Man vs Machine

Based on the managers having reported to the database, we note that dispersion for systematic managers was smaller in February than in January (with the caveat that we have not seen all managers reporting data yet).

For discretionary managers, according to our classification, dispersion was stable for January and February.

Neither of the two main investment styles have produced excess returns year-to-date and the machines are neck-to-neck with man.

The Nilsson Report, a snapshot of manager returns, can be access here. Sign up for the underlying database here (free).