Just 13 funds outperform each year of past decade, Lipper finds

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About two-fifths of Europe’s actively-managed equity funds are able to beat their benchmark in any given year, according to research by Lipper.

The Beating The Benchmark study, written by Ed Moisson, head of UK and cross-border research at Lipper, shows 42.8% of Europe-domiciled actively-managed equity funds beat their benchmark in the average year.

The research used rolling periods to eliminate survivorship bias. Moisson says this step is important in the European market, which sees an average of 2,400 funds closed or merged each year.

In addition, the proportion of equity funds which outperformed their benchmarks over one year varies between 26.7% and 59.1% over the past 20 years. The lowest figure was seen during 2011.

Lipper’s study also shows that 0.5% of Europe’s active managers, or just 13 funds, have outperformed each year over the last 10. (article continues below)

Moisson says: “Needless to say this will not end the active versus passive debate, but it should make a useful contribution to better understanding how successful active fund managers have been in delivering on their objectives.”

The 13 funds that have outperformed each year of the last 10, include:

Click to enlarge

*Source: Lipper


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