Performance – % of S&P 500 Stocks Outperforming the Benchmark by Year Market leadership has broadened in 2025. Whereas a handful of large tech companies dominated in 2023 and 2024, more than half of S&P 500 stocks are now outperforming the index. Image: Ned Davis Research
% of Large-Cap Mutual Funds Outperforming their Benchmarks Active large-cap funds are having a good year in 2025, with half of them beating their benchmarks so far—much higher than the average of 37%. Still, history shows that it’s uncommon for this outperformance to last. Image: Goldman Sachs Global Investment Research
% of Large Cap Active Funds Outperforming Russell 1000 Benchmarks in May Best May in history for actively managed large-cap funds. But can active large-cap funds outperform benchmark over a full market cycle? Image: BofA US Equity & Quant Strategy
Performance – % of Large-Cap Active Funds that Outperformed their Russell 1000 Benchmarks in January January was a tough month for large-cap active funds. Image: BofA Global Investment Strategy
Percentage of Active Funds Beating the Benchmark The chart shows how difficult it is for most active funds to beat the benchmark over time. Image: BofA US Equity and Quant Strategy
Performance vs. Benchmark Based on Gender of Portfolio Manager This year, women fund managers are beating their male counterparts in picking stocks. Image: Goldman Sachs Global Investment Research
S&P 500 and Large-Cap Funds Outperformance Over Benchmarks Only 28% of large-cap funds are outperforming their benchmarks this year. Image: Goldman Sachs Global Investment Research
U.S. Active Fund Managers vs. Benchmarks It is hard for active fund managers to beat their benchmarks over the long term. Image: Financial Times
Chinese 5-Year Benchmark Yield Leads Global Manufacturing PMI Great chart suggesting that the Chinese 5-year benchmark yield leads global manufacturing PMI by 18 months. Image: Nordea and Macrobond
Valuation – S&P 500 NTM P/E At a forward P/E of 17 versus 23 for the benchmark, the equal-weight index shows what’s really happening: most stocks have stalled while a few giants do the lifting. Image: Goldman Sachs Global Investment Research
Probability of U.S. Recession As Priced Across Asset Classes The S&P 500 is pricing in about a 25% chance of a recession, which is lower than signals from copper prices or the yield curve, but higher than the recession probabilities implied by global equities or high-yield credit markets. Analysts often use the current percentage change…