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),

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