In stocks, nearly every type of active manager got worse at their job in 2016

According to Morningstar’s semiannual survey of active and passive investments, managers in 10 of the 11 equity categories it tracks did worse in 2016 compared with 2015, often by a double-digit degree. In an actively managed fund, the holdings are selected by an individual or team. Passive funds, in contrast, simply track a benchmark.