Active versus passive heatmap

Sources: © 2021 – Morningstar Direct, All Rights Reserved1, and Wells Fargo Investment Institute, as of September 30, 2021. 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.

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Key Takeaways

  • Active equity funds had decent success outperforming their indexes. Small-cap funds had high rates of success, while some pockets of mid-cap and large-cap growth struggled.
  • Fixed-income funds had mixed performance outperforming their indexes. Taxable U.S. Investment Grade funds had higher rates of success, while Municipal Bond funds struggled to outperform their indices.