Excluding bear markets: the rite of the thought criminal. Nice year splits!
Asked and Answered department. From the same document:
The belief that bear markets favor active management is a myth. A majority of active funds in eight of the nine domestic equity style boxes were outperformed by indices in the negative markets of 2008. The bear market of 2000 to 2002 showed similar outcomes.
Reading: it’s fundamental.
Lemkin 