Research survey conducted by Morningstar looks at 10 year investment performance across Passives vs Active Management in Europe. It illustrates that Passives has outperformed Active Management across 90% of investment Funds surveyed that spanned across 49 categories of Equity and Bonds, including funds investing in US and European large-cap stocks, to diversified bond indexes, to niche stock-market strategies.  The exception was niche categories as well as UK mid-cap stocks where 75% of active managers have out-performed their equivalent index trackers.