![]() ![]() In a February letter to investors, Seth Klarman, who runs the US$30 billion Baupost Group, said that as more investors opt for passive investing over active management “the more inefficient the market is likely to become.” ![]() stock market’s value, according to data compiled by Bloomberg. ![]() While several high-profile money managers have raised concerns about ETFs, equity ETFs account for about 7 per cent of the U.S. Its biggest equity holding as of March 31 was Western Digital Corp., which makes computer-storage devices. FPA Capital trailed 99 per cent of peers over the past five years, according to data compiled by Bloomberg. The fund has struggled in recent years, in part, because the managers, finding too few attractive stocks to buy, have parked 35 percent of their money in cash. ![]() “We could get an onslaught of selling.”įor more than two decades under former manager Robert Rodriguez, Los Angeles-based FPA Capital was among the top-performing stock funds in the U.S. From 1986 to 2010, it returned 14.5 per cent a year compared to 8.5 per cent for the Russell 2000 Index, according to a data compiled by Bloomberg. “This new market structure hasn’t been tested,” Bryan said in a telephone interview, noting that the stock market has never gone through a major downturn when passive investors were as important as they are now. This advertisement has not loaded yet, but your article continues below. ![]()
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