The managers running the biggest active funds picked stocks that beat the market in 2025 — and most still lagged their benchmark. A Morningstar do-nothing experiment and a body of academic research explain why active funds underperform even when the picking is good: skilled buying undone by poor selling, the hidden cost of trading, and the incentives that keep managers churning. The UK evidence points the same way.
Property investment is a popular strategy in many countries. One particular approach, buy to let, has gained widespread appeal because of rising house prices. But that popularity can mask some of the key dangers. Investors often overlook the risks of concentrating wealth in a single asset class like property. Professor JENS HAGENDORFF from King’s College London warns that many buy to let investors are underestimating the potential downside, especially compared to stock market
Robin Powell
Feb 17, 20253 min read
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