Active managers have underperformed in 2024 as large-cap US equity funds lag the S&P 500
is flying again, soaring 25 per cent over the last month and overtaking Microsoft as the world’s second-most valuable company. That’s good news for shareholders, but not for most active fund managers.
Having gained 175 per cent already this year, Nvidia is out on its own when it comes to mega-cap outperformance. If you have underweighted Nvidia, it becomes nigh-on impossible to match the index. That’s highlighted by UBS data showing Nvidia alone accounts for 1.43 per cent of the aforementioned 2.1 per cent underperformance of US large-cap active managers. It’s hard to beat the index.
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