Investment Insights
March 19 2026

In Defense of Active Management

25 min. read

Steven D. Bleiberg, Managing Director, Portfolio Manager, TD Epoch

We discuss how active management has struggled to outperform cap-weighted indices in recent years, with only about 29-44% of managers beating the MSCI World Index from 2023 to 2025. This trend is linked to the increasing concentration of the index in a few large stocks that have delivered exceptional returns. Understanding when active managers outperform helps inform investment decisions amid evolving market conditions.

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