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PASSIVE INVESTING – GOING UNDER THE BONNET (HARD DRIVE)! 28MANAGING ASSETS.Is it possible tooutperform the market ?YESNOActiveIndex
PASSIVE INVESTING – GOING UNDER THE BONNET (HARD DRIVE)! 29MARKET EFFICIENCYNORTH AMERICA.S e c t o r A ve1yrM S C I U S A TR GB P0% 5% 10% 15% 20% 25%US equity marketappears to be veryefficient5yrsS e c t o r A v eM S C I U S A TR GB P0% 20% 40% 60% 80%Style – Index10yrsS e c t o r A veM S C I U S A TR GB P0% 30% 60% 90% 120%Source: Lipper for Investment Management. Pastperformance is not a guide to future performance.MSCI USA TR (GBP) and and Sector Ave bid tobid basis, net income reinvested. 30/4/12 – 30/4/13,30/4/08 – 30/4/13, 30/4/03 – 30/4/13
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