{"id":228408,"date":"2025-08-06T10:15:00","date_gmt":"2025-08-06T14:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=228408"},"modified":"2025-08-07T04:13:54","modified_gmt":"2025-08-07T08:13:54","slug":"the-old-active-vs-passive-debate-is-dead-heres-why","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/the-old-active-vs-passive-debate-is-dead-heres-why\/","title":{"rendered":"The old \u201cactive vs passive\u201d debate is dead \u2013 here\u2019s why"},"content":{"rendered":"\n<p><em>This article appeared first in&nbsp;<\/em><a target=\"_blank\" href=\"https:\/\/www.fnlondon.com\/articles\/schroders-ceo-why-the-debate-over-active-versus-passive-is-now-dead-fcb1d086?mod=homepage\" rel=\"noreferrer noopener\"><em>Financial News<\/em><\/a><\/p>\n\n\n\n<p>Where is the familiar scepticism toward active management? Weren\u2019t active investment strategies, especially in liquid markets like the US, supposed to be facing extinction?<\/p>\n\n\n\n<p>That was only a few years ago, but the debate has moved on by leagues. The binary poles of active and passive are less relevant by the day. For one, there has been an explosion in recent years of passive funds which do not track broad indices: they focus instead on themes, styles, regions or other sub-categories. They may be passive, but the process of using them as building blocks within a portfolio is distinctly active.<\/p>\n\n\n\n<p>Other factors are also driving a re-appraisal of the stereotyped active v passive standoff. For instance, market volatility of recent months has brought home the concentration risk bound up in broad indices, whether these are global or US. Almost three quarters of the MSCI World Index is made up of US companies and just ten stocks, primarily tech, comprise half of that.<\/p>\n\n\n\n<p>To be fair, passive participation in the journey to that concentration has worked well for investors. Since 2010 the S&amp;P500 has produced annual returns of almost 14%. As the dollar strengthened and US equities cemented their dominance, they significantly outperformed other world markets. But the dangers were brought home sharply in April\u2019s sell-off triggered by Trump\u2019s \u201cLiberation Day\u201d tariffs. Complacency rapidly evaporated.<\/p>\n\n\n\n<p>What we\u2019re seeing among investors now is a more deliberate approach, and a need for strategy. In Schroders\u2019 latest Global Investor Insights Survey \u2013 conducted among 995 professional investors from around the world representing $67 trillion in assets \u2013 80% of respondents say they are more likely to use actively-managed strategies in the next 12 months. The survey was undertaken in April-May.<\/p>\n\n\n\n<p>Investors now want to build resilience into portfolios, and they\u2019re looking to do it by diversifying across geographies, styles and asset classes. Many are reducing dollar exposure. This is a noteworthy reversal: the previous reflex at times of uncertainty was to view the dollar and US assets as safe havens. Capital is now shifting to Europe, Asia, or emerging markets.<\/p>\n\n\n\n<p>It\u2019s also about style. Confronted with the pitfalls of an index, investors want an approach which is anticipatory or contrarian. For much of the past two decades macro factors (low interest rates, abundant liquidity, US exceptionalism) have lifted all assets. With a backdrop of increased volatility, micro factors (individual companies\u2019 earning resilience, for example) are now coming to the fore. The need to look ahead is more pressing. What lies around the corner? One solution could be a value approach, where underpriced holdings offer a safety margin; others could be thematic, anchored on an industry or trend.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-use-of-assets-is-evolving-and-growing-appetite-for-private-markets-is-changing-the-story\">The use of assets is evolving, and growing appetite for private markets is changing the story<\/h2>\n\n\n\n<p>Aside from today\u2019s yoyo of US policymaking, there are underlying global problems which will long outlive Trump\u2019s presidency. One is ballooning sovereign debt. This is a major cause of fixed income market uncertainty: yields will be higher, but there will be higher structural volatility.<\/p>\n\n\n\n<p>So where investors seek income, bonds may be the answer \u2013 or one part of it. Another eye-catching outcomes of the Global Investor Insight Survey was that private debt and credit alternatives are soaring in popularity. They are now the most attractive assets for investors wanting income.<\/p>\n\n\n\n<p>If a future income solution is one which offers both public and private debt together, that makes the traditional debate between active and passive fade to irrelevance. The same goes for public and private equity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-new-technologies-will-bring-the-focus-back-to-investors-needs\">New technologies will bring the focus back to investors\u2019 needs<\/h2>\n\n\n\n<p>Distributed ledger tech, AI and cheaper computing are propelling us towards investment solutions that will be more sophisticated \u2013 more investor-specific \u2013 than the familiar fund structures of today. Private investors will have tailored portfolios geared around personal goals and dates. Pension funds will have sustainability preferences embedded in portfolio construction. The simplistic poles of passive vs active \u2013 far less relevant than the main aim of solving the investor\u2019s problem \u2013 don\u2019t belong in this picture.<\/p>\n\n\n\n<p>One swallow doesn\u2019t make a summer, and future capital flows will be the proof of my argument. The rise of passive investing has been a theme of the investment industry for the past 25 years, but it\u2019s been a story shaped by the investment industry, not necessarily by what\u2019s best for investors. Now we\u2019re at a turning point.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted August 5, 2025 &#8211; <a href=\"https:\/\/www.schroders.com\/en-us\/us\/individual\/insights\/the-old-active-vs-passive-debate-is-dead-here-s-why\/\">The old \u201cactive vs passive\u201d debate is dead \u2013 here\u2019s why<\/a><\/p>\n\n\n\n<p>The views and opinions contained herein are those of Schroders\u2019 investment teams and\/or Economics Group, and do not necessarily represent Schroder Investment Management North America Inc.\u2019s house views. These views are subject to change. This information is intended to be for information purposes only and it is not intended as promotional material in any respect.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As investors grasp the dangers of market concentration and turn increasingly to specialist investment vehicles and private markets, it\u2019s time we acknowledge that active investment management is about far more than stock selection.<\/p>\n","protected":false},"author":1664,"featured_media":226019,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,6,8,9,22,26,3],"tags":[],"contributors-categories":[13578],"class_list":{"0":"post-228408","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"contributors-categories-schroders"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The old \u201cactive vs passive\u201d debate is dead \u2013 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