Among active managers, value group is on a roll

Does index investing have the edge?

Active management is still looking good in 2015 after years of misery, though the picture isn't quite as rosy as it was a few months ago.

The group is outperforming its benchmarks at levels not seen in six years, according to an analysis from Fundstrat Global Advisors that showed things are going particularly well in 2015 for those who focus on value stocks. (Tweet this)

However, the second quarter overall marked a bit of a momentum slowdown as market conditions changed.

It's been an odd year for the stock market, with investors wary over what the Federal Reserve will do with interest rates now that its quantitative easing program has been put on hiatus. Major indexes outside of tech have wobbled, with every rally met with a pullback and little conviction in either direction.

"While still better than last four years, fund managers slipped in past two months," founder and strategist Thomas J. Lee said in a report. "Active managers saw some weakening in performance in the past two months ... which we attribute in part to heightened market volatility in the past few months.

"The mixed signals from QE and rising rates, have made indices stall, which in turn, eroded some performance gains. What has been impressive is the fact that global managers still outperformed, even as global indices generally put in stronger performance."

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Overall, 52 percent of large-cap managers are beating their benchmarks (such as the or Russell 1000), 48 percent by at least 0.1 percentage point (see chart).

Bu the performance is especially strong for value managers, or those who focus on stocks they feel are trading substantially below where they should be. That group has shown a 73 percent beat rate this year.