Multi-asset interview: Seneca's Peter Elston

Peter Elston knows he is being a little unfair when he describes active, passive and benchmark-hugging funds as, respectively "the good, the bad and the ugly". "Of course passive funds are not actually bad," Seneca Investment Managers' chief investment officer quickly clarifies. "They are great for people who do not have the tools, time or inclination to look for good active managers. Unfortunately, Sergio Leone did not call his movie ‘The good, the OK for some and the ugly'. "But as for those heinous closet index-trackers - in my book, to hug the benchmark and charge active fees for doi...