A year after the financial disaster of 2008, the search is on for investing’s winners and for its casualties. There are surprisingly few of either.

The sell-off was so indiscriminate that there were few clear-cut winners, apart from bond fund managers and the various “global macro” hedge fund managers who had successfully bet on a big crisis. Then, this spring’s rebound came just in time to stop a consolidation for the fund management industry from turning into the wholesale carnage that many had predicted.