Another year of the average fund manager trailing the benchmark. This is our annual update on this debate, and we continue to see evidence that the decision to go active or passive really depends on the market and the macro environment. Active managers appear to have greater success in less efficient or poorly diversified markets, while passive indexing appears best in more efficient markets. The macro back drop continues to suppress stock disparity, favoring passive indexing. However there is some early evidence this may be turning. Time will tell. For now we continue to believe a balance of both is best.