Great ‘Bear Market' in Diversification Haunts Wall Street Pros [BNN Bloomberg (Canada)]
Morningstar, Inc. (MORN)
US:NASDAQ Investor Relations:
shareholders.morningstar.com/investor-relations/default.aspx
Company Research
Source: BNN Bloomberg
The numbers are stark. Money managers who obeyed the financial industry's age-old wisdom to divide investments across markets and geographies are on an epic losing streak versus those who simply bought the S&P 500 and sat still. In one example, out of roughly 370 asset-allocation funds tracked by Morningstar Inc., just one has managed to beat the index since 2009. It's been a big lesson in futility, rather than a disaster per se. Diversified portfolios have still managed to return around 6% a year over the stretch, going by a model kept by Cambria Funds. Yet the streak of underperformance is getting historic — and could get worse as the AI-fueled equity melt-up endures. Broadly, diversified portfolios have trailed the US large-cap stock index in 13 of the last 15 years, a stretch seen only once before in almost a century of data, per Cambria. “If your neighbor has all their money in the S&P, then you look like a moron,” said Meb Faber, the founder of investment firm Cambria and a
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MORN
Sec Filings
- 6/20/24 - Form 8-K
- 6/18/24 - Form 8-K
- 6/14/24 - Form 8-K
- MORN's page on the SEC website