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2021-12-28
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Stock Pickers Are Struggling to Beat the Market<blockquote>选股者正在努力战胜市场</blockquote>
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Many stock pickers find themselves trailing the S&P 500 to close out 2021.</span></p><p><blockquote><p class=\"t-img-caption\"><span>纽约证券交易所展示的标普500市场数据。许多选股者发现自己在 2021 年结束时落后于标普500。</span></p></blockquote></p><p> It was supposed to be a stock picker’s market.</p><p><blockquote>这本应是一个选股者的市场。</blockquote></p><p> A late 2020 rally by smaller and cheaper stocks, culminating with the meme-stock craze that started in January, raised hopes that active investing would stage a comeback this year. But as 2021 draws to a close, most professional stock pickers find themselves in familiar territory: trailing the benchmark S&P 500 index.</p><p><blockquote>2020 年底，规模较小、价格较低的股票出现反弹，并在 1 月份开始的模因股票热潮中达到高潮，这引发了人们对积极投资今年卷土重来的希望。但随着 2021 年接近尾声，大多数专业选股者发现自己处于熟悉的领域：落后于基准标普500指数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/811079b045586611a94c9e99ab1d2c75\" tg-width=\"440\" tg-height=\"561\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> That many money managers were brimming with optimism in January is nothing new, said Craig Lazzara, a managing director at S&P Dow Jones Indices. “Every year, there are a bunch of forecasts typically from active managers describing why this year is going to be a good year—this will be a stock picker’s market,” Mr. Lazzara said.</p><p><blockquote>标准普尔道琼斯指数董事总经理克雷格·拉扎拉表示，许多基金经理在一月份充满乐观情绪并不是什么新鲜事。“拉扎拉先生说：”每年，通常都会有一堆来自活跃经理的预测，描述为什么今年将是一个好年份--这将是一个选股者的市场。</blockquote></p><p> But many active stock funds struggle to beat the market in a given year, and 2021 fits the pattern. Some 85% of active U.S. stock funds were on pace to underperform the S&P 500 this year as of Nov. 30, according to Morningstar Direct. In the same period a year ago, 64% of such funds were running behind the S&P 500, according to Morningstar.</p><p><blockquote>但许多主动型股票基金在某一年都很难跑赢市场，2021 年就符合这种模式。根据 Morningstar Direct 的数据，截至 11 月 30 日，约 85% 的美国活跃股票基金今年的表现将逊于标普500。晨星公司的数据显示，去年同期，64% 的此类基金落后于标普500。</blockquote></p><p> Some of those funds focus on small or midsize companies, and many were on track to beat the benchmark indexes that more closely resemble their investment style, said Robby Greengold, a Morningstar strategist. Small-cap funds, in particular, have had a strong year relative to their benchmarks.</p><p><blockquote>晨星策略师罗比·格林戈尔德表示，其中一些基金专注于中小型公司，其中许多基金有望跑赢与其投资风格更相似的基准指数。尤其是小型基金，相对于其基准，今年表现强劲。</blockquote></p><p> Keeping pace with the S&P 500, though,was a different matter.</p><p><blockquote>然而，跟上标普500的步伐，则是另一回事。</blockquote></p><p> “Large-cap stocks this year have generally trounced the small-caps,” Mr. Greengold said.</p><p><blockquote>“格林戈尔德先生说：”今年大盘股普遍跑赢了小盘股。</blockquote></p><p> Active managers had reason to believe this year might be different. Indeed, the U.S. economy’s recovery from the coronavirus slowdown had emboldened investors to snap up stocks they had previously ignored, Mr. Lazzara said. They went looking for bargains, reasoning that most companies would benefit from the economy’s growth—and not just the ones that proved most resilient earlier in the year.</p><p><blockquote>积极的管理者有理由相信今年可能会有所不同。拉扎拉先生说，事实上，美国经济从冠状病毒放缓中复苏，这鼓励了投资者snap他们以前忽视的股票。他们开始寻找便宜货，理由是大多数公司都将从经济增长中受益，而不仅仅是那些在今年早些时候证明最有弹性的公司。</blockquote></p><p> Cheap stocks, small-caps and energy companies—categories that lagged behind the S&P 500 at the start of the health crisis—vaulted past the index’s performance in fall 2020, according to S&P Dow Jones Indices.</p><p><blockquote>根据标准普尔道琼斯指数（S&P Dow Jones Indices）的数据，廉价股票、小盘股和能源公司--在健康危机开始时落后于标普500--在 2020 年秋季的表现超过了该指数。</blockquote></p><p> Their moment didn’t last. By spring 2021, big growth stocks had found their footing and kept it—helping power the S&P 500 to a 28% gain so far this year. The S&P MidCap 400 is up 23%, while the S&P SmallCap 600 has risen 26%.