Global Fund Performance Monitor

Active fund performance struggled globally in May 2026, with only 39% of funds beating benchmarks due to extreme market concentration in a few large-cap tech stocks. Value funds were particularly impacted, marking their second-worst relative performance month in 13 years.

Key Takeaways

• 1.Thin market breadth dominated by a few large stocks (Apple, NVIDIA, Microsoft, etc.) is making it difficult for active funds to outperform.
• 2.Only 39% of Active funds globally outperformed their respective benchmarks in May, with a median relative return of -0.54%.
• 3.Value funds experienced their second-worst month in 13 years, with only 26% outperforming benchmarks.

Table of Contents

• Funds by Region
• Funds by Investment Style
• Funds by Active/Passive
• Funds by Active Share Ratio (ASR)
• Funds by Funds Under Management (FUM) ($US)
• Funds by Market Cap of Stocks
• Funds by Portfolio Size (# stocks)
• Funds by Turnover
• Summary Table: Median Relative Returns
• Summary Table: Proportion of Funds Outperforming
• Summary Table: Spread of returns
• Methodology
• Global Quant Strategy Publications

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