The Big Theme 

How active managers get an edge

How active managers get an edge

Last year was a good year for global markets, but not so good for the relative performance of active funds. Asset manager Janus Henderson was also fined £1.9m for overcharging investors in active funds that did not perform very differently to passive funds – so-called ‘closet trackers’. Passive index-tracking funds domiciled in the UK, meanwhile, attracted net inflows of £19bn, while active funds saw outflows of £36bn – their highest level on record, according to data provider Morningstar

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