lag returning only 3.5%; however long/short equity funds have returned 11.8%.”
Kostin says those mutual funds are overweight names like Microsoft, Google, Johnson & Johnson, Wells Fargo, and Procter & Gamble; whereas they are underweight names like Apple, Berkshire Hathaway B shares, Pfizer, Exxon Mobil, and IBM.
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