Reuters – Mutual fund stock pickers like to say they earn their higher fees because they spot good companies before they rally. But this year, many of those fund managers missed out on one of the hottest stocks in the U.S. market.
Shares of Tesla Motors Inc have soared more than 410 percent this year as the electric car maker, run by billionaire Elon Musk, beat Wall Street’s earnings estimates and forced hedge fund managers who had shorted the stock to buy it to cover their positions.
