Were you happy with your active manager in 2021? For British investors in the US stock market, where actively managed funds holding the largest US stocks returned 27.5 per cent, the answer may be yes. For Europe, too, large-cap funds saw gains of 14.9 per cent, according to Morningstar data.
But take a closer look and active managers look less prescient. Passive funds tracking the respective US and European indices gained more after fees — 29.3 per cent and 16.3 per cent, respectively. After fees, 82 per cent of large-cap mutual funds in the US and 86 per cent of those in Europe underperformed their benchmarks in the decade to 2020, according to S&P Dow Jones.
But that’s not why I’ll never buy an active fund again.
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