NEW YORK: Financial pundits shouted about record high levels for the stock market in 2016, but for actively managed stock mutual funds there was another record, one they would rather keep quiet: the largest amount of net withdrawals ever recorded.
Benchmark equity indexes hit fresh peaks and the S&P 500 is on course for an eighth consecutive year of positive total returns. However, in the battle between active and passive funds to grab investment dollars in a record price environment, there was no contest.
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