Active versus passive heatmap

Sources: © 2022 – Morningstar Direct, All Rights Reserved1, and Wells Fargo Investment Institute, as of March 31, 2022. REITs = real estate investment trusts. MLPs = Master Limited Partnerships. Past performance is no guarantee of future results. An index is unmanaged and not available for direct investment. Morningstar developed the Morningstar Categories. While the prospectus objective identifies a fund’s investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings. See “Index Definitions and Asset Class Risk Disclosures” link above for the definitions of the indexes and the Morningstar Categories. Shading represents a heat map, ranging from the highest value in the darkest green to the lowest value in the darkest red.

1. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Key Takeaways

  • Active equity funds had mixed success outperforming their indexes. All major domestic equity asset classes except large-cap growth had high rates of success beating their indexes.
  • Fixed-income asset classes largely struggled to outperform their indexes. While High Yield funds had high rates of success, U.S. Taxable Investment Grade and Municipal Bond funds struggled.