{"id":82411,"date":"2023-11-09T03:10:40","date_gmt":"2023-11-09T08:10:40","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/mutual-funds-that-buy-u-s-stocks-just-had-their-best-hit-rate-in-two-years-bofa-says\/"},"modified":"2023-11-09T03:10:44","modified_gmt":"2023-11-09T08:10:44","slug":"mutual-funds-that-buy-u-s-stocks-just-had-their-best-hit-rate-in-two-years-bofa-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82411","title":{"rendered":"Mutual funds that buy U.S. stocks just had their best \u2018hit rate\u2019 in two years, BofA says"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002708318\" role=\"document\">\n<p>Managers of mutual funds focused on large-cap stocks in the U.S. did a stronger job of beating their benchmark last month, but they\u2019re still struggling to do so year to date, according to BofA Global Research.\u00a0<\/p>\n<p>Sixty-eight percent of large-cap active managers outperformed their Russell 1000 benchmark in October, BofA said in a research note dated Nov. 7. That marked their best \u201chit rate\u201d in more than two years.<\/p>\n<div class=\"paywall\">\n<p>The U.S. stock market broadly slumped in October, with the Russell 1000 index falling 2.5%, FactSet data show. Some investors are willing to pay higher fees for actively managed mutual funds in hopes of getting a better return than they would from less expensive passive index funds.<\/p>\n<p>But producing better returns than a simple index that broadly tracks the stock market hasn\u2019t been easy for professional stock pickers.<\/p>\n<p>While October marked the third straight month of large-cap active managers beating their Russell 1000 benchmark \u2014 the longest outperformance streak since mid-2022 \u2014 they tend to trail it annually.<\/p>\n<p>The relatively strong performance of large-cap active managers in October pulled their hit rate so far this year to 41%, which is above an average annual hit rate of 37%, according to BofA. In October, the average fund beat the benchmark by 34 basis points, the note shows.\u00a0<\/p>\n<p>The U.S. stock market has climbed so far in 2023, with the S&amp;P 500 index<br \/>\n        SPX<br \/>\n       finishing slightly higher on Wednesday to extend its longest stretch of daily gains in two years. The S&amp;P 500 has risen more than 14% this year, while the Russell 1000<br \/>\n        RUI<br \/>\n       has gained around 13.8%, FactSet data show.<\/p>\n<p>Meanwhile, growth stocks are trouncing value equities in 2023, with the Russell 1000 Value index<br \/>\n        RLV<br \/>\n       falling 1.4% through Wednesday and the Russell 1000 Growth index<br \/>\n        RLG<br \/>\n       soaring 30.1% over the same period.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/mutual-funds-that-buy-u-s-stocks-just-had-their-best-hit-rate-in-two-years-bofa-says-ad6a7285?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Managers of mutual funds focused on large-cap stocks in the U.S. did a stronger job of beating their benchmark last month, but they\u2019re still struggling to do so year to date, according to BofA Global Research.\u00a0 Sixty-eight percent of large-cap active managers outperformed their Russell 1000 benchmark in October, BofA said in a research note [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":82412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-82411","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mutual funds that buy U.S. stocks just had their best \u2018hit rate\u2019 in two years, BofA says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Managers of mutual funds focused on large-cap stocks in the U.S. did a stronger job of beating their benchmark last month, but they\u2019re still struggling to\" \/>\n<meta name=\"robots\" content=\"index, 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