US Mutual Fund Performance Update

US large-cap active managers saw their lowest hit rate since late 2024 in May, as a concentrated mega-cap growth rally and narrowing market breadth challenged stock selectors.

Key Takeaways

• 1.Large-cap active managers saw their weakest hit rate in over a year in May, with only 26% outperforming.
• 2.Market breadth has narrowed significantly since March, with only 22% of stocks keeping up with the S&P 500 index.
• 3.While growth funds outperformed core and value styles, the majority of funds across all large-cap styles still lagged their benchmarks.

Table of Contents

• Weakest active hit rate in over a year
• Growth funds fared best, but all styles lagged
• Another difficult month for SMID funds
• Active opportunity set
• Large cap active manager vs Russell 1000
• Large cap active manager vs S&P 500
• Small cap active manager vs Russell 2000
• Midcap active manager vs Russell Midcap
• Hedge fund performance

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