interpret the charts and draw conclusion from them.

Most active equity funds underperform the index (passive investing) Percentage of Large-Cap Actively-Managed U.S. Equity Funds underperforming the S&P 500 100% Return on Large-Cap Actively-Managed U.S. Equity Funds (asset-weighted) and S&P 500 15% 80% 60% 10% 40% 5% 20% EMH 0% 0% 1 year 3 years 5 years 1 year 3 years 5 years Large-cap funds S&P 500 29 S&P INDICES VERSUS ACTIVE FUNDS GALVASCORECARD. cand 2016