In the latest sign that stock picking may be back, large-cap money managers just posted their best performance in more than two years.
Sixty-three percent of money managers who pick large-cap stocks beat their benchmarks in April, the best rate since February 2015, according to a note Tuesday from Bank of America Merrill Lynch strategists led by Savita Subramanian.
The high outperformance marked the 25th best month in BofAML's data-collection history going back to the early 1990s.
Stock pickers did well thanks to their focus on growth stocks in the technology industry, Subramanian said in the report.
Information technology rose 2.4 percent in April as the best performer in the S&P 500, while the tech-heavy Nasdaq composite has repeatedly set fresh record highs.
Active money managers, or stock pickers, have suffered in the last few years as investors flocked to passive investing strategies like exchange-traded funds.
Flows into U.S. equity ETFs from domestically based funds reached a cumulative $215.81 billion over the 12 months ended April 26, while actively managed funds saw a cumulative outflow of $170.7 billion over that time, according to EPFR Global.