Group launches index of actively managed funds

The National Association of Active Investment Managers Inc. has launched an index of actively managed mutual funds that performed well during last year’s market downturn. The Littleton, Colo.-based trade association — which represents some 200 registered investment advisers, including some who offer mutual funds — created the index out of funds offered by its members. The Actively Managed Fund Index comprises 21 funds that outperformed the Standard & Poor’s 500 stock index by at least 15% in 2008 and 16% over the two-year period ended Dec. 31. The top three performers in the NAAIM AMF Index are TFS Market Neutral (TFSMX), offered by TFS Capital LLC of Richmond, Va. and Direxion Spectrum Select Alternative (SFHYX) and Direxion PSI Total Return (DXTRX), both offered by Direxion Funds of Boston. The funds also outperformed nearly 20,000 actively managed mutual funds, excluding money market and bond funds, tracked by the Chicago-based research firm Morningstar Inc. by more than 15%, the NAAIM reported. The association will update the index performance monthly on its website, naaim.org. The association’s member firms represent an estimated $17 billion in assets under management.