NEW YORK (Reuters) – Active mutual fund managers are decreasing the use of passive exchange-traded funds in their portfolios, a shift that leaves more of their performance numbers up to their own investment picks.

About 7 percent of actively managed equity fund managers now hold at least one ETF in their portfolios, a 22 percent decline from the roughly 9 percent of portfolio managers who held ETFs at this point three years ago, according to Lipper data.

Fund managers that do use ETFs include an average of 1.6 funds in their portfolios, while 103 active equity funds hold a benchmark-tracking ETF among their 10 largest ho…
Reuters: Money