Has Q1 2019 been a better start for active funds?

In 2018, the Pan-European mutual fund industry suffered its first annual outflow in six years, haemorrhaging some €129.2bn. Performance-wise, the story was similarly dire - the Lipper Global Equity US classification returned -6.3%, Lipper Global Equity Europe ex-UK returned -13.0%, and Lipper Global Equity UK returned -11.0% (all in GBP). Exhibit 1. Pan-European fund flows (in €bn) Source: Lipper from Refinitiv. Active fund managers in aggregate did not cover themselves in glory in 2018, with only a small percentage of funds within major Lipper classifications beating the best-per...