At the end of 2010, the Eventide Gilead Fund was ranked in the 87th percentile in its Morningstar Inc. category — midcap growth — trailing not just its competitors but its benchmark too.
But by the end of last year, the actively managed fund didn't just beat most of its competitors, it also achieved another distinction — beating its benchmark, the S&P MidCap 400, by more than 20 percentage points.
Active managers made hay in last year's bull market, with many who were focused on growth picks beating their benchmarks, according to a new report looking at their performance.
Comparable benchmarks beat active managers only 42.6% of the time in large-cap-growth funds and 36.7% in midcap-growth funds, according to the annual S&P Indices Versus Active Funds U.S. Scorecard, which is produced by a McGraw-Hill unit that licenses services to index fund sponsors.
(Look who's going active.)
Still, advocates of passive fund management said the funds' topsy-turvy performance dispersion could mean that that trend may be as fleeting as your
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