</p><p><blockquote>他们的时刻并没有持续多久。到 2021 年春季，大型成长型股票已经找到并保持了立足点，帮助标普500今年迄今为止上涨了 28%。标准普尔中型股 400 指数上涨 23%，标准普尔小型股 600 指数上涨 26%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock Pickers Are Struggling to Beat the Market<blockquote>选股者正在努力战胜市场</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock Pickers Are Struggling to Beat the Market<blockquote>选股者正在努力战胜市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-12-28 20:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Some 85% of active U.S. stock funds were on pace to underperform the S&P 500 this year</p><p><blockquote>约 85% 的活跃美国股票基金今年的表现将逊于标普500</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f2dde8009f5db843df7a9e957e722aa\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\"><span>S&P 500 market data displayed at the New York Stock Exchange. Many stock pickers find themselves trailing the S&P 500 to close out 2021.</span></p><p><blockquote><p class=\"t-img-caption\"><span>纽约证券交易所展示的标普500市场数据。许多选股者发现自己在 2021 年结束时落后于标普500。</span></p></blockquote></p><p> It was supposed to be a stock picker’s market.</p><p><blockquote>这本应是一个选股者的市场。</blockquote></p><p> A late 2020 rally by smaller and cheaper stocks, culminating with the meme-stock craze that started in January, raised hopes that active investing would stage a comeback this year. But as 2021 draws to a close, most professional stock pickers find themselves in familiar territory: trailing the benchmark S&P 500 index.</p><p><blockquote>2020 年底，规模较小、价格较低的股票出现反弹，并在 1 月份开始的模因股票热潮中达到高潮，这引发了人们对积极投资今年卷土重来的希望。但随着 2021 年接近尾声，大多数专业选股者发现自己处于熟悉的领域：落后于基准标普500指数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/811079b045586611a94c9e99ab1d2c75\" tg-width=\"440\" tg-height=\"561\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> That many money managers were brimming with optimism in January is nothing new, said Craig Lazzara, a managing director at S&P Dow Jones Indices. “Every year, there are a bunch of forecasts typically from active managers describing why this year is going to be a good year—this will be a stock picker’s market,” Mr. Lazzara said.</p><p><blockquote>标准普尔道琼斯指数董事总经理克雷格·拉扎拉表示，许多基金经理在一月份充满乐观情绪并不是什么新鲜事。“拉扎拉先生说：”每年，通常都会有一堆来自活跃经理的预测，描述为什么今年将是一个好年份--这将是一个选股者的市场。</blockquote></p><p> But many active stock funds struggle to beat the market in a given year, and 2021 fits the pattern. Some 85% of active U.S. stock funds were on pace to underperform the S&P 500 this year as of Nov. 30, according to Morningstar Direct. In the same period a year ago, 64% of such funds were running behind the S&P 500, according to Morningstar.</p><p><blockquote>但许多主动型股票基金在某一年都很难跑赢市场，2021 年就符合这种模式。根据 Morningstar Direct 的数据，截至 11 月 30 日，约 85% 的美国活跃股票基金今年的表现将逊于标普500。晨星公司的数据显示，去年同期，64% 的此类基金落后于标普500。</blockquote></p><p> Some of those funds focus on small or midsize companies, and many were on track to beat the benchmark indexes that more closely resemble their investment style, said Robby Greengold, a Morningstar strategist. Small-cap funds, in particular, have had a strong year relative to their benchmarks.</p><p><blockquote>晨星策略师罗比·格林戈尔德表示，其中一些基金专注于中小型公司，其中许多基金有望跑赢与其投资风格更相似的基准指数。尤其是小型基金，相对于其基准，今年表现强劲。</blockquote></p><p> Keeping pace with the S&P 500, though,was a different matter.</p><p><blockquote>然而，跟上标普500的步伐，则是另一回事。</blockquote></p><p> “Large-cap stocks this year have generally trounced the small-caps,” Mr. Greengold said.</p><p><blockquote>“格林戈尔德先生说：”今年大盘股普遍跑赢了小盘股。</blockquote></p><p> Active managers had reason to believe this year might be different. Indeed, the U.S. economy’s recovery from the coronavirus slowdown had emboldened investors to snap up stocks they had previously ignored, Mr. Lazzara said. They went looking for bargains, reasoning that most companies would benefit from the economy’s growth—and not just the ones that proved most resilient earlier in the year.</p><p><blockquote>积极的管理者有理由相信今年可能会有所不同。