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,… pic.twitter.com/JAl5INZSPy
— The Kobeissi Letter (@KobeissiLetter) December 21, 2025