Specialist Peter Giacchi, right, calls out prices at the closing bell on the floor of the New York Stock Exchange Thursday, Feb. 28, 2013. The stock market pushed higher Thursday afternoon, sending the <strong>Dow</strong> tantalizingly close to a record high.The Associated Press
Globe editors have posted this research report with permission of S&P Dow Jones Indices. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:
Domestic equity markets continue with the impressive double-digit rally over the past 12 months. However, the gains made by the domestic passive indices did not translate into active management. Most active managers in all the categories except small-cap growth underperformed their respective benchmarks for the trailing 12 months.
The performance figures are equally unfavourable for active funds when viewed over the three- and five- year horizons. However, a large percentage of international small-cap funds continued to outperform the benchmark regardless of the time period, indicating that active management opportunities are still present in this space.
Amidst uncertain monetary policy, active fixed income managers in several categories posted better performance than the benchmarks over the past 12 months.
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