High Risk in Active Managed Sector Leaders

Emerging Markets exposure has helped fuel the rise of the highest returning Active Managed funds.

Ash Kumar, 26 November, 2007 | 9:55AM
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The clear implication of the IMA Active Managed sector's heterogeneity is that comparing fund performance is only marginally useful. For the most part, the winners and losers will reflect the degree to which managers' made correct asset-class bets over the period in question--in other words, it will reflect mostly their ability to time beta, not generate alpha. The former being notoriously difficult to get right on a consistent basis, investors would do well to understand thoroughly how a fund has achieved its performance before buying in on the basis of its record. With that in mind, we'll take a look at two of the sector's leaders over the past three years

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