Fishing in dead waters.
Investors Chronicle - magazine and web content, December, 2007
Most shares have badly underperformed the market this year Chris Dillow
It's been a bad year for stock-pickers. Figures from Trustnet show that in the past 12 months only 91 of 420 unit trusts in the UK all companies sector have beaten Scottish Widows' All-Share tracker fund - and 17 of these were other trackers, mostly of the FTSE 100 index.
This widespread underperformance isn't because stock-picking fund managers are stupid - or at least, it's not just because they are. It's because most stocks underperformed the market this year. Stock-pickers have therefore been fishing in dead waters.
This year, only 28.5 per cent of the stocks (excluding investment trusts) in the All-Share have outperformed the market's 6.3 per cent return. The...
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