Private equity returns have collapsed as the $3.2 trillion exit crisis deepens. Why David Lloyd's sale to itself reveals an industry model that's fundamentally broken.
The relationship between active funds and volatility has long been debated, with fund managers claiming turbulent markets play to their strengths. 2025's Trump-driven chaos provided the perfect test case – yet 71% of active equity managers still underperformed passive benchmarks. Despite currency swings, sectoral rotations, and policy uncertainty, the 29% success rate barely budged from 2024's 28.8%. Academic evidence spanning 25 years confirms: volatility doesn't save active
TEBI
Aug 712 min read
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