Each time the active-versus-passive question appears resolved, the market finds a new way to reopen it. For the better part of two decades, the empirical record has appeared to favor passive strategies because implementation costs are lower, outcomes seem more predictable, and the historical underperformance of the average active manager after fees in the most liquid equity market segments. For instance, over the 10 years ending December 2025, only 11% of active managers in Europe and 21% in the US survived and beat their benchmarks or passive rivals (Morningstar, 2025). This has led many to jump to conclude that active management is a relic of a less efficient era.
in VBA Journaal door Hania Schmidt