Active Managers – Fear Not, Morgan Stanley Has Another Excuse For S&P 500 Underperformance

Tears are being shed and the violins of sorrow are playing as a Morgan Stanley report bemoans the difficulty an active fund manager has beating a stock index.

“We offer investors a break some may need - they are being compared to a moving target, and that target is hard to beat,” the report noted. There are several reasons that fund managers are having difficulty, and the research piece, titled “Why Is Active Management So Difficult,” provided cover for fund managers missing the mark.

Morgan Stanley says comparing active fund managers managers to the S&P 500 is not accurate...

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