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By Tim VANVAERENBERGH, CEO Shelter IM
In the first half of 2026, 68% of actively managed global equity funds in the European UCITS universe failed to beat their benchmark, meaning only 32% added value after fees. On its own, that number is unremarkable; active managers have fought an uphill battle against passive strategies for years. What stands out in the latest Barometer from Shelter Investment Management is what lies underneath it: a regional breakdown showing how uneven that battle is, and a longer time series that puts the figure in perspective.
Shelter has tracked this underperformance rate every year since 2015, and the range has been wide: from 48% in 2017, the one year active managers as a group came out ahead, to a peak of 88% in...
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