The importance of asset allocation decisions in wealth management is well established. However, given its importance it is perhaps surprising that so little attention has been paid to the question of whether professional fund managers are skillful at timing market movement across asset classes...

The Standard & Poor's Indices Versus Active Funds (SPIVA) Scorecard reports performance of actively managed Canadian mutual funds corrected for survivorship bias and shows equal and asset weighted peer averages.Domestic Equities: For 2009, only 30.4% of Canadian Equity active funds were able to...