Finding an edge in the stock market

Each week, a professional investor tells MoneyWeek where he’d put his money now. This week: Matthew Tillett, fund manager, Allianz UK Unconstrained Fund.

What is the purpose of active fund management? To outperform the market, obviously. So why do the majority of active funds underperform over the long run? The answer is that most are simply not active enough.

They own too many stocks, often without much conviction, and they end up looking a lot like the indices they are supposed to outperform. Over the long term, by investing in a fairly small number of stocks, and believing in them [...]

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