I’m a bit of a Boglehead, and the data appears to back me up. From http://www.cbsnews.com/8301-505123_162-57578430/active-managers-lost-again-in-2012/ In 2012, 63 percent of large-cap funds, 80 percent of mid-cap funds and 67 percent of small-cap funds underperformed [relative to their benchmark]. The only asset class to see the majority of active funds outperform was large-cap growth, with 54 percent beating their benchmarks. The worst performance came in mid-cap growth funds where 87 percent failed to outperform. Read more...