American large-cap active funds have only outperformed comparable passive funds 13% over the past 10 years. Nate Geraci transferred Morningstar data on August 16; the window runs through June 30, 2026. The measure is the fee-adjusted performance of U.S. large-cap active funds versus comparable passive funds—not a comparison of a single fund to the S&P 500, and not market index return. The success rate over the past 12 months is 27%.
In a report released August 17, Morningstar published its 2026 Midyear Active/Passive Barometer covering 9,226 standalone funds with about $2.9 trillion in assets, or roughly 67% of the U.S. fund market. In the same report, the proportion of all categories over the past 12 months that “survived and outperformed an asset-weighted passive benchmark portfolio” is slightly above 40%, while U.S. stocks are 36%. Both sets of metrics are broader than the “large-cap active funds 27%” figure, so they should not be combined into a single number.
#美股 #基金 #Active Investment
In a report released August 17, Morningstar published its 2026 Midyear Active/Passive Barometer covering 9,226 standalone funds with about $2.9 trillion in assets, or roughly 67% of the U.S. fund market. In the same report, the proportion of all categories over the past 12 months that “survived and outperformed an asset-weighted passive benchmark portfolio” is slightly above 40%, while U.S. stocks are 36%. Both sets of metrics are broader than the “large-cap active funds 27%” figure, so they should not be combined into a single number.
#美股 #基金 #Active Investment