2014 has gone down as perhaps the toughest year for actively managed funds.  According to the S&P SPIVA reports, only 13% of core U.S. funds beat the benchmark and only 26% did so in Canada.  In this Market Ethos report, we share our analysis and views on the actives vs. passive debate.  We believe it comes down to index construction and market environment, not just about fees.  We have a balanced approach in our investor profiles, combining both active and passive strategies.  With most of our models still favouring passive, in this report we share what we are looking for to begin tilting our profiles to increase the active component.  Click HERE for report