T. Rowe Price led the major U.S. active fund managers in alpha creation, with its funds topping their respective benchmarks by an average 280 basis points year-to-date through Nov. 30. The manager's technology sector fund was its best performer, surpassing its index by 17.7% percentage points. T. Rowe's large-cap growth funds also performed well, keeping with its history as a strong growth manager. Of the 58 active funds observed, 41 topped their benchmarks; their real assets fund missed its mark by more than 13 percentage points.
BlackRock (BLK) funds missed on average 1.43%, with its emerging markets fund down 18.3% relative to its index, and its energy sector fund was 12.7 percentage points behind its mark. Alternatively, U.S. midcaps, technology and value funds did well.
Fidelity finished just above the breakeven point, but also had the largest range of excess returns. Like its counterparts, technology did well for the manager while energy lagged significantly.