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Alger on the Money – What Goes Down Must Go Up

08 June 2017

The percentage of active-fund assets outperforming the S&P 500 moves in cycles with outperformance recently hitting a trough. There are reasons to expect improvement.

 

  • Active performance relative to passive looks to have bottomed out and may be moving higher as it has done several times in the past.
  • Given that the economic cycle is in a more mature phase, macroeconomic factors should give way to more stock-specific drivers of return.
  • This should lower correlations among equities (see March 15, 2017, Alger On the Money) and increase return dispersion, allowing stock pickers to perform better relative to their passive benchmarks.

> Download Alger On the Money, A view on the U.S. Market

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