Input (grade 8): Times of London, "Global stock market losses total $21 trillion" Morningstar, Inc. found that SMAs outperformed mutual funds in 25 of 36 stock and bond market categories for not only 2008, but also 2006 and 2007.
Output (grade 8): Morningstar said that SMAs outperformed mutual funds in 25 of 36 stock and bond market categories that year.