Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.

Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From the Catalan independence movement's M&A impact to an active-management score sheet, here are four charts that tell you what you need to know in business today. 

Picking Winners
It's been a rough few years for actively managed funds, but those with low fees and high manager ownership appear to be doing just fine.
Sources: Morningstar, author's calculations
Note: Fund universe includes institutional and advisory share class open-end mutual funds.
Coming Up Short
Under pressure from an activist and a discounted valuation, Honeywell's plan to hive off some non-core units is the right one.
Source: Bloomberg
Note: Danaher has traditionally been used as an aspirational multiple for Honeywell, but these days it's more of a health-care company than an industrial.
Low Voltage
Rick Perry's plan to prop up the coal industry may not be enough in the face of stagnant electricity prices.
Source: Bloomberg
Note: ERCOT is the Electric Reliability Council of Texas.
Breaking Away
Spanish politics are beginning to make a proposed takeover of Abertis a whole lot more complicated.
Source: Bloomberg

And don't miss Lionel Laurent on HSBC's new skipper: "Some might grumble that a continuity candidate is a missed opportunity for a bank whose adjusted profits have fallen more than one-third since 2013. The shares barely budged on Monday. Flint is an HSBC lifer with decades of top roles in asset management, group strategy and retail banking. But the bank's growth outlook is improving, the world economy is recovering and regulation is steadying. More of the same -- issuing more loans, cutting costs and returning cash to investors -- might not be so bad."

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

To contact the author of this story:
Max Nisen in New York at

To contact the editor responsible for this story:
Mark Gongloff at