Serious horseracing fans make a careful study of runners and riders’ form before placing a bet. Recent form, sadly, provides little guide to finding a successful fund manager as yesterday’s winners turn all too frequently into today’s also-rans.
Understanding why some managers consistently produce alpha — market-beating returns — requires a different approach, according to Rick Di Mascio, a former chief investment officer at the British Coal pension fund.
He describes historic performance records as “blunt and misleading” measures to evaluate whether an equity fund manager is a skilled stockpicker or not.
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