Active fund managers are struggling: Investors are on track to withdraw a record -$605 billion from global active equity funds this year. This surpasses the previous record of -$450 billion. It also marks the 10th annual outflow over the last 11 years. Over this period, active equity funds have recorded -$3.1 trillion in net outflows. Meanwhile, only 29% of large-cap mutual funds are outperforming their benchmarks year-to-date, the lowest percentage since 2019. This is far below the 37% average since 2007. Active management is in a sharp decline.