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Chart of the Day: Lower Active Shares

Samuel A. Kiburz, Senior Vice President, Chief Investment Officer Jul 3, 2025
Line graph showing the history of the average active mutual fund shares from 2013 to present.

Contents

Today’s Chart of the Day is from Goldman Sachs and was featured in an article in the Financial Times. It illustrates the trend in “Active Share Vs. Benchmarks" since 2013.

The active share measures the percentage of a portfolio that differs from its benchmark index. For example, a 0% active share means the portfolio mirrors the index exactly, while a 65% active share indicates that 65% of the portfolio is actively managed and deviates from the index.

The chart shows that active share levels are currently near historic lows. This suggests that many active fund managers are increasingly aligning their portfolios with their benchmarks—a practice known as “closet indexing.”

We pay close attention to this trend when evaluating a fund’s fees, historical performance, and potential for diversification.
Chart of the Day

About the Author

Samuel A. Kiburz, Senior Vice President, Chief Investment Officer
Samuel A. Kiburz, Senior Vice President, Chief Investment Officer

Samuel serves as Senior Vice President, Chief Investment Officer for the Crews family of banks. He manages the individual investment holdings of his clients, including individuals, families, foundations, and institutions throughout the State of Florida. Samuel has been involved in banking since 1996 and has more than 20 years experience working in wealth management.

Investments are not a deposit or other obligation of, or guaranteed by, the bank, are not FDIC insured, not insured by any federal government agency, and are subject to investment risks, including possible loss of principal.

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