Morningstar's Active/Passive Barometer Report

Morningstar’s semiannual Active/Passive Barometer report measures the performance of U.S. active managers against their passive peers within their respective Morningstar categories. In it, we measure active managers’ success relative to the actual, net-of-fee performance of passive funds, rather than an index.

Key Takeaways:
	Actively managed funds have generally underperformed their passive counterparts, especially over longer time horizons.
	Failure tended to be positively correlated with fees.
	Fees matter. They are one of the only reliable predictors of success.

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