Environment changing for active managers: Researcher

NZX data shows the last quarter of the year was one of the worst for global equities in several years, thanks to concerns over the global economic outlook, combined with tightening monetary conditions, trade tensions and European political uncertainty.

In New Zealand, the NZX50 fell 5.8% in the final three months of the year.

The average fund manager underperformed by 1.57% - returning an average loss of 7.34%.

Smartshares' NZ Dividend fund, down 0.74%, and NZ Mid Cap, down 2.49%, were the best performers in the data for the quarter, followed by AMP Capital's Responsible Investment Leaders share fund. Mint's SRI equity fund also did better than the index, down 5.6%.