Most active fund managers should leave the industry as they fail to deliver returns for UK retail investors, according to the manager of Blue Whale, the investment fund founded by billionaire Peter Hargreaves.
Stephen Yiu, who co-founded the fund with Hargreaves, said only “high conviction” active managers who back a small portfolio of carefully chosen stocks can justify their existence in the face of fierce competition from passive alternatives.
He said novice do-it-yourself investors are well served by passive funds that track the market, and that more experienced retail shareholders can aim to do better than the market by selecting high-conviction funds.
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