As CalPERS considers switching all of its portfolios to passive investing, questioning the effectiveness of active equity investment, there have been some interesting findings that would stir up the active vs passive debate.
from Funds Hub:
The days when active managers could ride a market rally and charge high fees for doing so could be drawing to a close. Passive managers are hoping to paint their active rivals into a corner by delivering better than market returns at a lower cost. The development of so-called "smart beta" products based on non-traditional benchmarks is expected to force active managers to sharpen up or get out of the game.