- For years, the globe has been riding one big macro trade - one based on the central banks' game plan to give away free money to reflate financial assets, says Evercore ISI's Glenn Schoor.
- What we've got now is policy divergence, with the U.S. in tightening mode, while the rest of the major central banks continue to ease. It's likely to bring more volatility, and thus raise the chances for active management to create some alpha.
- He's already seeing "some pretty material" fund performance swings (a lot of good, but also bad), notably at BlackRock (NYSE:BLK), Cohen & Steers (NYSE:CNS), Franklin (NYSE:BEN), Invesco (NYSE:IVZ), T. Rowe Price (NASDAQ:TROW), Eaton Vance (NYSE:EV) and Waddell & Reed (NYSE:WDR).
- Source: Bloomberg