Dan Jones  

A change of fortunes is on the cards for active managers

Dan Jones

Dan Jones

Absolute return funds have performed a similar role for cautious equity investors over the same period – but the new bull versus bear divide could prove to be between active and passive funds, not absolute return and growth portfolios.

Some have described the investment environment of the past half-decade as a “goldilocks” market – not too hot, but not too cold. 

Active management, too, could yet have the best of both worlds: steadily rising markets, coupled with a nervousness that means few are prepared to purchase trackers. Fund firms will be licking their lips – as long as the bears can be kept from the door.