News Summary: Fund managers underperform again

News Summary: Two-thirds of stock mutual fund managers failed to beat market in 2012

Associated Press

DISAPPOINTING YEAR: Managers of stock mutual funds had a tough time beating the market in 2012, with two-thirds failing to achieve that goal. That's according to S&P Dow Jones Indices, which releases annual scorecards of fund performance.

THE NUMBERS: U.S. stock funds that are actively managed, rather than track an index, posted an average return of 14.7 percent. The market's return was 16.2 percent, as measured by the Standard & Poor's Composite 1500.

REPEATING PATTERN: Last year was the sixth time in the last 10 years that a majority of managed funds failed to beat the market.

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