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"Roughly 85 percent of active large-cap stock funds have lagged their benchmark indexes". The active fund managers are having tough time to retain their investors...

Poor performance catching up with active stock fund managers

BOSTON - Stock-picking fund managers are testing their investors’ patience with some of the worst investment returns in decades.

With bad bets on financial shares, missed opportunities in technology stocks and too much cash on the sidelines, roughly 85 percent of active large-cap stock funds have lagged their benchmark indexes through Nov. 25 this year, according to an analysis by Lipper, a Thomson Reuters research unit. It is likely their worst comparative showing in 30 years, Lipper said.

Some long-term advocates of active management may be turned off by the results, especially considering the funds' higher fees. Through Oct. 31, index stock funds and exchange traded funds have pulled in $206.2 billion in net deposits.

Actively managed funds, a much larger universe, took in a much smaller $35.6 billion, sharply down from the $162 billion taken in during 2013, their first year of net inflows since 2007.
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http://www.todayonline.com/business/poor...d-managers

of course la, have to look after their jobs, play politics, cover their backsides when things goes wrong and sucks up to clients.
On top of managing portfolios.

ETFs no need to do the above.