拉扎拉先生说，事实上，美国经济从冠状病毒放缓中复苏，这鼓励了投资者snap他们以前忽视的股票。他们开始寻找便宜货，理由是大多数公司都将从经济增长中受益，而不仅仅是那些在今年早些时候证明最有弹性的公司。</blockquote></p><p> Cheap stocks, small-caps and energy companies—categories that lagged behind the S&P 500 at the start of the health crisis—vaulted past the index’s performance in fall 2020, according to S&P Dow Jones Indices.</p><p><blockquote>根据标准普尔道琼斯指数（S&P Dow Jones Indices）的数据，廉价股票、小盘股和能源公司--在健康危机开始时落后于标普500--在 2020 年秋季的表现超过了该指数。</blockquote></p><p> Their moment didn’t last. By spring 2021, big growth stocks had found their footing and kept it—helping power the S&P 500 to a 28% gain so far this year. The S&P MidCap 400 is up 23%, while the S&P SmallCap 600 has risen 26%.</p><p><blockquote>他们的时刻并没有持续多久。到 2021 年春季，大型成长型股票已经找到并保持了立足点，帮助标普500今年迄今为止上涨了 28%。标准普尔中型股 400 指数上涨 23%，标准普尔小型股 600 指数上涨 26%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/stock-pickers-are-struggling-to-beat-the-market-11640692983?siteid=yhoof2\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.wsj.com/articles/stock-pickers-are-struggling-to-beat-the-market-11640692983?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147662871","content_text":"Some 85% of active U.S. stock funds were on pace to underperform the S&P 500 this year\nS&P 500 market data displayed at the New York Stock Exchange. Many stock pickers find themselves trailing the S&P 500 to close out 2021.\nIt was supposed to be a stock picker’s market.\nA late 2020 rally by smaller and cheaper stocks, culminating with the meme-stock craze that started in January, raised hopes that active investing would stage a comeback this year. But as 2021 draws to a close, most professional stock pickers find themselves in familiar territory: trailing the benchmark S&P 500 index.\n\nThat many money managers were brimming with optimism in January is nothing new, said Craig Lazzara, a managing director at S&P Dow Jones Indices. “Every year, there are a bunch of forecasts typically from active managers describing why this year is going to be a good year—this will be a stock picker’s market,” Mr. Lazzara said.\nBut many active stock funds struggle to beat the market in a given year, and 2021 fits the pattern. Some 85% of active U.S. stock funds were on pace to underperform the S&P 500 this year as of Nov. 30, according to Morningstar Direct. In the same period a year ago, 64% of such funds were running behind the S&P 500, according to Morningstar.\nSome of those funds focus on small or midsize companies, and many were on track to beat the benchmark indexes that more closely resemble their investment style, said Robby Greengold, a Morningstar strategist. Small-cap funds, in particular, have had a strong year relative to their benchmarks.\nKeeping pace with the S&P 500, though,was a different matter.\n“Large-cap stocks this year have generally trounced the small-caps,” Mr. Greengold said.\nActive managers had reason to believe this year might be different. Indeed, the U.S. economy’s recovery from the coronavirus slowdown had emboldened investors to snap up stocks they had previously ignored, Mr. Lazzara said. They went looking for bargains, reasoning that most companies would benefit from the economy’s growth—and not just the ones that proved most resilient earlier in the year.\nCheap stocks, small-caps and energy companies—categories that lagged behind the S&P 500 at the start of the health crisis—vaulted past the index’s performance in fall 2020, according to S&P Dow Jones Indices.\nTheir moment didn’t last. By spring 2021, big growth stocks had found their footing and kept it—helping power the S&P 500 to a 28% gain so far this year. The S&P MidCap 400 is up 23%, while the S&P SmallCap 600 has risen 26%.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3788,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":17,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/696203398"}
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