Asia-Pacific markets eyed gains on Thursday after most indexes fell for two straight days, as investors shift focus to inflation data from China.
A rough October for the major averages made for a good month at least relatively speaking for stocks pickers, even as allocations to active strategies shrank, according to Bank of America. Some 68% of large-cap active managers beat the Russell 1000 for the month, well above what's typical. That brought the year-to-date beat rate to 41%, ahead of the 38% average. The average large-cap active fund lost 1.
9%, compared to the 2.5% loss for the benchmark. However, investors reduced their allocations to active funds, now down to 47% of total assets under management. Bank of America equity and quant strategist Savita Subramanian said managers are 'benchmark hugging' as conviction over the market direction wanes. Both value and core managers also had strong months, posting respective beat rates of 84% and 80%.
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