As of the end of October, less than a third of large-cap actively managed mutual funds were ahead of benchmarks, compared with 41% in the first half of the year.
It’s been the same trade all year. A recession is coming, so get defensive. Now the strategy is unwinding and stock managers who toed the line all the way into November have furious catching up to do.
“There’s so many people that were so bearish going into this rally that maybe they haven’t even turned bullish,” said Jim Paulsen, chief investment strategist at Leuthold Weeden Capital Management. “And if you get all these portfolios reducing their bearish bets, that’s a lot of bullish fuel. That’s going down. It’s happening.”of large-cap actively managed mutual funds were ahead of benchmarks, compared with 41% in the first half of the year, data compiled by Bank of America show.
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