Bloomberg reports on a recent study by S&P Dow Jones Indices that found most active managers underperformed the relevant S&P benchmarks. Specifically, 66% of large-cap, 57% of mid-cap, and 72% of small-cap managers underperformed the S&P benchmarks for their categories last year. Further, over five years, 84% of large-cap managers underperformed, while 82% underperformed over the last 10 years. However, a majority of actively managed funds investing in international and developed markets outperformed their benchmarks. The article also notes that “actively run U.S. equity funds suffered outflows of $174 billion,” according to Morningstar, while Vanguard (known for index funds) “attracted a record $236 billion in deposits.”