Can stock pickers fight the rise of passive investors? - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

Can stock pickers fight the rise of passive investors?

Active fund managers must prove their strategies are worth the cost
00:00

{"text":[[{"start":12.7,"text":"“Don’t look for the needle in the haystack. "},{"start":15.004,"text":"Just buy the haystack,” wrote John Bogle, the late founder of investment firm Vanguard. "},{"start":20.009,"text":"His quip is now conventional wisdom. "},{"start":22.363999999999997,"text":"America’s passively managed mutual funds and exchange traded funds — which mimic overall market indices — ended last year with more assets than active ones, following years of strong inflows. "}],[{"start":33.730000000000004,"text":"Though many still tout their stock and bond picking credentials, active fund managers only rarely generate alpha (or market-beating returns). "},{"start":41.422000000000004,"text":"In the long term the index tends to win, substantiating Bogle’s advice. "},{"start":45.827000000000005,"text":"So, why risk money hoping to unearth the next Google or Amazon when it is both safer and more lucrative to be invested in everything? "}],[{"start":53.830000000000005,"text":"That is the question active fund managers fear too many investors are now asking themselves. "},{"start":58.87200000000001,"text":"With the expansion of mutual index and ETF products — covering an array of assets and geographies — shifting cash into diversified trackers is simple. "},{"start":67.402,"text":"Investment apps allow it to be done with the flick of a finger. "},{"start":70.519,"text":"For households seeking to earn more from their savings, the growth of these low-cost investment vehicles is an unalloyed good. "}],[{"start":77.67,"text":"Seeking out star or dud stocks is a costlier, more research-intensive exercise, and necessitates a higher fee-based business model. "},{"start":85.724,"text":"Poor long-term performance and the allure of cheaper passive strategies — which account for 40 per cent of the $45tn worldwide fund assets tracked by Morningstar, up from 14 per cent in 2008 — have eroded active managers’ inflows. "},{"start":99.254,"text":"Many are cutting costs and restructuring. "},{"start":101.709,"text":"In its annual results this week, Edinburgh-based Abrdn committed to axing 500 jobs amid large outflows. "}],[{"start":null,"text":"

"}],[{"start":108.85,"text":"The industry and some economists worry that the continued flow of money into buy and hold funds could harm financial markets. "},{"start":115.17899999999999,"text":"Beyond a certain threshold, they argue, a lack of active traders engaged in weeding out over- or underpriced companies could lead to a greater misallocation of investors’ cash. "}],[{"start":125.17999999999999,"text":"For now this is just a theoretical concern. "},{"start":128.047,"text":"In practice, active managers still dominate the global industry. "},{"start":131.902,"text":"Finding alpha may be hard, particularly when markets are dominated by a few stocks, but opportunities have not suddenly disappeared. "},{"start":138.957,"text":"And big institutional investors, such as pension funds, still want to put their cash piles to work. "},{"start":144.712,"text":"Indeed, there remains plenty of interest in market-beating trades. "},{"start":148.59199999999998,"text":"For measure, hedge funds — which deploy higher-risk active strategies for accredited investors — currently outnumber Burger King outlets across the globe. "}],[{"start":157.73,"text":"This is a cut-throat industry. "},{"start":159.85899999999998,"text":"Active funds are competing with hard-to-beat passive strategies, and they are engaged in a zero-sum game with other active players. "},{"start":166.452,"text":"For each punt, there is a loser taking the other side of the bet. "},{"start":169.91899999999998,"text":"According to Morningstar, in the year to June 2023, 27 per cent of actively managed global large-cap equity funds beat the equivalent passive fund. "},{"start":178.862,"text":"Over a 15-year timeframe, only 3 per cent have. "},{"start":182.46699999999998,"text":"Active traders can hardly blame investors for switching to index strategies. "},{"start":186.672,"text":"To survive, they must prove they can actually make money. "}],[{"start":190.88,"text":"Slashing fees, by cutting business costs, is one option to boost the odds of making market-beating returns. "},{"start":197.422,"text":"Some funds have also found greater chances of beating benchmarks in bond markets and more niche corners of the stock market. "},{"start":203.577,"text":"Others, like Citadel or DE Shaw, have hired the brightest quant minds or tried deploying tech — from AI to high-frequency trading — to find alpha. "},{"start":211.957,"text":"Today’s economic uncertainty and the potential for higher-for-longer interest rates should create the volatility that hawk-eyed traders can thrive on. "}],[{"start":219.51999999999998,"text":"Yet investors are unlikely to diverge from Bogle’s safe and sound advice without a good reason. "},{"start":224.66199999999998,"text":"That means if the stock pickers are to survive and thrive, they will have to work even harder to offer them one. "}],[{"start":230.01999999999998,"text":""}]],"url":"https://creatives.ftacademy.cn/album/144596-1709434123.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

Lex专栏:亚洲将遭遇“特朗普交易”的冲击

汽车行业保护主义抬头的定价过程才刚刚开始。

马斯克对特朗普的押注得到了回报

特斯拉和X的首席执行官将成为特朗普总统身边最具影响力的政治和商业顾问之一。

巴尼耶削减养老金的计划触动了法国人的神经

法国总理的这一省钱提案遭到反对,尽管人们呼吁加强代际公平。

英国学费上涨对学生和大学财务状况的影响

专家称,这些措施不足以解决高等教育经费问题或吸引来自贫困家庭的学生。

这次美国大选对美国企业意味着什么?

大选结果将对能源、汽车和制药等领域的企业产生重大影响。

德国的商业模式失败了吗?

德国三大主要产业同时陷入低迷,经济也停滞不前。政客们终于清醒过来了吗?
设置字号×
最小
较小
默认
较大
最大
分享×