Passives

Expanding range

Joined in 2010

Ten new funds added

44% outperformed up from 28%

Shone a light on 'closet trackers'

Make up 25% of portfolios

Investment management is a professional activity and what we do as investment professionals can be complex, writes Will Goodhart, chief executive of the CFA Society of the UK.

Focus: L&G Multi-Asset Target Return Fund

Should focus on delivering outperformance

Three hidden risks can hit performance