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Tren Griffin, industry influencer, remarks on persistent challenges for active large-cap U.S. equity fund managers. According to Griffin, 79% of these funds underperformed the S&P 500 in 2025, surpassing the 65% underperformance rate observed in 2024. He adds this marks the fourth-worst year for active large-cap managers over the 25-year history of SPIVA.
The comparison highlights ongoing difficulties for active management in the U.S. large-cap equity space.
Griffin has addressed recent disruptions in other sectors as well. He cited Warren Buffett’s view of persistent financial pressures on the airline industry due to high capital requirements and limited profits. In a separate report, Griffin covered Thoma Bravo’s move to transfer Medallia to lenders following a $5.1 billion equity loss on the 2021 deal.