Percentage of U.S. Large-Cap Equity Mutual Funds Beating the S&P 500

In 2025, only a small minority of large‑cap active equity funds kept pace with the S&P 500. Managers who underweighted the “Magnificent Seven” were punished as the market’s leadership grew even more concentrated.

Image: Bloomberg

Percentage of U.S. Large-Cap Equity Mutual Funds Beating the S&P 500