"On a previous Mathematical Investor blog, we presented data on actively managed versus passive fund performance over various time horizons, based on the February 2019 Morningstar Active-Passive Barometer report. These data showed, for instance, that only 12.6% of actively managed U.S. large value funds outperformed a comparable passive index fund over a 3-year horizon, and only 8.3% did so over a 10-year horizon. Other data from this report showed that actively managed funds with the highest fee structure uniformly underperformed those with a low fee."
Think of the outperformance of index funds over a human lifetime!!!
"We should add that if anything, the above results are optimistic for the actively managed funds, because of the well-known survivorship bias phenomenon. Note that the funds listed as “successful” in the chart above are those that both survived and outperformed over the period in question. Presumably almost all of the funds that did not survive had below-par performance."
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