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The Mag 7 Is Making It Tough to Be an Active Fund Manager
About the author: Harvey D. Shapiro is a financial writer and consultant based in New York.This time was supposed to be different. This was going to be a stockpickers' market in which astute active investors would no longer trail the index and could show their mettle. Instead, active management has continued to underperform.OK, you say, but all that's a first-half-of-2024 story; the Magnificent Seven have cooled off a bit since then, and in normal markets managers have a better chance of getting it right. But it turns out that normal markets are very frequently narrow markets. Before the Mag Seven, remember, there were the FAANG stocks . Collectively, the average return for these five was nearly 50% in 2017, compared with the S&P 500 return of 21.8%. The FAANGs came to make up more th
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