A group of registered investment advisors that believes in active management has introduced an index that it says outperformed the S&P 500 by more than 15% last year.

The National Association of Active Investment Managers (NAAIM), the trade group representing RIAs dedicated to active trading and portfolio management strategies, created the Actively Managed Fund (AMF) Index, which includes 21 mutual funds created and managed by NAAIM members.

In addition to surpassing the returns of the S&P 500, AMF Index beat the average performance of 20,000 mutual funds tracked by Morningstar also by 15%. AMF lost -21.70% last year vs. -37.03% for the S&P 500 and -36.84% for the average Morningstar fund, excluding money market and bond funds.

The 21 funds in AMF are:

Adaptive Allocation Fund (AAXCX),

AdvisorOne Amerigo Fund (CLSAX),

AdvisorOne Berolina Fund (CLBLX),

AdvisorOne Descartes Fund (CLDEX),

Aston/Smart Portfolios Fund (ASENX),

Autopilot Managed Growth (AUTOX),

Evolution All Cap Equity (PEVEX),

Evolution Managed Bond (PEMVX),

Evolution Market Leaders (PEVSX),

KCM Macro Trends Fund (KCMTX),

PMFM Core Advantage Portfolio Trust (ETFRX),

PMFM Managed Portfolio Trust (ETFFX),

PSI Core Strength (DXCSX),

PSI Macro Trends (DXMTX),

PSI Total Return (DXTRX),

Sierra Core Retirement Class R (SIRRX),

Spectrum Equity Opportunity Fund (SFEOX),

Spectrum Global Perspective Fund (SFGPX),

Spectrum Select Alternative Fund (SFHYX),

TFS Market Neutral (TFSMX) and

The Kids Fund (KIDSX).

NAAIM membership is comprised of some 200 member firms nationwide, managing an estimated $17 billion. NAAIM will report its live AMF Index performance monthly at its Web site. NAAIM will provide periodic updates and a review of the AMF Index's rationale and methodology at its annual conference in Denver, May 3 through 6. For more information, visit www.NAAIM.org.