ME1161.3
Most Equity Managers Fail to Beat Their Benchmark
Percentage of Active Funds Outperformed by Benchmarks
Percentage of active public equity funds outperformed by benchmarks1 10 years as of December 31, 2011
100
95
94 87
90
88
88
82
82
81
77
77
80
82 74
72
72
68
70 60
54
50 40 30 20 10 0 Large Cap Core
Large Cap Growth
Large Cap Value
Mid Cap Mid Cap Mid Cap Small Core Growth Value Cap Core
Small Cap Growth
Small Cap Value
Multi Cap Core
Multi Cap Growth
Multi Cap Value
US Emerging Global Real Markets Equity Estate Funds
Global Flexible
1. Index funds are excluded. Data provided by the CRSP Survivor-Bias-Free Mutual Fund Database. Source: CRSP data provided by the Center for Research in Security Prices, University of Chicago. Past performance is no guarantee of future results. Investment value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
25
ME1161.3
Most Fixed Income Managers Fail to Beat Their Benchmark Percentage of active public fixed income funds outperformed by benchmarks1 10 years as of December 31, 2011
98
Percentage of Active Funds Outperformed by Benchmarks
100 90 82 80
84 80
78
Government Intermediate
Government Short
100 96
97
Municipal Short
High Yield
100
83 76
70 60 50 40 30 20 10 0 Government Funds
Corporate Funds
Corporate Intermediate
Corporate Short
Municipal Funds
Municipal Intermediate
1. Index funds are excluded. Data provided by the CRSP Survivor-Bias-Free Mutual Fund Database. Source: CRSP data provided by the Center for Research in Security Prices, University of Chicago. Past performance is no guarantee of future results. Investment value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
TIPS
26