Here’s an interesting nugget from JPMorgan:
#1: 2013 is on track to be an improvement for active managers. Notably, there are now more Russell 1000 Growth managers beating the benchmark by at least 250bp than missing it (26% vs. 25%, respectively). And the overall net diffusion of beats less misses at -600bp (net missing), is the best figure since 2010. We believe some of this outperformance reflects whether a fund owned Apple (AAPL-OW). The stock is the largest S&P 500 weight (2.8% S&P 500; 6.8% of NASDAQ) and is flat YTD, subtracting nearly 100bp of performance from the market overall.
If you haven’t owned Apple this year, you probably beat the market. If you did own Apple, you probably did not.
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