While active investment involves an asset manager making investments with the aim of outperforming a benchmark index, passive investment requires an asset manager to replicate the benchmark index by incorporating the constituent assets in similar proportions (weights) and thereby matching the returns of the index.
The National Federation of Independent Business said its small-business optimism index for March fell from a month earlier, matching economists' expectations.
Benchmarks in Germany and Paris extended their winning streaks to eight, matching streaks that ended in May 2011, and the Stoxx Europe 600 index added 0.5% at 272.40, its fourth consecutive gain and its highest close since July 8.