In the NZZ, Michael Schaefer reports on a study about the performance of Swiss portfolio managers in 2016.

• The median portfolio returns in all investment strategies except those not investing in stocks fell short of the corresponding benchmark returns.
• Only a fifth of the portfolios generated returns in excess of their benchmark.
• These numbers do not yet account for management fees.
• No portfolio manager generated high returns across all strategies.
• But some managers consistently generate high returns in certain strategies.