Few active equity managers outperform their benchmarks

Showing the challenges active managers confront in outperforming passive strategies, over the 20-year period through June 30, 94% of active large-cap and small-cap funds underperformed the S&P 500 and S&P SmallCap 600 indexes, respectively. During that time, 91% of active midcap funds had lower returns than the S&P MidCap 400 index.