Poor Pickings

In 2018, a volatile year for markets, just 38% of actively managed US stock funds outperformed their passively managed (indexed) counterparts, down from 46% in 2017, a placid year. Over the past decade, just 26% of actively managed funds beat their index benchmarks. Unsurprisingly, managed funds are cutting fees, only 17% of the most expensive managed funds beat their indices. Unsurprisingly, net outflows from active to passive funds are large.

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