Chinese investors have generally failed to pick the top-performing actively managed funds in the country, even though more than 85 per cent of them outperformed their passive rivals net of fees over 12 months and three years, according to Morningstar.
The data provider’s most recent China Active/Passive Barometer, which measures the performance of onshore, China-domiciled active funds against their passive counterparts, shows that “investors have generally failed to choose above-average, active stock-heavy funds”.
The findings reflect risk aversion among investors, amid economic uncertainty and geopolitical tensions, but they also illustrate how hard it is for investors to choose outperforming active managers, especially in uncertain times.
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