Half of sterling-denominated funds closed over last decade - AJ Bell and S&P

The US firm's latest SPIVA (S&P Index Versus Active) report also found that very few active managers managed to outperform their relevant S&P benchmarks over long-term time horizons, although funds in more volatile market areas such as emerging markets or UK small cap fared better. Commenting on the research, Matt Brennan, head of investment management at AJ Bell, said like most statistics, "these can be used by the user to confirm their view". "For a rules-based investor it confirms their belief that markets are efficient, and it is hard for an active manager to add value consistentl...